Wednesday, June 19, 2013

Weak Bond Trading at Jefferies Prompts Wider Concern

From NY Times’ Dealbook: Jefferies’s second-quarter fixed-income revenue fell 27 percent.
The recent turbulence in the markets has already taken its toll on one Wall Street firm.  Now, investors and analysts are trying to gauge whether other investment banks have been hurt by turmoil in the bond markets.

Though Jefferies is not as large as Goldman Sachs or JPMorgan Chase, it is an experienced bond-trading firm that weathered the severe storms that have buffeted markets since the financial crisis of 2008. It was no surprise, then, that Wall Street shuddered a little after Jefferies reported second-quarter fixed-income revenue that was down 27 percent from a year earlier.

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