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Jefferies shows that fixed income isn’t necessarily for everyone. The revenue the U.S. investment bank generated from trading bonds, currencies and commodities slumped 85 per cent, to just $33-million (U.S.), in the three months to September. That’s a far bigger drop than its larger rivals across Wall Street are expecting. As a relative newcomer, Jefferies appears to be struggling with volatility. The same may prove true for others that are downsizing their FICC businesses.