Jefferies

  • News

    Layoffs Watch ’12: Jefferies

    Cuts are said to have down at the best paid bank on Wall Street.

    “Significant layoffs at Jefferies yesterday, today and more to come in IB. Nine from industrials group alone. Cuts go from 1st yr analyst to SVP. Some groups (m&a, healthcare) still waiting to hear…”

    / Aug 1, 2012 at 4:59 PM
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    News

    Bonus Watch ’12: Jefferies Wonders Aloud How Its Ass Tastes

    Jefferies set aside $870 million in the first six months of its fiscal year, enough to pay its 3,809 employees an average of $228,407. Goldman Sachs set aside $225,789 for each of its 32,300 workers. Average pay for the 26,553 people in JPMorgan’s investment bank was $184,989, or at least 18 percent less than Jefferies’s […]

    / Jul 26, 2012 at 12:30 PM
  • News

    How Can Wall Street Feel Alive Again?

    As some of you may recall, there was a time not too long ago when you could work on Wall Street and be compensated in a way that made you feel special. Appreciated. Loved. Eight, nine, ten-figures of love. Now, obviously, not so much. But that is not what’s eating the industry’s most fragile spirits of late. They are fine taking pay cuts. They could care less about the money. What they’re not fine with is having the rush, the intensity, the adrenaline-pumping fear that comes with, say, putting on a trade in which maybe the firm will make $1 billion or maybe it’ll lose $10 billion, WHO KNOWS, IT’S ALL RELATIVE, I CAN’T FEEL MY LEGS, THAT’S WHAT MAKES IT SO EXCITING taken away from them. Take Sean George. He used to spend his days destroying company property and now, thanks to financial regulation, has had to get his kicks elsewhere.

    Sean George kneeled in the Church of St. Paul the Apostle in Manhattan. He wasn’t praying. A gash below his right brow bled into his eye and down his nose before a knee to his groin sent him to the floor. George, 39, head of credit-derivatives trading at Jefferies, was making his Muay Thai debut at the church June 22 in a sport that allows kicking, elbowing and kneeing. His eye was swelling shut by the time he lost in a split decision. It was the happiest he’s been all year, he said.

    “Right now at work I’m making less risk decisions — and I enjoy taking risks,” George, who headed investment-grade credit-default-swap trading at Deutsche Bank AG before he joined Jefferies last year, said in an interview. “If you’re in it for the game and the fight, the game’s over and the fight’s over.” Risk is what drew George and the colleagues he respects to Wall Street, he said. He could bring in millions of dollars in a single month at his peak, and trading was so intense that during one credit-default-swap deal he smashed a phone against his desk, sending part of it three rows away, “one of the records for the best break,” he said.

    Ethan Garber’s lost that tingly feeling in his plums.

    “There’s no sexiness, there’s no fun, there’s no intellectual intrigue, either,” said Ethan Garber, who ran proprietary credit-arbitrage portfolios for Credit Suisse Group AG and Bear Stearns Cos. “A lot of my friends who actually lingered for the last four years are all now getting fired anyway,” said Garber, 45, currently CEO of IdleAir, a Knoxville, Tennessee-based firm that provides electricity at truck stops. “The air is taken out.”

    Robert McTamaney has been reduced to doing his best impression of a whiskey-swilling, cigar-chomping newspaper man from the 1940’s, who we assume addressed Bloomberg‘s Max Abelson as “toots” here.

    “The socks are higher, the skirts are longer,” said McTamaney, who helped run Goldman Sachs’s equities- trading business in Asia. “It’s like styles: They change, and you’ve got to change with it or be left behind.”

    Former King Street Capital and Bank of America trader Sam Polk isn’t gonna lie, the worst part of Wall Street 2.0 is not being able to feel like a god by dropping $10,000 for bottle service on Wednesday nights, and sometimes even Thursdays.

    “You could be a 20-something trader three years out of school, able to go to any restaurant or club or ballgame on any night that you wanted, and it was totally paid for,” he said. “It was a tremendous feeling of power.”

    Michael Meyer is dying a slow, painful death.

    “The light at the end of the tunnel is dim,” said Meyer, now co-head of sales and trading at New York investment bank Seaport Group.

    Clearly, it’s not pretty. But here at Dealbreaker we’re about offering solutions, not whining about problems. How can these guys and girls replicate the feelings they once got by taking on risk on the job, if, unlike Sean George, getting kicked in the balls is not their thing? Drinking the carton of milk in the break room that’s been sitting out for two days, telling the boss’s wife it looks like she’s gained a couple pounds, having unprotected sex with a junkie, shouting “You go girl!” at yourself in spin class after being kindly told to “Shut the fuck up” or else, and leaving dirty dishes in the sink all seem like good jumping off points but we can do better. These people need our help.

    Bloodied Trader Pines For Risk As Wall Street Retreats [Bloomberg]

    / Jul 25, 2012 at 12:45 PM
  • Banks, News

    Jefferies Bankers Are Happy To Pay Jefferies Shareholders $6mm For The Privilege Of Not Being Jefferies Shareholders

    What is the best thing about these Jefferies bonuses? For me it’s this: For 2011, we offered our employees the option to receive the stock portion of their year-end compensation in the form of either shares or cash, with the cash amount being equal to 75% of the grant-date amount of the stock that an […]

    / Jan 31, 2012 at 6:45 PM
  • News

    Bonus Watch ’12: Jefferies Offers Employees Sophie’s Choice

    Tough calls.

    / Jan 31, 2012 at 5:15 PM
  • News

    Layoffs Watch ’12: Jefferies

    Apparently a bunch of employees have been notified their services to the firm are no longer necessary.

