Jefferies Group Profit Plunges - Quick Facts

(RTTNews) - Investment bank Jefferies Group LLC, a part of Leucadia National Corp. (LUK), Tuesday reported a sharp decline in third-quarter net income to stockholders to $11.7 million from $70 million in the prior year.

Net revenues for the quarter plunged to $517 million from $739 million a year ago, hurt by declines at both equities and fixed income segments.

"With the significant change in expectations regarding interest rates, we experienced a very challenging summer in our fixed income businesses due to the rising rate environment, spread widening, redemptions experienced by our client base which heavily muted trading, and related mark-to-market write downs within our inventory," said CEO Richard Handler.

Handler noted that there was growth in investment banking activities and continued improvement in equities.

Shares of Leucadia National Corp. are trading at $28.42, up $0.12 or 0.43%, on a volume of 753 thousand shares on the NYSE.