Jefferies investment banking fees jumped 52% in 2024 following a hiring spree of hundreds of dealmakers as it looks to break into the top firms in the world.

In a sign that the two-year dealmaking slump is over, Jefferies reported revenue of $3.4bn within its investment banking unit for 2024, up by 52% on the prior year. Overall revenue of $7bn was up 49% on the previous year.