I was wondering what everyone thinks about Jefferies M&A? Culture? Hours? Pay? Exit opportunities? Etc?
Anything would be appreciated.
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Long hours, good pay, improving reputation on the street, bringing in top talent at the senior level.
Any thoughts on exit opportunities to PE?
All three analysts i knew there ended up at middle market PE firms with around $1bn AuM.
Good exit ops - top megafunds are generally looking at the best Lev Fin groups on the street. Jefferies analysts place well though, and I think this trend will continue.
are the senior bankers open to helping analysts place into PE?
Jefferies strongest groups for PE placement are the top industry groups. There are at least two industry groups that had WAY better placement than M&A / LevFin for the class that started in summer 2012.
same question but regarding Jefferies' tech group specifically? they're pretty good, as I understand it, but how good relative to other good TMT/tech groups?
Bump^
Jefferies & Regulation (Originally Posted: 10/07/2015)
Why isn't Jefferies regulated and What advantage do they have over other banks that are?
Jefferies is under $50B in assets - so it is not subject to enhanced regulation under Dodd-Frank: https://www.bettermarkets.com/sites/default/files/Fact%20Sheet-Everythi…
This doesn't mean it's not regulated - every financial institution, (even increasingly P.E. firms), is regulated. Jefferies just isn't under the same scrutiny as Bank of America or other bigger banks.
Can take more risk, hence more prone to leverage lending and thus have been taking market share for sponsored deals.
Jefferies - Info on the firm? (Originally Posted: 01/04/2011)
Hello all,
Was wondering if someone could post some information on Jefferies. Not to much is on this site about the company. If anyone can answer some of these questions or have any other information please share. Thanks.
-What is the compensation like for interns and 1st year analysts in regards to the BB firms? Do they have signing bonuses and all the same as the BBs?
-What is some of their strenghtens and weaknesses inside the IBD?
-What is the corporate culture like?
-Interview formats for internships?
-Is it taken as seriously as the BB when applying to mba programs?
-Any further information would be great.
Thanks again.
-Comp is excellent; ~150k all-in first year for IB is not unheard of; pay is similar, sign-on is 10k iirc -Interview formats are fairly typical, tighter emphasis on fit since it's a smaller shop -Yes it is taken as seriously "as the BB" when applying to mba programs; if "as the BB" you mean UBS lol -tight culture; brutal hours
Great thank you so much. Have you worked there/work there now?
I would also be interested in any insight anyone can offer into Jefferies.
I am interested in hearing whether firms like Jeffries and other MM firms ever consider sophomores for summer internships.
Probably not if you spell their name wrong.
Any insight into the ex-UBS guys especially would be awesome.
LOL. Also do they pay their interns and is it the same as the BB's do it?
Interns don't make much at all. From what I remember hearing, it was 75k prorated, no O/T, no housing allowance. Keep in mind this was last summer and it might change. Most BB's are 70k prorated + 2k housing allowance and some sort of OT goodie that will add up to ~3-5k+ over the summer depending on how much you work and how sweet of a deal it is.
OT goodie?
Overtime goodie. I'm old fashioned, fuck you.
overtime - for instance, .5x OT or $55/hour after 60 hrs (at BoAML), or something.
i know for their s&t at least on the fixed income side, its commission based which differentiates it from bb's which are salary and bonus structure. although that prob only applies once uve been there a few years
Yes Tradin, interns get paid commission...they're on the phone all day with David Tepper and John Paulson
too many people here work at jeffries.
lol at 150k. only Blackstone achieved that with 70k base and 80k bonus last year.
They have a Cleantech (renewable energy) group that looks to be independent of their energy group and technology group. Not sure if this is standard on the street or not, but I found it interesting.
Does anyone know the phone interview format and how in depth they get with technical questions? It seems like most banks have a "go to" question that they always ask in terms of technical.
yo how do u do a dcf? tried a search
I heard they just bumped their base-pay for associates to match the rest of the street.
For the MBA apps, it's not as much about where you went but it's about how you position yourself. Now, obviously Goldman > Jefferies, but if it's say UBS vs. Jefferies, it's less of a difference, and a guy from Jefferies can talk to more responsibility, client interaction, thinly staffed teams, and possibly more deal flow, etc. Now, it may not be true, as Jefferies is becoming to look more and more like a typical BB, but it'd be a believable way to differentiate yourself.
Anyway, Jeffco is a good bank.
150k is correct in certain groups.
70k plus 10k sign on plus bonus - reliable sources. Im pretty sure their IB doubled last year and are targeting BB status.
Quick questions regarding Jefferies (Originally Posted: 01/15/2013)
Hey monkeys, I have two quick questions regarding Jefferies:
1) Will Jefferies still be considered an "independent" investment bank once Leucadia finishes its acquisition of the firm?
2) Can someone explain to me what exactly it means when analysts state that Leucadia's acquisition of Jefferies will strengthen Jefferies's balance sheet? What does Jefferies need a strong balance sheet for? Is it to meet reserve requirements, and to provide debt-financing to need it?
Thank you, Ben Lorrelo. By corporate products, do you mean products in the vein of debt financing?
Yes, debt financings, swaps, f/x lines, etc. This is a relative advantage of a commercial bank over an investment bank in that it has very easy and cheap financing compared to an investment bank.
Thanks again, Ben Lorrelo. I appreciate it!
Jefferies's Exceptionalism (Originally Posted: 12/18/2012)
Interesting article on DealBook
http://dealbook.nytimes.com/2012/12/18/jefferies-exceptionalism/
Jefferies already pays better than Lazard, GS, and JPM, so when do they become BB?
