Jefferies Group, the investment banking unit of Leucadia National, reported a sharp increase in quarterly profit on Tuesday, driven by strong revenue in its equities and fixed-income securities trading business. Net earnings attributable to Jefferies jumped to $87.18 million in the fourth quarter ended Nov. 30 from $19.96 million a year earlier, when investors were scared off by uncertainty over U.S. interest rates, a slowdown in China and a sharp drop in oil prices. Equities and fixed-income revenue more than doubled to $325.38 million as trading surrounding the U.S. presidential election added to the market volatility sparked by Britain's Brexit vote. Jefferies' investment banking revenue rose 11.3 percent to $415.07 million in the quarter, boosted by higher fees from advising on mergers and acquisitions. New York-based Jefferies traditionally kicks off the reporting season for investment banks and is often viewed as an indicator of the performance of bigger Wall Street banks.
Jeffries Group , the investment banking unit of Leucadia National , reported net earnings of $ 87.18 billion in Q4 2016 , up from $ 19.96 m year on year . Investment was low last year because investors were driven off by uncertainty over US interest rates , the Chinese slowdown , and a sharp drop in oil prices . profits from equities and low - income products doubled to $ 325 m as inflation surrounding the US presidential election and the Brexit vote added to market volatility . Jeffries is traditionally the first bank to report profits , and is viewed as a bellwether for the economy .