DO ask Jefferies about future quarters, which the firm is confident will pan out a whole lot better than the last, because at this point, they can't go a lot worse.

Jefferies has been dogged by a difficult trading environment in recent quarters. The firm said that fixed-income trading revenue in the quarter ending in November fell 83 percent, while equities trading fell 22 percent. Over all, sales and trading revenue of $132 million was down 36 percent from the quarter a year ago. “Our full-year results did not meet our expectations and we have made significant changes and are committed to improving our performance in 2016,” Richard B. Handler, Jefferies’ chairman and chief executive, and Brian Friedman, the chairman of its executive committee, said in a joint statement on Tuesday.

Trading Sags 36% at Jefferies Group [Dealbook]