Jefferies' Reputation
Obviously it's below the Goldmans, JP, Morgan Stanley, Greenhill for example. Generally speaking though, from a prestige/reputation level, where does Jefferies stand amongst its peers?
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Hahaha. Good stuff.
I've had direct contact with their DCM department. Great people, incredibly smart MD. Other than that, I have no idea.
JEF pays the best on the street. GS doesn't hold a candle to them.
I don't know about reputation, but I think one thing to keep in mind (at least according to their info session a few weeks ago) was that they promote a very high percentage of their analysts to associates, which is something really great if you're looking to stick in IBD long-term. Also, say what you will about prestige at BB's being higher, but they also made a point to emphasize how they have none of the larger structural problems associated with BB's, i.e. leftover bailout funds, commercial banking activities, bad investments (BAML with Countrywide), or high-profile news events (Greg Smith at GS, UBS trading scandal, Barclays LIBOR, etc). I'd still take BB in a heartbeat, but worth keeping in mind.
They are an elite top 5 bank in Aerospace & Defense and (I believe) Energy
Jefferies is a perfectly fine place to start your career. They have a good rep, you'll learn a lot, and it will open up many opportunities to you. I'd still recommend most of the BBs over them, but make no mistake, Jefferies is a great opportunity.
Great place to be at, one of the smartest associates i know works there and everyone i've met are really sharp. I would take them over any BB except JPM/MS/GS (depending on group).
Depends on the group. Healthcare does a lot of deals. Oil & Gas does a TON. Together, those two groups account for somewhere around 2/3 of all IB revenue. Both were acquired groups, rather than built organically. Heard that healthcare is a sweat shop.
healthcare is a sweatshop regardless of where you go
Interesting. I know a little bit less than absolutely nothing about healthcare, so I'm curious, why is healthcare like that?
Best exit ops are in M&A and Healthcare. Also pay is pretty darn good compared to BB.
It's not just pitching its also crazy deal flow.
Jefferies' healthcare is almost entirely composed of ex-UBS bankers.
hows does their gaming/lodging group look in terms of exit ops?
Why do people hate on Jefferies? (Originally Posted: 05/05/2010)
Why do people hate on Jefferies so hard?
dont feed the trolls
Men have an hereditary insecurity about size. Since Jefferies is a relatively small bank, it does not matter how much stamina Jefferies has shown with consistent profitability. Because Wall Street is such a male dominated society, the dislike that people show Jefferies stems from man's age old dilemma about size. In addition, Wall Street is envious and does not like that Jefferies can pay its employees whatever it wants and the government does not give a fuck.
I have to agree with Gekko. Jefferies is paying their employees mostly in cash (and very little stock) and the Company is performing very strong, given its 2500-3000 employee base. They definetly are the most prestigious MM bank out there (please don't start a war with me on this comment, everyone knows its true.)
Working at a BB bank is almost always SUPERIOR to working at a MM or a Boutique, however, times have changed. I would rather work at any of the top boutiques (Lazard, GH, EverC, etc) or a top MM (Jef, Houlihan,etc) than BoA, UBS or Citi.
This is a personal preference of course. If you don't believe me, talk to any analyst at C, BoA, or UBS and let them tell you what a shithole it is.
not really gekko, you don't see people hating on Lazard, Evercore etc, they are relatively small as well compared to BB's. I think its just that Jefferies has really risen the ranks in the last 3 years, when i first started visited wso, comments like "jefferies is a sinking ship anyway" were common.
noone hates Jefferies. everyone dislikes baml and Citi right now.
People hate on Jefferies for the same reason they hate on Stern. I'll let you figure out what that reason is...
Jimbo don't be a douche. I work in PE now, and worked at MS after I graduated, this is not new to most people here... that being said, I have no affiliation with Jef or any other MM banks, but I do think that they are the places with the most opportunities, assuming you can't get into a BB bank (minus UBS, C, and BoA).
I appreciate an open discussion, and I think HLHZ is a great shop as well, particularly in restructuring, and small M&A deals. All in all, the point of my original post was to defend top MM/boutique shops.
