For being on the side of larger banks I feel they have been relatively quiet recently. Other than the statement a couple of months ago where they mentioned deal slowing and lower bonuses I haven’t seen their name much.
Anyone have updates on layoffs, bonuses, hiring, morale, updated culture, etc.? Would be curious to hear from some Jeff people how these changing environments have been for you.
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They seem to be doing fine. On one of the other credit forums they were placed in the top 5 RX shops (more realistically they’re somewhere like #8) but there’s been controversy with M&A. The problem with banks on the rise is that the growth stops when markets stop. More people want to give mandates to Goldman since they’re the safer bet during times of recession. That being said they’re holding in there, compared to other firms like liontree.
Also people on this forum shit on them, mostly due to the fact that people don’t want to call them a MM anymore, but the folk in EBs and BBs don’t like the idea of a bank switching categories, as well as rich handler’s use of Instagram (which I don’t mind tbh, he has some good career advice).
In summary, good firm with lot of growth potential from poaching MDs, investing in their IB division, but has stigma around it from some folk, either disenfranchised ex employees who didn’t like being in a sweatshop or people with random vendettas.
Where do you think they stand in the EB, BB, MM debate?
I’d say a lower EB, I mean if we keep comparing them to Guggenheim (as they are very similar) we might was well put them in there
Off topic but what happened to LT? Obviously their deal volume fell off a cliff but I was under the assumption they only did some light trimming
Just saw Liontree on a $750m deal
Certainly growing but I feel like this post is a bit of a shill.
It's a very toxic culture. Full stop.
It has an absurd clawback bonus policy. Nobody else has anything as stupid or backward.
The majority of the bankers were good there, less passengers than others places ive worked. Bottom bucket and the lazy were culled ruthlessly.
I honestly don't get with so many better options at the same level why you would choose Jefferies?
EBs / BBs are all better for pay and deal flow. With perhaps the exception of healthcare.
EBs are better for pay yes, but BBs typically no. It's firm and team dependent but historically Jefferies has paid above (Bulge) street.
I’ve seen you comment on a lot of these forums, what group were you in? I feel like culture is very group dependent in the firm
Culture is definitely group dependent, which is natural given the amount of poaching they've done at the MD level
Pay is also group dependent. Some groups got shafted on bonuses and others had pay above most (all?) BB's. I know a1's that got $80 last year
TMT practice recently became "formal" and is one of the largest practices on the street. Their TES team is incredibly strong with what they do
As said above, sponsor M&A is the bread and butter of the firm
Personally have enjoyed my time here with my group. People in my group bitch about WLB, dont think they realize what it's like at GS, EVR, etc etc. Everywhere is sweaty, it's banking. Exception being HC, you couldnt pay me enough to work on that team
What is the clawback policy?
The JEF bonus structure lines up with GS, MS, BofA, etc, only they pay all cash up front vs getting restricted stock.
The upside to restricted stock is you can’t spend it, so it’s forced savings that vests over time. The downside to restricted stock is you can’t spend it.
A lot of good people there. But they aint hiring for shit rn. Last year ig they had a winter analyst program now this year just doing nothing but walking around midtown with their banker bags yelling at people randomly
Heard of some layoffs recently though not sure of the scope.
anyone else hear this?
following
Update: It’s still there.
Check back in 2024 for another update.
Jefferies is still trending up. The focus is still on investment banking which some of the peers have moved away from. You are right that deal flow has slowed down but that's the same story at other banks. Building out a FIG presence is what the bank has focused on recently. FIG will rival Healthcare one day for deal flow. Most popular groups are still Healthcare and M&A. Technology and Industrials also in the mix. What's different in 2023 is the bank is strong across every group and consistently pitches against BBs and EBs. That wasn't the case a decade ago.
Seemed like there were serious cultural issues based on posts from a few months ago… did the company ever address this?
They had a firm conduct an independent investigation and ultimately found the claims to be false. That was about all Handler said about the situation.
Would steer clear if possible, there's something seriously wrong with the culture there...
Would love to work for them. Probably one of the very few F500 companies I'd work for. Most companies on that list nowadays are a playpen for diversity.
Can confirm they are not hiring at all right now.
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