Earnings: Jefferies, Wells Fargo, State St.

Jefferies Group Inc. today said its third-quarter net earnings fell 16% from the prior year to $38.8 million, or 26 cents per share, due to declining asset management-fee-income and increasing interest expenses. In the comparable period a year ago, the firm reported $45.9 million in net earnings.
On the positive side, the New York-based investment bank recorded its second top quarterly investment banking revenue, which jumped 31% to $189.8 million.
Credit pressures held down third-quarter profit for Wells Fargo & Co., as the firm gained only 4% — the smallest increase in more than six years.
Net income rose $2.28 billion, or 68 cents per share, from $2.19 billion, or 64 cents in the previous year.
Revenue gained 10% for the San Francisco-based bank, reaching $9.85 billion.
The firm also picked up $160 million from selling $27 billion of low-yielding mortgage securities.
State Street Corp. said that its profit rose to $358 million, or 91 cents per share, during the third quarter – a 29% gain from the previous year.
Total revenue grew by nearly 50% for the Boston-based bank, reaching $2.24 billion.