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Jefferies' profit jumps on investment banking windfall

Jefferies Financial Group Inc. reported a more than tripling of its quarterly profit, driven by a significant windfall in its investment banking sector. The company's net earnings for the first quarter ending November 30, 2024, reached $171.5 million, or 78 cents per share, up from $54.6 million, or 23 cents per share, in the same period the previous year. This surge was primarily fueled by a 31% increase in investment banking revenue, which amounted to $896.3 million, attributed to heightened deal-making activities. Despite a slight decrease in capital markets revenue, the overall performance was bolstered by a robust performance in advisory services, equity and debt underwriting, and a notable increase in asset management fees. However, the company also noted a rise in non-interest expenses due to higher compensation costs linked to the revenue increase.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/jefferies-profit-more-than-triples-investment-banking-windfall-2025-01-08/ ]