Still, the St. Louis-based financial services company managed to eke out promising results in an otherwise difficult quarter from its wealth management unit. That division saw a 6.6% year-over-year increase in its net income of $298.4 million for the quarter.
But with the Securities and Exchange Commission's probe weighing on its earnings, Stifel reported a roughly 50% year-over-year decrease in its overall net income, which came to about $68.2 million in the third quarter. Stifel has previously disclosed that it is the subject of
Federal regulations generally require firms to keep extensive records of such communications. Although the case against Stifel remains open, the SEC has reached large settlements with other companies over similar allegations.
"Excluding the impact of these charges, our results are consistent with those in the sequential and year-ago quarters," Kruszewski said in an official statement. "Although the near-term environment remains uncertain, we remain well positioned to generate stable returns and strong growth as the market improves."
For more highlights from Stifel's third quarter, scroll down. To read about its second-quarter earnings,