Trust me, when I was going into banking I had NO respect for MM shops, or boutiques, but most of my friends at MM shops and boutiques had better hours and were direct-associate promotes. This board seems so infatuated with stupid stuff like GS TMT, Private Equity comp, etc. I was merely trying to point out the today MM shops can provide a similar experience.
Cheers.
vastly underrated player
lol i don't understand why people waste their time doing this stuff
Jimbo,
You can PM me if you would like, and perhaps I can offer you advice in your own career. You are incorrect on most of your assertions. First, I did work in Houston, for one summer, so you got that part correct. I have worked in NYC for the past 2+ years. Second, I have a brother that is about to complete one year, and I have been actively trying to help him lateral, so you got that correct. He has interviewed with many of the top MM banks, so you got that correct.
Also, If you look at my prior posts ("move to PE now") you will see that I moved on to PE. Sure, you'll probably try to guess which fund based on my descriptions, but that's ok. The point of this forum is for entertainment, and to educate.
Also, I wasn't saying a direct-promote to associate is a major selling point, but IF you WANT to stay in banking, it is definetely a selling point. I hated my banking experience, so it wasn't for me, I actually left banking after 14 months. Also, Jimbo, you are an idiot if you think a direct-promote is easy at a BB, it is quite rare in my experience. If you want actual advice from someone that has already been in the industry, i'd love to provide it.
I did, however, enjoy the "EXPOSED" I thought that was clever.
jimbo you're a fucking loser and quite the dumabss.
Even if he did work at JEF (which he didn't), it wouldn't matter because MoneyK has given some solid advice to other prospective monkeys -- regardless of not having the "star".
Jefferies' recent success can be attributed to one thing: the LSO effect. Soon, WSO will have the same effect on Piper Jaffray.
-Bankstradamus
Jefferies will always be a middle market bank, and regardless of what the Analyst experience actually is there, the Jefferies name is not "prestigious". I still think most people would take any bulge bracket- including Citi, BofA, UBS over Jefferies.
While Jeff mostly works on sub-$800M deals, they've pulled in quite a few multi-billion dollar deals in the past year alone. Depending on the group at each bank, I would consider Jeff over UBS and Citi.
Quality of experience is the most important factor here, if you want to be mature about it. Leave the prestige debates to the females.
I'm not certain why, on a junior level, Jefferies is bashed on so much, but I'm aware that even senior guys bash on the firm. From what I understand, Jefferies is known to promise prospective clients incredibly good rates on financing, feed the clientw hatever they want to hear, etc..just to win the pitch, but is ultimately unable to follow through on that. Typical overpromise, underperform.
Just my own observation. I've never personally worked for / with Jefferies in the past.
Two months ago it was the trendy thing to say BAML was a top bulge bracket. You kids are schizophrenic. And for the record, Citi IBD is still a top shop.
Jimbo, that shit was unnecessary. I don't know what happened in your immature mind that you think MonkeyK deserved that.
Lol. it's the people like Jimbo that add humor, albeit ruin this site. I must admit, I did laugh at his failed attempt to 'expose' me, haha. The only reason I still contribute to this site, is because it was a great resource when I was still in college. My guess is Jimbo is a commercial banker who has a giant chip on his shoulder. Nonetheless, topics like these are good, because a lot of people wonder the same thing. I know I used to.
It's just left over from a different time. 5 years ago when the BBs were handing out a zillion offers a year, Jeffries was taking kids from targets with lower GPAs and less impressive work experience. As a result, people thought it was funny to throw jabs at them. Since then Jeffries has become the biggest pure broker-dealer in the world and they are recruiting top tier kids from target schools.
... I would give it time. It is most likely to change in terms of reputation as the financial landscape changes.
I remember some very coverage of Jefferies on Bloomberg a couple months ago, given their avoidance of the disgrace of the bailout culture, etc. and growing business/revenue. Some people don't understand that prestige comes after building a success.
jeffries is a middle market, cant be compared to BB's. It is a complete joke of a bank.
