Jefferies

Press Release

FOR IMMEDIATE RELEASE
Jefferies Reports Second Quarter 2014 Financial Results

NEW YORK, June 17, 2014 -- Jefferies Group LLC today announced financial results for its fiscal second quarter 2014. 

Highlights for the three months ended May 31, 2014:

  • Net revenues of $723 million
  • Net earnings of $61 million
  • Investment banking net revenues of $331 million
  • Trading net revenues of $395 million 

Highlights for the six months ended May 31, 2014:

  • Net revenues of $1,622 million
  • Net earnings of $174 million
  • Investment banking net revenues of $745 million
  • Trading net revenues of $870 million 

Richard B. Handler, Chairman and Chief Executive Officer of Jefferies, commented: “We are pleased to report quarterly results well-above those of the same quarter last year, due to an over 19% increase in our investment banking net revenues and an almost 7% increase in our overall trading net revenues. Our momentum has continued in investment banking and we are continuing to add to our team to capitalize further on our broad capabilities. Without the impact of marking to market certain equity block holdings, our equity and fixed income net revenues each declined about 5% in the most recent quarter compared to the same quarter last year. During the second quarter, clients have been cautious and generally less active in trading due to the unsettled markets, but we believe Jefferies’ results reflect gains in market share. Our industry and competitors are in the midst of significant changes. We believe our platform, strategy, business mix and unique culture will allow us to continue to provide a differentiated and value-added service to our clients.” 

The attached financial tables should be read in connection with our Quarterly Report on Form 10-Q for the quarter ended February 28, 2014 and our Annual Report on Form 10-K for the year ended November 30, 2013. 

Jefferies, the global investment banking firm focused on serving clients for over 50 years, is a leader in providing insight, expertise and execution to investors, companies and governments. The firm provides a full range of investment banking, sales, trading, research and strategy across the spectrum of equities, fixed income, foreign exchange, futures and commodities, as well as wealth management, in the Americas, Europe and Asia. Jefferies Group LLC is a wholly-owned subsidiary of Leucadia National Corporation (NYSE: LUK), a diversified holding company. 

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For further information, please contact: 

Peregrine C. Broadbent
Chief Financial Officer
Jefferies Group LLC
(212) 284-2338