Siebert securities finance division hits record revenues
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Siebert securities finance division hits record revenues 19 May 2021US Reporter: Alex Pugh
Image: stock.adobe.com/Oleg Golovnev
Financial services provider Siebert’s Securities Finance Group achieved its highest ever quarterly revenue, with its Q1 2021 total standing at $1.8 million.
The firm attributes the record revenues to investments in personnel and key areas of the business, helping to offset lower interest rates.
The brokerage firm saw its total revenues increase in Q1 2021, compared against the same time last year, by 28 per cent — an increase of $4.1 million to $18.9 million.
Siebert CFO Andrew Reich says: “Our Securities Finance Group achieved revenue of $1.8 million, again beating its highest quarterly revenue due to the onboarding of key personnel and expansion of the stock loan functions. In addition, we have implemented cost-saving measures such as reducing our occupancy expenses which are just starting to impact our bottom line.
“We had stellar results this quarter as operating income is on track to outpace the entire 2020 fiscal year by Q2 2021. Despite the lower interest rate environment, our revenue increased by $4.1 million, or 28 per cent from the prior year.
Siebert board member and controlling shareholder Gloria Gebbia says: “Our strategic acquisitions and initiatives have been driving growth and continue to impact our bottom line. We are seeing this play out in a huge way with our Securities Finance Group and market making division.”
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Image: stock.adobe.com/Oleg Golovnev 