Jefferies Group LLC, the investment banking unit of Leucadia National Corp (LUK.N), on Tuesday reported a quarterly profit, compared with a year-ago loss, helped by strong revenue from its equities and fixed-income securities trading business.
Net earnings attributable to Jefferies were $114.02 million in the first quarter ended Feb. 28, compared with a loss of $166.81 million a year earlier.
Total equities and fixed income revenue rose more than six times to $378.57 million, helped by a volatile market.
Total investment banking revenue rose 76.7 percent to $408.02 million.
New York-based Jefferies traditionally kicks off the reporting season for investment banks and is often viewed as an indicator of the performance of bigger Wall Street banks.
(Reporting by Diptendu Lahiri in Bengaluru; Editing by Maju Samuel)