Investment Banking

Jefferies profit plunges on fixed-income weakness

The banking group's results are seen as indicative of how other Wall Street investment banks will fare

Jefferies profit plunges on fixed-income weakness

Jefferies Group said earnings plunged in its fiscal first quarter amid a 56% drop in fixed-income trading revenue.

Jefferies said the year got off to a slow start due to a tepid fixed-income trading environment, but the boutique investment bank expressed optimism about its prospects for the remainder of the year as markets appear to have stabilised.

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