Possibly not a BB because their balance sheet can't be thrown around as easily? GS, BAML, MS, Citi etc have monster balance sheets.
Over the summer I met some folks at Jefferies's fixed income and DCM. Stunned. They get shit done, to put it bluntly.
Their reverse merger with Leucadia should help with the balance sheet issue.
In short, Jefferies has the talent to be a BB, just need the balance sheet to play with the big boys.
You get the size of the big boys and you get regulated like them too.
if you followed recent earnings calls, the investor base is concerned about the outsized comp ratio and want to see it come down. it has been rising much faster than increases in revenue. my associate buddies tell me that it's devolved into a world of haves and have nots at Jefferies. those who were hired from larger banks were given comp guarantees which is sucking the bonus pool dry, which is why the bank has started putting in multiyear clawbacks on their restricted cash bonuses (yeah, you get it in cash, big fucking deal if you have to pay it back if you leave within 3 years?). most associates allegedly got less than 50k this past year and well, let's just leave it at that. doesn't really sound like they are killing it to me.
this merger looks highly suspect. why would jefferies orchestrate a combination with a conglomerate? it is clear that there are personal reasons as publicly disclosed (leucadia ceo and jefferies ceo are extremely close personal friends), but are there any real business synergies? the only benefit i see is a tax free exchange of a shares in a highly volative midsized financial firm (as seen in last november's bankruptcy scare) with shares of a diversified portfolio of assets (meat processing, healthcare, industrials, etc).
my two cents based on my knowledge.
confirmed on all counts - not a bad place, but not everything it's recently been cracked up to be
Would job security/deal-flow/bonuses be affected in any way from the reverse merger w/Leucadia?
Is Jefferies IB SA In New York A generalist Program? (Originally Posted: 01/23/2015)
The literature strongly hints at the fact that the SA program is a generalist program but doesn't expressly say so. I have an interview coming up and would love for someone to confirm this for me so that I can make sure not to fuck up my interview.
Thanks.
Sorry for being annoying but bump
Yes. Jefferies does not do group placement until after the start of the FT analyst program.
Yes
/thread
Yes, Jefferies offers generalist program for SAs. I talked with an alum, and he told me to mention that for why Jefferies question during the interview.
Than you. Really appreciate the response.
Yeah you're a generalist until you go FT and then they place you after you network with the groups during training. It seems like a great system to me.
Jefferies - Deal flow and culture? (Originally Posted: 01/19/2010)
Hi I'm interviewing for an ex. analyst position and wanted to know more about the office interview process at Jefferies Charlotte (consumer and retail)? What's general perception of the office in terms of deal flow, culture, etc.
Thanks.
Solid MM. Obviously not as good as the two heavy hitters Bank of America and Wells Fargo in Charlotte but decent among the other MM's in that city.
Culture should be same across the firm.
Solid MM. Not as good as Piper Jaffray though unless you're in HC, maybe than it touches.
Really? I always figured Jefferies was on par with PJC if not a bit better? I work at a boutique on the west coast so I don't understand MM's that well.
I believe the C&R guys who opened the Charlotte office are very well respected. Not sure who is there right now, but I think those guys did a number of high profile M&A deals in the 2004-2007 era.
I think they advised on the Easton/Bell merger and the CBRL Group (Cracker Bell) deal. I know there were others, just can't remember the deals.
No idea as to deal flow. Would guess there is a ton of pitching going on there right now given the M&A environment we are currently in.
Are you kids serious? This bank is a serious no talent forsaken festering toilethole of pathetic losers.
Anyone with real balls is going to be at BAML, especially in Charlotte.
Do people really take first year seriously when like half of his posts are trolls?
Haha, no.
1) he said he's here just to troll.
2) he has no life (I looked at his track record, pretty much a post every hour). Really, I feel bad for the kid. He needs some friends.
Patrick, please ban 1styearbanker. He hijacks almost EVERY thread just to promote BAML and everyones annoyed at this point.
As for JEF, dealflow isnt bad, and compared to the other MM's in charlotte, its prolly the best. I hear culture sucks from someone who used to work there a while ago
It's a decent MM but there's much competition out there. I'd take HLHZ over Jefferies though.
who here works at Jefferies? (Originally Posted: 09/09/2011)
Just have a few questions about the recruiting process. would appreciate it if you could PM me.
i don't but i have email addresses...
Jefferies IBD (Originally Posted: 01/29/2014)
Tried using the search function, a lot of the information seemed to be lacking/outdated. Can people speak to the exit opps coming out of Jefferies.
Also, does anyone know what the offer rate has been for SAs historically?
Thanks in advance.
sup turtle eggs?
Ok shop - SA offer rate don't mean shit. If the market is bad you won't get one end of.
yea, lots of analysts go on to MM PE
Whats the deal with Jefferies? (Originally Posted: 08/30/2013)
How would you classify Jefferies? How the culture overall, and how do their IBD groups stack up? I am seeing a lot of BB guys jump ship to head there.
They pay cash.
It's a decent firm that for w/e reason gets trashed on a lot here on WSO. Personally I don't see where the hate's coming from. IBD is IBD - it's the same work & crap at every firm and most people don't enjoy the job, so who cares? Didn't work there so cant comment on culture.
Healthcare Group is top notch there and across the street
I second that. Also they are highly prestigious and innovative for a non-BB. They invented the Street Sweep.
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