Jefferies Financial Group reported third-quarter 2026 group revenue of $2.2 billion and adjusted earnings per share of $1.08, above BMO Capital's $1.05 estimate and the $1.00 Bloomberg consensus. Investment banking and equities trading offset weakness in asset management and fixed income. Asset-management net revenue fell to $85.6 million from almost $177 million a year earlier, reflecting weaker investment returns and exposure to troubled First Brands Group and Radiant World through Leucadia Asset Management's Point Bonita fund. Investment-banking revenue rose 17% to $1.3 billion, including gains of 25% in advisory and 69% in equity underwriting, while equities revenue increased 29% to $626 million. Fixed-income trading revenue fell 26%. BMO lowered its price target to $50 from $57 while retaining a Market Perform rating as Jefferies reshapes parts of its trading and asset-management businesses.