Jefferies Group, the investment banking unit of Jefferies Financial, reported $129 million of earnings for the three months ended May 31, a 17% year-on-year increase including record revenue from its capital markets business, which includes sales and trading.
The Wall Street firm made $493 million of revenue from trading fixed income securities, almost tripling from $173 million a year earlier. Underwriting revenue fell 21% to $205 million. For the first six months of Jefferies’ fiscal year, revenue increased 39% to $2.2 billion, and compensation costs increased 42% to $1.2 billion.
Chief Executive Richard Handler said the quarter had been “surreal” as a result of the coronavirus pandemic and its impact on markets. Jefferies Chief Financial Officer Peg Broadbent died of complications of the disease in March, and was succeeded by Teresa Gendron.
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