Why does being smaller make you a joke? Would anyone say that GS is a joke compared to BAML or JPM? Yet it is much smaller...
I used to know a firm that was small as shit. I mean the only partners they had were blood related and they all came from the same two families so you knew that this firm was going nowhere. They had this crappy basement office. They did a lot with commercial paper and wanted to do more with investment banking, but the other firms wouldn't really let them participate so they were stuck doing small deals. I mean this firm was so crappy that they actually let a janitor take a front office position....LOL. I wonder whatever happen to them?
Hahaha, valid point Gekko, all you ignorant fuckers hating on small shops should read this ^^^^^^^^
people hate on jeffries cuz their LA office just disintegrated and they suck all around
LOl at barrings. sorry troll but BB's are BB's
jefries is MIDDLE MARKET get that through ur head. its not about size. its about you being a shitty bank sorry u work at jefrries bro
I work at a BB, and I just wanted to thank Jefferies and its employees for helping to pay the taxes that helped bail the BBs out. Jefferies didn't require a bailout- most of our firms did, so unless you work at Lazard, your license to make fun of the MMs was revoked as of Oct. 2008.
I don't work there; I don't work for anyone. Also, you're an idiot.
If that janitor's name was Weinberg, I have an idea what happened to the firm. But mrbrightside couldn't handle the fact that GS was at one time a "Jeffries".
^^ Which firm is this? I guess my IBD history knowledge is not as great as others' on this board.
Banker88- I'll give you a hint. The two families were the Goldman's and the Sach's. Ironically, today, the Goldmans and the Sachs no longer speak with each other.
"The Janitor" was Sydney Weinberg who joined the firm as a janitor in 1909, became Senior Partner (aka CEO) in 1930, died in 1969 after serving as CEO for 39 years.
Yeah the likes of Jefferies, Lazard and Greenhill really are shit compared to those great BBs like UBS and Citi who performed sooo well over the last few years
Not saying either group is better- and I think the analysts and associates at Jefferies have more responsibilities than those at MS or GS- but you're feeding the BB trolls with that comment. It would be like me comparing Illinois to Harvard; two good programs (and Illinois kicks Harvard's butt at engineering, accounting, and football), but you can't really compare a state school to an Ivy League that easily. Each bank has its strengths and weaknesses.
Lots of stupidity here. To cut to the chase: Jeffries is an up and coming player and their performance over the next few years will determine whether they can move up the prestige ladder.
Why does Jefferies have such a bad reputation in US? (Originally Posted: 06/30/2008)
From reading WSO it seems like Jefferies is regarded badly and pays below street, although in London they are seen as an elite boutique that pays well above average for analysts?
I heard last year was around £35k base, £5/6 sign on, and up to 150% bonus (£52,500?) = £92,500 or $185,000.
Got info from guy who was interning there at the time.
Anyone explain why this would be different to the states? They do same mid-market size deals over here.
JEF is arguably one of the strongest MM banks. Very strong in energy.
Hehe the post above mine is probably the most generic I have ever seen lol
While I would agree that Jefferies has a strong rep in London and that the name is well respected, no-one thinks of it as an "elite boutique", that's a bit of the mark
I would be very surprised if the bonuses were as high as you claim - what's your source on this???
Interviewed with them last year and there was a guy who was currently an intern applying for grad position. Didn't quote the figure but said 150% was top bucket, and I know base is around £35k. Maybe elite boutique is wrong term, but guys in states say things like 'no one would ever work for JefCo with their shitty deals and bonuses'... just wondering if it was that bad!?
A
JEF in the UK is seen as a good MM bank, with good experience on offer and exit ops to MM PE. Compensation of 35k is low! as the Prestigious Boutiques I had offers from offered in and around the 40k mark.
For M&A Jeffreys in the UK is definitely better than HLHZ. Really the only top team in HLHZ is Financial Restructuring which blows any other restructuring practise in the UK.
PS Joe I would exclude Roths and Gleacher from your list - Not that difficult to get into IN THE UK and not as good exposure to Top Dogs as the other firms.
