The investment banking unit – which comprises M&A, equity and debt capital markets –  was down 29% on the second quarter of 2019 to $316.2m, largely because of a 47% drop in its debt banking business

Jefferies posted record sales and trading revenues during the second quarter, driven by its fixed-income unit, which nearly tripled earnings compared to the same period last year.

The independent investment bank, which is seen as a bellwether for its larger rivals that report their second-quarter results in mid-July, made $493.1m in fixed income, or a 184% surge on the same period in 2019. Overall, its sales and trading unit made $730.2m in the second quarter – a 93% increase on last year.

Jefferies doubles sales and trading revenues in record quarter

The investment banking unit – which comprises M&A, equity and debt capital markets –  was down by 29% on the second quarter of 2019 to $316.2m, largely because of a 47% drop in its debt banking business

Paul Clarke

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