- Investment banking was strong;
- Equities were mediocre (but improving, which is good);
- Fixed income was awful;
JEF demonstrated the impact of unfavorable operating leverage. It maintained a comp ratio at 59.5% (excluding non-cash revenue items relating to the mergers). But other costs increased despite the decrease in net revenues (and net interest spread).
I hope that management is not too distracted by LUK's legacy investments (which don't necessarily fit the JEF picture; I hope that Team Handler selectively monetizes while the equity bubble persists).