Jefferies is probably the biggest of the MM banks. The reason it's not seen in a great light around here is that they rarely deal in bulge-sized deals. Their biz model focuses on controlling the MM market, so if that is what you are looking for, it's a great place. I interviewed there and got an offer to work in their tech office; the guys there seemed great and there was good deal flow, since MM deals slow down less in a downturn. Ultimately I passed though because the deal experience at a BB trumped anything Jefferies could reasonably offer.
Question regarding Jefferies (Originally Posted: 01/25/2011)
I've heard and read a few times now that Jefferies is ready to replace Bear/Lehman and achieve BB status in a few years. Does this sound realistic? Does Jefferies really have that potential?
Also, disregarding this potential, is Jefferies a much better place to work for than it was before 2008/2009 due to all the expansion?
Jefferies is a great place to work (I don't work there) - don't listen to any useless flaming on this board or elsewhere.
Healthcare, energy, maritime shipping, and I think A+D all compete with BBs and top boutiques on the biggest deals in those specific industries.
What will the next few years bring? Probably more success, especially if its cap markets groups step up as well as some of the other industry groups (which are still MM-focused). Also, have been mentioned in takeover talks for a while but that has yet to be seen.
Thanks for that detailed response, really appreciate it. In terms of exit opps, do you know if they have improved in the last few years or are they still around the same level?
Solid exit opportunities especially for restructuring ...many kids go to solid $3-$10 billion private equity firms with a few VC/HFs sprinkled in. Think matlinpatterson, ares management, TCW crescent mezz, sun capital partners for the top analysts, with average $1-$5 billion funds for a few others
Thanks StanTheMan. Those are very legit opps indeed..wow.
sure...not all of these are from the NY office (though most are). heard of guys going to TA Associates, KKR (capital markets though not PE), and Summit Partners as well. since healthcare is a new group from UBS they should have great opportunities as well but don't know about placement for those guys
Stan, what is your personal opinion about the growth trajectory of the firm itself? Do you see BB potential?
definitely growing, and they do liken themselves to a young Lehman/Bear. I think it'll be a while for them to get there, but they do some things very well and their reputation is definitely increasing. Outside of the bulge brackets, they are probably the firm with the most momentum (outside of maybe Wells/RBC/Nomura), but as a firm with only 3000 people they have a way to go before hitting BB status
they are also trying to move away from the middle-market niche...on their books and materials, as well as their website they list only BBs as their competitors. Whether or not this is true is debatable, but they are trying to distance themselves from the Houlihan Lokeys and William Blairs of the world (which makes sense, as they work on a good amount of 1B+ deals and have a strong S&T platform)
no chance for BB comparing league tables and sizes but up there with RBC, Harris Williams and Wells.
used to work at jef, so i'll throw in my 2 cents.
product groups at Jefferies tend to do well (restrucuturing, LevFin, m&a). good industry groups (healthcare, energy, etc) probably do well too. off the top of my head, recent placements include 2 for HIG Capital, 1 to KKR (high yield advisory), ares management. etc.
not sure if its a good place to work compared to before. hear the culture has changed drastically. not as much goodies or corporate benefits (gotten very cheap. i hear there were vegas trips many years ago. now you are lucky to have an open bar)
boutiquebank4life - you're like a walking parody. "Up there with RBC" made me laugh.....
I had a Jeffery once. Couldn't stop stroking my furry wall...
Hours and pay are definitely comparable to BBs, and they've gotten their share of big deals in the past years, so I'd say they have growth and momentum on their side. As for exit opportunities, the people I know get at least one call a week from headhunters, although I wouldn't expect anything from Blackstone or KKR's PE.
Also, Jefferies likes to have their analysts for 3 years and then have them promoted directly to associates. Which to me is kind of a negative since I'd prefer to get an MBA from H/S/W, but some people are attracted to this.
Harris Williams has way better mid market pe ops than jefries.
