March 4 Investment bank Jefferies Group LLC,
owned by Leucadia National Corp, reported a 23 percent
jump in first-quarter profit as investment banking revenue grew.
Net income rose to $105 million from $85.5 million a year
earlier, according to Jefferies' preliminary results for the
quarter ended Feb. 28 released on Tuesday.
The company's investment banking revenue increased 42
percent to $410 million, while fixed income revenue fell 17
percent to $280 million.
Net revenue grew about 9 percent to $875 million.
The bank said its holdings in Knight Capital and Harbinger
Group Inc, were marked down by $15 million.
Jefferies, which kicks off the reporting season for
investment banks, is often viewed as an indicator of the
performance of Wall Street banks such as Goldman Sachs Group Inc
and Morgan Stanley.
Citigroup Inc on Monday warned that bond trading will
be weaker in its current quarter due to economic uncertainty.
Jefferies expects to report its full first-quarter results
on March 18.