Jefferies Posts Record Q3 IB Revenue of $1.33 Billion, Up 17%

Zacks Investment Research··US·Read original
3▲4 ▼1Impact / 5
Summary · why it matters

Jefferies Financial Group reported record third-quarter fiscal 2026 investment-banking net revenues of $1.33 billion, up 17% year over year, an early signal for Wall Street's investment-banking recovery ahead of the major U.S. banks' earnings. Advisory revenues climbed 25% to a record $818 million, while equity-underwriting revenues surged 69% to $306 million, and the firm cited a healthy backlog and solid new business activity. Global dealmaking has already crossed $4 trillion this year. Among the large banks, JPMorgan expects fiscal third-quarter investment-banking fees to rise year over year in the mid-to-high teens, Citigroup expects low-single-digit growth, and Bank of America expects fees of $1.6-$1.8 billion, implying a year-over-year decline. Morgan Stanley entered the quarter with momentum after fiscal second-quarter investment-banking revenues soared 58% year over year to $2.44 billion. JPMorgan and Citigroup are scheduled to announce third-quarter 2026 results on Oct. 13, while Bank of America and Morgan Stanley report on Oct. 14.

Impact on assets 5

Financials± Mixed · 3 stocks
Bank of America Corp
BAC
▼ NegativeCapitalrelevance

Bank of America expects Q3 investment-banking fees of $1.6-$1.8 billion, implying a year-over-year decline.

Morgan Stanley
MS
▲ PositiveCapitalrelevance

Morgan Stanley entered the quarter with momentum after Q2 investment-banking revenues soared 58% year over year to $2.44 billion.

Digital Finance & Tokenization▲ · 2 stocks
Citigroup Inc.
C
▲ PositiveCapitalrelevance

Citigroup expects low-single-digit year-over-year growth in Q3 investment-banking fees.

JPMorgan Chase & Co
JPM
▲ PositiveCapitalrelevance

JPMorgan expects Q3 investment-banking fees to rise year over year in the mid-to-high teens.

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