Sounds like someone here interned at Harris Williams...
no matter how hard they try to get away from middle market, they are still a middle market bank (as with all other BBs who "claim" they do mega deals but do MM deals majority of the time). However, Jef is definitely one of the top MM banks and you can't go wrong with that choice.
How is Jefferies these days? (Originally Posted: 10/30/2012)
The last major Jefferies thread I found was from 2 years ago (it was called "Why do people hate on Jefferies?"). How are they doing now, in terms of deal flow/personnel/prestige/etc?
MS/GS/JPM/JEF are the pinnacle of prestige.
haha
soz brah, only MS/GS
Prestige = ability to do deals. Nobody beats the balance sheet. JPM, BofA, Barclays, CS, DB, Citi are the way to go. It's all fun and game pitching deals until someone comes in with $X Billion in debt financing.
Good deal flow and a strong reputation. Not sure exactly what you mean by "personnel", but I'll take a guess and say - in flux. "Prestige" is all relative.
Heard from a senior (returning to Moelis) that he got the impression that Jefferies was a "frattier" bank after speaking to a ton of JEF guys.
Definitely an incredibly "fratty" atmosphere based on my interaction with them.
Healthcare group at JEF is supposed to be one of the best on the street.
Better than UBS.
JEF is solid shop. I didn't like the culture though... very robotic like, no personalities from my interactions with them
what other groups are good besides healthcare? i heard there tech and energy groups are tops as well?
@linguist, think frat house - very very predominantly male, college-like clique-y atmosphere in my opinion...
@aballer, their healthcare group is highly competitive with BB, with most of the team having come over from UBS a few years ago. The tech group is more in the MM space - it's a pretty small team up in Boston and started getting stronger after they made the Broadview acquisition a few years ago. They have a good energy group, with some pretty big deals, but not sure about the culture there.
Does anyone have any info on the Charlotte office, like number of people there, strength of deal flow, industry focus, etc.? I imagine it's just a couple of people and the term 'busy' is probably relative.
Regards
Logan from Leveraged Sellout would be turning in his grave....
they just got acquired by Leucadia National Corporation
Here's my two cents. Avoid Jefferies.
Yes, Jefferies is fairly active in doing deals, but it is struggling in ways that many cannot understand. I interned there and worked there a while ago and have friends still there. Very fratty culture, which although I'm not very fratty, I don't mind. It's expansion in the past two years has largely been fueled by aggressive hiring practices and this has caused the compensation ratio to balloon to 60%. The thought process was that although profitability would take a hit in the short term, ultimately there would be margin expansion through the additional revenue that these "hitters" would bring in. Unfortunately, this has not happened, and Jefferies compensation ratio has ballooned and created a sort of income dichotomy within the firm. Those who were hired from larger banks had large guaranteed compensation packages, and this sucked up a massive portion of the bonus pool, which resulted in bonuses for everyone else (including VPs, associates and analysts) to get squeezed to the bone. 15% of the first year analyst was supposedly laid off and still bonuses were below street. Additionally, there were bonus clawbacks instated for everyone who decides to leave the firm, including analysts, which is absolutely unheard of on the street. Your comp will just be below street regardless of your performance and the firm does not support its analysts from going to buyside (you lose your bonus if you go to the buyside). That's a big reason their entire associate intern class did not accept their offers.
Whoever said the healthcare group is the best on the street has got to be kidding me... GS, MS, JPM, etc. all rock Jefferies so hard it's not funny. Even back at UBS, the healthcare team was known to focus more on the middle market because they did not have the relationships to compete for some of the more blue chip clients. Now the middle market focus is even more pronounced. That said, the group is not bad hours wise. 25% of the analyst class works for the healthcare group, so if you don't mind the culture in the group (it's very UBS), it's not a bad one to be in.
Energy is hands down the strongest group at the firm and is the only one that can be considered best in breed at Jefferies. Consider that they ran the sellside for Samson, the largest or at least one of the largest LBOs recently, as the sole advisor, while there were a million advisors to KKR. Huge presence in the shale industry. The tech group is based out of Foster City. The NY and Boston tech groups are not nearly as active, but all of them work you very very hard. Once again, strong middle market focus but on occasion, you might work on a recognizeable name.
