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Jefferies dealmaking fees slip as trade war weighs on capital markets

Investment Banking Editor

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Jefferies’ first-quarter earnings slipped by 8% as the US’s ongoing trade war has weighed on deal activity in the first months of 2025.

The US investment bank, which reports numbers ahead of larger rivals, posted revenue of $1.6bn for the first quarter of 2025. This is down by 8% and missed analyst expectations of $1.9bn.

The US bank is viewed as a bellwether for larger Wall Street rivals

Paul Clarke

Banking

Finance

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Mark Lynagh is succeeding Matthew Ponsonby who has resigned from the bank

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Citi trader John Nihill joins ex-Brevan Howard portfolio manager’s hedge fund

Carl Radford’s White Elk Partners has also hired former Citi director Rob Jewell

The European Union has a plan to counteract the swathe of tariffs U.S. President Trump is planning to impose on foreign goods, European Commission President Ursula von der Leyen said.

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The prospect of a radical escalation in the global trade war in the coming days has nearly doubled the probability of a recession in the U.S. economy in the next 12 months to around 35%, according to Goldman Sachs.

Goldman Sachs Lifts U.S. Recession Probability to 35%

Tariff uncertainty and a flagging tech trade dragged the S&P 500 and Nasdaq lower to start 2025.

U.S. Stocks Post Worst Quarter Since 2022 on Threat of Trade War

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