Amid challenging economic conditions in the second quarter, Stifel Nicolaus was not able to keep pace with its first quarter performance as net revenue fell 6.5% to 375 million and net income dropped 25% from 34.8 million to 26.1 million.

"The operating environment in the second quarter was challenging, especially compared with the strong start to the year," Stifel's chief executive Ron Kruszewski said in a statement. "The headwinds in the equity markets and bond markets, as well as macroeconomic factors affected the industry, our business and client activity."

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