Jefferies Group, the investment banking unit of Leucadia National, reported a sharp increase in quarterly profit on Tuesday, driven by strong revenue in its equities and fixed-income securities trading business.
Net earnings attributable to Jefferies jumped to $87.18 million in the fourth quarter ended Nov. 30 from $19.96 million a year earlier, when investors were scared off by uncertainty over U.S. interest rates, a slowdown in China and a sharp drop in oil prices.
Equities and fixed-income revenue more than doubled to $325.38 million as trading surrounding the U.S. presidential election added to the market volatility sparked by Britain's Brexit vote.
Jefferies' investment banking revenue rose 11.3 percent to $415.07 million in the quarter, boosted by higher fees from advising on mergers and acquisitions.
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.