Investment bank Jefferies Financial Group reported a 52.5% decline in fourth-quarter profit on Monday, hit by lower underwriting fees and volatile markets that dented income from its trading desks.
Investment banks are buckling under pressure from a dearth of deals as companies refrain from mergers and acquisitions due to higher borrowing costs and geopolitical uncertainties such as the fallout from the Ukraine war.
Jefferies' total net revenue was down 18% at $1.44 billion, dragged lower by a 35% decline in investment banking and capital markets revenue.
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