Did This Investment Bank Just Give a Warning?

After wheeling and dealing throughout 2021, investment banks face an uphill battle this year. The S&P 500 and the Nasdaq are in bear markets, and volatility across financial markets has weighed on dealmaking activity this year. Jefferies Financial Group (NYSE: JEF) was the first major investment bank to deliver its second-quarter results -- and its report could be flashing warning signs about what we'll see when its peers post their numbers in July.