Jefferies Just Posted Results. Investment Banks Should be Worried.

Wall Street just got a taste of what to expect when investment banks post second-quarter earnings next month and it isn’t happy.

Jefferies Financial (ticker: JEF) posted results for its fiscal quarter ending May 31 and saw revenue slide 30% year-over-year to $1.37 billion amid a challenging capital markets climate. Earnings came in at 45 cents a share, missing the 51 cents per share analysts surveyed by FactSet had anticipated. Not only did the bank miss expectations, it also saw a 65% decrease in earnings per share from the year-ago quarter.

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