Jefferies quarterly profit falls as dealmaking in doldrums

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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:JPM), Goldman Sachs Group Inc (NYSE:GS) and Morgan Stanley (NYSE:MS).