Now that we're in the fourth quarter, bonus expectations can be calibrated. If you're working in an investment banking division (IBD) of bank, on M&A or equity capital markets deals, you will probably be calibrating your expectations at a very high level indeed.
Jefferies became the first big(ish) U.S bank to report third quarter results yesterday, and they were very fine. As the blurry chart at the bottom of Jefferies' CEO Rich Handler's Instagram post below makes clear, something special has happened to Jefferies' investment banking revenues in the past 18 months, and the magic doesn't seem to be dissipating.
Jefferies' third quarter runs until the end of August. Its investment banking revenues doubled from a year earlier, with strength across all of ECM, DCM and M&A. Nor is it over yet.
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