Jefferies profit plunges

The huge investment bank owned by Leucadia National Corp. (LUK); Jefferies Group LLC, reported today its second-quarter profits that have unexpectedly and unfortunately plunged by actually 34 percent as overall trading revenue declined.

In fact the bank witnessed a huge “significant slowdown” in fixed-income trading during March and April resulting from uncertainty about the direction of the Federal Reserve’s bond-buying program.

As for its net income it plummeted to $42 million from $63.5 million a year earlier, the New York-based firm said today in a statement.