Jefferies

Press Release

FOR IMMEDIATE RELEASE
Jefferies Reports Third Quarter 2014 Financial Results

NEW YORK, September 16, 2014 -- Jefferies Group LLC today announced financial results for its fiscal third quarter 2014. 

Highlights for the three months ended August 31, 2014:

  • Total Net revenues of $843 million
  • Pre-tax earnings of $136 million
  • Net earnings of $84 million
  • Record Investment Banking net revenues of $468 million
  • Equities net revenues of $172 million
  • Fixed Income net revenues of $195 million
  • Total Sales and Trading net revenues of $367 million

Highlights for the nine months ended August 31, 2014:

  • Record Total Net revenues of $2,465 million
  • Record Pre-tax earnings of $417 million
  • Record Net earnings of $257 million
  • Record Investment Banking net revenues of $1,213 million
  • Equities net revenues of $538 million
  • Fixed Income net revenues of $699 million
  • Total Sales and Trading net revenues of $1,237 million

 Richard B. Handler, Chairman and Chief Executive Officer, and Brian P. Friedman, Chairman of the Executive Committee, commented:  “These results represent the best third quarter and the best first nine-months Jefferies has achieved in our over 50-year history.  Our third quarter performance was driven by $468 million in Investment Banking net revenues.  These record investment banking results reflect solid contributions from equity and debt capital markets, strong performance in our merger and acquisition advisory business, and broad participation across our industry groups and geographies.  Our sales and trading business results were also solid for the quarter and are $367 million.  We continue to expand our client reach and believe we are gaining market share across the board as we leverage our unique position as the largest non-bank, full-service global investment banking firm based in the U.S.   The overall environment is reasonable, and our competitive position has never been stronger.”

The attached financial tables should be read in connection with our Quarterly Report on Form 10-Q for the quarter ended May 31, 2014 and our Annual Report on Form 10-K for the year ended November 30, 2013. On September 2, 2014, we issued a press release announcing preliminary financial results for the fiscal third quarter of 2014, which were also filed with a Current Report on Form 8-K.  Actual results as reported herein differ from those preliminary results as a result of our routine financial reporting close process, which has now been finalized.  Differences in the actual results for the fiscal third quarter of 2014 reported herein from the preliminary results are attributed to revenue allocations to business divisions, conclusions on revenue arrangements, fair value estimates and adjustments to expense accruals.

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. 

(click here for the full report)

For further information, please contact:

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