Leucadia's Jefferies Posts More-than-doubled Profit In Q3 On Investment Banking

(RTTNews) - Jefferies Group LLC, a subsidiary of diversified holding company Leucadia National Corp. (LUK), reported Tuesday that its third-quarter net earnings attributable to Jefferies more than doubled to $83.82 million from $41.17 million last year.

Net revenues climbed to $800.69 million from $654.45 million last year. In the quarter, Commissions and other fees declined, while principal transactions improved. Investment banking revenues climbed to $475.70 million from prior year's $294.93 million.

Rich Handler, Chairman and Chief Executive Officer, and Brian Friedman, Chairman of the Executive Committee, said, "Our third quarter performance was led by a quarterly record $476 million in Investment Banking revenues. We have been focused on building our Investment Banking business for many years, with the last two years affording us yet another important opportunity to recruit and expand upon our already broad footprint. The continued successful development of our investment banking platform should lead to greater stability in our results and compounding benefits to our overall platform."