Full-year earnings from Jefferies put Wall Street’s dilemma in a nutshell. The wannabe bulge-bracket investment bank posted record revenue of almost $3-billion (U.S.) for its fiscal year to Nov. 30. But the top line didn’t translate into bumper profits: The firm’s $282-million of profit equates to a paltry 8.2 per cent return on equity. Chief executive Richard Handler, like bosses of larger rivals, wants to improve on that. He has a couple of tricks up his sleeve – but others don’t.