Photo: New York Social Diary
There’s not exactly a reason to freak out yet, but there’s one data point that has everyone concerned that Wall Street firms will post lower than expected fixed income trading revenues for the 3rd quarter.It’s Jefferies’ third quarter earnings, and in particular, their ugly fixed income trading revenues, which dropped 79% last quarter.
When he spoke about the earnings, CEO Rich Handler said: “Our results for the quarter substantially reflect the challenging trading conditions across global markets.”
JPMorgan and Morgan Stanley both warned investors this month that trading revenue may suffer, according to Bloomberg.
At least last quarter, Morgan Stanley blew trading expectations out of the water.
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