Investment Bank Lifts Jefferies Profit

A surge in investment banking revenue fueled Jefferies Group Inc.'s second-quarter profit, sending shares of the midsize firm higher Tuesday.

Jefferies, which bolstered its ranks of bankers during the financial crisis, posted $256 million in such revenue—its highest quarterly figure to date—with strong results from its capital markets business in both equity and debt underwriting.

Shares of Jefferies recently traded up $1.94, or 8.5%, at $24.84. The stock has climbed 25% over the past 12 months.

In an interview, Jefferies Chairman and Chief Executive Richard Handler attributed the growth in investment banking to a combination of factors. Mr. Handler said Jefferies has benefited from a cyclical rebound in markets, its diversified platform, fewer industry competitors, and improving brand recognition.

Read Full Article from Wall Street Journal

- Posted: 2010-06-22 10:47:36

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