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Jefferies just got a board-level vote of confidence that is too large to dismiss as noise. A roughly $318.7 million Sumitomo purchase landed right after a quarter with record equities revenue and a sharp rebound in investment banking.
Jefferies just posted a very loud signal that the dealmaking rebound is real: investment-banking revenue surged 57% to a quarterly record. The stock got hit anyway, and that looks more like expectations getting reset after a huge run than the core franchise breaking.
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