Jefferies books better results

US BANK Jefferies reported stronger fixed-income trading and underwriting revenue yesterday, a signal that Wall Street’s most lucrative businesses could be staging a comeback.

The bank reported a profit for its fiscal first quarter of this year of $77m, down from $87m a earlier, due in part to higher costs and weak equity trading volumes.

But strength across the company’s fixed-income and investment banking businesses suggested that Jefferies had progressed from last year.