Once upon a time Jefferies was the country’s biggest junk bond trading shop, with a small investment banking group on the side. Now, it’s the other way around.
in its latest quarter and fiscal year ended November 30, Jefferies – which is the last public company to announce results in the old bank convention with a Nov 30 fiscal year end – reported a record $529 million investment banking advisory revenue for the quarter, up 27% Y/Y, and $1.76BN for the 12 months ended Nov. 30. This was the fourth year in a row that the firm has brought in more revenue from investment banking than from trading.
‘Our fourth quarter performance was driven by $529 million in Investment Banking net revenues. These quarterly record Investment Banking results reflect solid contributions from equity and debt capital markets, strong performance in our merger and acquisition advisory business, and broad participation across our industry groups and regional efforts… Our strategy of prioritizing expansion of our investment banking effort continues to succeed and should yield further growth over the next several years” CEO Rich Handler said in the statement.
This post was published at Zero Hedge on Dec 19, 2017.