Maria Armental
Jefferies Financial Group Inc. reported a decrease in quarterly profit and a drop of 30% in revenue due to a challenging trading environment.
The first quarter profit dropped to $327.4million from $582.4million a year ago. Profit per share was $1.23
From $2.49 Billion a year ago, the net revenue was $1.73 billion.
Jefferies stated that investment banking revenue decreased to $1 billion due to lower deal activity.
Officials at the company said that the investment banking backlog remains strong, but they also noted that “our realizations of this backlog are sensitive to market circumstances.”
Chief Executive Richard Handler, President Brian Friedman stated that there was a shift in December, and January anticipating a change to Fed policy. This was made worse by market volatility related to Russia’s invasion.
Jefferies stated that it does not have any operations in Russia and that any exposure to Russia is immaterial.
Write to Maria Armental at [email protected]
