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29.09.26 - 19:39
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Jefferies Beats On Record Stock Trading, But Asset Management Revenue Plunges 50% On First Brands, Radiant "Cockroaches" (ZeroHedge)
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Jefferies Beats On Record Stock Trading, But Asset Management Revenue Plunges 50% On First Brands, Radiant "Cockroaches"
Jefferies is once again the first major Wall Street firm to report its quarter, and once again the story is of two very different banks under one roof: a trading and banking franchise running near record highs, and an asset-management arm that keeps finding new ways to lose money on receivables that may or may not exist.
The good news first. In the fiscal third quarter ended August 31, Jefferies reported EPS of $1.08, beating the $1.00 consensus (core EPS of $1.08 also beat Goldman's $1.03 and the Street's $1.01). Core pre-tax income came in 9% ahead of the Street, driven by:
Equities trading: $626 million, up 29% YoY and a record, helped by cash, electronic trading and prime services (i.e., hedge funds levering up into the AI melt-up).
Investment banking: $1.3 billion, up 17%, with advisory up 25% (also a record) and equity underwriting up 69%.
Fixed income tr...
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29.09.26 - 19:24
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Market AI Risks Rattle Wall Street (Bloomberg)
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Get a jump start on the US trading day with Dani Burger on "Bloomberg Open Interest." Uncertainty hits the IPO pipeline as Oura delays its debut. Anthropic warns of catastrophic AI risks, Goldman weighs John Waldron as its next CEO, and Jefferies asset-management revenue plunges. Plus, Gary Gensler, Gabriela Santos and Meredith Whitney on AI risk, market euphoria and cracks in the US economy. (Source: Bloomberg)...
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