- JAIN EXPECTS 3Q DEBT TRADING REV. TO DECLINE `SIGNIFICANTLY'
- JAIN SAYS CB&S AFFECTED BY MARKET ENVIRONMENT
- JAIN SAYS 3Q TRADING RESULTS DIDN'T BENEFIT FROM CATALYST
- JAIN EXPECTS TO TAKE ADDITIONAL LITIGATION RESERVES
Stock promptly plunges because nobody could have possible foreseen this...
Shortly, everyone else. Which is funny, because a week ago we asked:
Just how, if at all, are banks hedged or providioned for an increase in volatility and/or rates from these levels, if a mere 4% blimp in equity markets caused Jefferies to nearly write-down it entire bond-trading revenue for the quarter?
We now know: not at all.
We also said: "And now that Jefferies is in the record books, just how bad with bond trading results for the rest of the big banks be? We should know in about 4 weeks."
Answer: very bad.