Dec 20 Jefferies Group LLC, the investment
banking unit of Leucadia National Corp, reported a sharp
increase in quarterly profit on Tuesday, driven by strong
revenue in its equities and fixed-income securities trading
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
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.
(Reporting by Richa Naidu in Bengaluru; Editing by Saumyadeb
Chakrabarty and Ted Kerr)