Regarding the recent Leucadia acquisition, that is good overall from Jefferies. It shields Jefferies from the institutional equity market which has punished it severely in the past year, with the whole Euro scare late last year. Also, it allows Jefferies shareholders (it's CEO and senior leadership hold a bunch of the stock) to effectively diversify from a midsized brokerage with a high risk profile to a broad diversfied portfolio of businesses without any sort of tax hit. That might be the reason the merger was orchestrated the way it was.
+1
This.
I never understood the healthcare obsession either, they are great at what they do, but it never was comparable to the top BBs.
Is there energy group based in Houston?
Is there energy group based in Houston?
Does anyone know anything about aerospace and defense group based in DC?
Looking for Helpful Insight on Jefferies (Originally Posted: 12/27/2014)
Hi Everybody,
I am fortunate enough to have an offer for Jefferies for this summer and the deadline is soon. I am leaning towards excepting it instead of asking for an extension to interview later in the month with a few other BB.
I wanted to get the general consensus of Jefferies and start a new thread. All of the other threads on Jefferies seem to be outdated and from around 2008-2010. What do people think of Jefferies now? I know that the top groups there are M&A, HC, and Energy. (Also heard that their Lev Fin team is good?)
I am going into banking for really the two years and looking to exit into PE or VC. I saw that Jefferies might be a good choice if you are interested in VC? Anyone know about the tech group in NYC at Jefferies?
Lastly, I have always thought that were you do your summer is where you end up full-time. Do people think it is doable to convert a Jefferies offer into a BB FT offer?
Yeah, I do not really see myself at those firms anyway. Thanks for the comment.
Take the offer. Jefferies is a hell of a bank and the exit ops are very similar to many of the BBs in the street. Plus, your teams would likely be smaller, giving you more deal exposure. Also, try to spell accepting correctly at Jefferies =)
Take the offer. Jefferies is a hell of a bank and the exit ops are very similar to many of the BBs in the street. Plus, your teams would likely be smaller, giving you more deal exposure. Also, try to spell accepting correctly at Jefferies =)
Thanks for the insight.
Also, clearly did not spell it wrong but wrote the wrong word as I was in a rush typing the post.
Anyone have any word to say on their current trajectory? From what I have heard they are bumping up against BB more often these days competing for some of the larger deals.
.
I'd say take the offer. Exit ops are good and if you really don't like your experience over the summer it shouldn't be too difficult to switch to a BB for full time. Also, from what I understand the bank has a good culture if that's important to you.
Jefferies is a good spot with great senior bankers. Congrats on the offer!
Thanks for the advice everyone, I just accepted the offer today!
Great choice. Enjoy your summer.
Best guys across the street and more recently have had great exits.
From what I've heard, and from everyone I know at the firm, I would say accept it. What's that old saying, a bird in the hand is worth two in the bush?
Can't offer anything but them personally but I use to work in 520 Madison if that is where you are going to be working. It is a very nice building and is equipped with a waterfall and piece of the Berlin Wall. I don't know what floors they have but you will have some great views of central park and the rest of the city.
Jefferies - Culture and exit opps? (Originally Posted: 10/26/2006)
Hey guys, I am wondering if you could tell me more about the culture of the firm? what kind of people work there? exit ops? also, what are their strongest areas? thanks.
jefco is a pretty laid back place. you're expeced to perform just like anywhere else but face time is minimal. deal teams are small so you are expected to run with a lot of projects... there's not a lot of hand holding so you've got to figure things out on your own or ask the right people = entrepreneurial. they've brought a bunch of senior bankers from a bunch of different shops so the culture varies more group to group... but on the whole, its a can do place that is not concerned with doing huge headline deals and the people reflect that... smart, but not flashy, good at what they do. they pay street. their best groups are probably m/a, restruct, and industrials is growing with lots of deal flow.
Oh, the guy above forgot to mention the most obvious: they blow.
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