    / Jan 20, 2012 at 4:33 PM
  • News

    High-Level Jefferies Employees Were Ready To Pack It Up And Leave Until They Realized It’s Not 2007

    Several executives and other employees in Jefferies Group Inc.’s prime-brokerage unit threatened to leave the firm in a dispute over issues including a recent restructuring and year-end compensation, people familiar with the matter said. The dispute led to a series of meetings Tuesday involving Jefferies executives and its global head of prime brokerage, Glen Dailey, […]

    / Jan 4, 2012 at 10:47 AM
  • News

    Bonus Watch ’11: Eleventh Year Jefferies CEOs

    Richard Handler has declared himself not worthy.

    / Dec 21, 2011 at 5:39 PM
  • News

    Bonus Watch ’11: Jefferies

    Good news and less good news. The good news: junior mistmakers needn’t worry much about the new rule stating that one’s bonus will be taken back should he/she leave the firm for greener pastures less than a year after the money hits the bank. The less good news:

    / Dec 14, 2011 at 11:49 AM
  • bonuses, News

    Bonus Watch ’11: Jefferies Employees Might Not Want To Make Any Sudden Movements

    Maybe you’re a Jefferies employee who thinks the light at the end of the tunnel is near. Bonus time’s a’ comin’ and once you get yours, you’re out of this place, you’ve told family and close friends. Just a couple more months and you can bust out. Break free. Live again. Just gotta wait for […]

    / Dec 13, 2011 at 4:20 PM
  • Banks

    Jefferies Doesn’t Need Your Stamp Of Approval But A Little Praise Might Be Nice

    There’s that famous line that “Every banker knows that if he has to prove that he is worthy of credit, however good may be his arguments, in fact his credit is gone.” It is sort of inspiring to see Jefferies refute that with a combination of (1) pretty good arguments and (2) still existing. At […]

    / Nov 22, 2011 at 5:57 PM
  • News

    Jefferies: Nothing Is Fucked

    Whatever you’ve heard, whatever you’ve read, whatever you’ve seen, whatever you saw- lies, all lies, spread by a hedge fund that Jefco isn’t going to dignify with a name-check.

    / Nov 21, 2011 at 11:23 AM
  • News

    Berkshire Hathaway Is Too Big, Interconnected, Smart, Awesome For You To Worry About What It’s Up To

    Two bits of news are out today at the high and low ends of what you could loosely call big financial institutions. At the low end, Jefferies, which I’ll stick with calling wee given its $40 billion balance sheet, is blasting out minute-by-minute, issuer-by-issuer, maturity-by-maturity, CUSIP-by-CUSIP accounts of its holdings of European sovereign bonds, its […]

    / Nov 7, 2011 at 1:17 PM
  • News

    Poor Little Jefferies

    Let’s talk about Jefferies for a bit. Jefferies is a wee broker-dealer who briefly traded down 20% this morning though they got better. They have some problems that they like talking about because they aren’t really problems (being long $9mm of MF Global bonds), and some problems that they don’t like talking about because they’re […]

    / Nov 3, 2011 at 3:01 PM
  • News

    Carl Icahn Expresses His Confidence in Jefferies in ALL CAPITAL LETTERS

    When Carl Icahn lobbed in his bid for Clorox last week, a lot of people had their doubts about his seriousness. They pointed out that he doesn’t really complete hostile deals all that much. They questioned his plans to raise $7.8 billion in debt, despite a highly confident letter from Jefferies. They suggested that his […]

    / Jul 20, 2011 at 4:37 PM
  • News

    Can Anyone Translate What A Person Familiar With The Matter Meant When He Said A Deutsche Bank Exec’s Jump To Jefferies Was An “Interesting Move”?

    Sean George, a Deutsche Bank managing director in corporate bond and credit derivatives trading from Deutsche Bank recently accepted an offer to work at Jefferies, as the firm’s “first addition in credit derivatives trading.” A person familiar with the matter commented that Jefferies “must have thrown the kitchen sink at [George]” to get him to […]

    / Feb 24, 2011 at 2:57 PM
  • News

    The FBI Might Go After Jonathan Hollander Or They Might Not

    Last January, analyst Jonathan Hollander’s name was mentioned as possibly having a connection to a Blackstone insider trading case, based on information presented to the government by his former employer, SAC Capital-owned CR Intrinsic. Not much has been heard about Hollander since then, but this morning Reuters‘ Matthew Goldstein reports that he’s actually in the […]

    / Nov 22, 2010 at 9:29 AM
  • News

    Traders Who Commute Psyched For Opportunity To Spend The Night In The City, Momentary Respite From The Old Ball And Chain

    Bloomberg reports that not everyone is freaking out over the prospect of a little more snow and are in fact keeping fingers crossed they’ll be forced to tell the wife/husband they’re stranded for the night. ‘Cause that’s when the real party* gets started. Weather advisories calling for as much as 20 inches of snow prompted […]

    / Feb 10, 2010 at 12:41 PM
  • News

    Rice Student Thinks Jefferies Is “More Courteous” Than Its Counterparts And Has “The Best Corporate Culture In Town”

    And she’s sorry she missed her interview with the rainmakers and hopes they’ll be able to find it in their hearts to forgive her. Because they’re not like those other banks. They’re different. From: [redacted at Rice] Sent: Thursday, February 04, 2010 9:22 AM To: [redacted at Jefferies] Subject: Interviewee To Whom It May Concern: […]

    / Feb 9, 2010 at 2:19 PM

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