Jefferies Loves Fees (Fees, Fees, Fees)

By Bess Levin

jefferies.jpgProfits at Jefferies shot up 48% during the second quarter, the firm said today. The surge was due in large part to everyone’s favorite legalized crack– investment banking fees. IB revenues were up 81% to a record $223.1 million from 2006′s $122.9 million.
This is one of those “better than expected” moments. Analysts had pegged net income growth at 39 cents per share and it came in at 45 cents. That’s a 15 percent beat over expectations. Pretty nice but not quite worthy of a celebratory dwarf-toss.
Dick Handler, Chairman and CEO applauded 4/1-6/30 as the “best quarter in Jefferies’ 45-year history.”
Congrats, etc, but come on, Dick. Better than the first quarter of 1987? We think not.
UPDATE: A VP with the bank confirms: “All I can say is that while there won’t be dwarfs, odds of strippers are high to very high.”
Growth in investment banking boosts Jefferies [MarketWatch]
Jefferies Press Release

Comments (9)

  1. 1
    Posted by Give-up Agreement | July 17, 2007 at 12:25 PM

    Sorry to take the low road, but am I the only guy who has to suppress a giggle when I read the name “dick handler”?

  2. 2
    Posted by jt | July 17, 2007 at 12:45 PM

    wait his name really is Dick Handler? No way, you’re kidding, you’ve got to be kidding! Thats even better than Dick Fold, er Fuld!
    (clearly sophisticated humor only here)

  3. 3
    Posted by Anonymous | July 17, 2007 at 1:40 PM

    Or Dick Strong from Strong Capital Management.

  4. 4
    Posted by Dick Handler's secretary | July 17, 2007 at 1:57 PM

    “Dick, Mike Hunt is here for you”.

  5. 5
    Posted by Anonymous | July 17, 2007 at 2:09 PM

    wow, you are the first to realize that. very perceptive

  6. 6
    Posted by Team America | July 17, 2007 at 2:52 PM

    Dicks fuck Pussies. Sometimes Dicks fuck Assholes too.

  7. 7
    Posted by F#CK YEA! | July 17, 2007 at 3:20 PM

    AMERICA!

  8. 8
    Posted by Anonymous | July 17, 2007 at 10:14 PM

    So, I may be a little bit slow, but isn’t 45 cents vs. 39 cents 15%? Wtf?

  9. 9
    Posted by Anonymous | July 19, 2007 at 1:44 PM

    Maybe I’m still smarting from mr. epstein and mr. broadcom ceo earlier with their lairs and prostitutes, but could there be just one post oh dear dealbreaker, ONE, that remembers that women work in finance too and don’t exist only in the form of strippers? Or maybe I’m just upset that I can’t give my ugly-ass boss a lap dance.

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