ML-Implode News - Jefferies Reports $166.7 Million Loss in Quarter

How bad was the first-quarter market swoon? Ask the Jefferies Group's chief executive, Richard B. Handler. The Wall Street investment bank, a unit of the Leucadia National Corporation, reported a $166.7 million loss for its first fiscal quarter, which ended in February, as tumultuous markets slammed equity and fixed-income trading, junk bonds and leveraged lending. Investors drained money out of the market on fears of economic growth and China's stability, and companies put a stop to capital-raising, forcing Jefferies to pull back until the markets recovered.
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Jefferies is often viewed as a barometer of Wall Street, as its fiscal quarters end a month before its rivals', so its earnings reports tend to foretell trends for the industry.

In recent weeks, executives from JPMorgan Chase and Citigroup have also talked about rocky trading that will very likely hurt their first-quarter results.

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Jefferies Reports $166.7 Million Loss in Quarter