Jefferies quarterly profit falls as dealmaking in doldrums

(Reuters) -Jefferies Financial Group Inc’s second-quarter profit slumped 89% as subdued dealmaking weighed on its advisory fees, the investment bank said on Tuesday.

Total net revenue dropped 22% to $1.04 billion.

Shares in the bank fell 5% in extended trading.

The New York-based financial institution’s results are often viewed as a prelude to earnings from Wall Street titans such as JPMorgan Chase & Co (NYSE:), Goldman Sachs Group Inc (NYSE:) and Morgan Stanley (NYSE:).