Rich
Anyone else get pissed when they see Rich’s instagram stories? He’s fucking around on boats and paddle boards after ending the careers of ~50% of Jefferies interns?
Brutal. Just brutal.
Yeah his and his kids' Instagrams are pretty gross to be honest. All around pretty tone deaf.
When I browse, all I see are eyebrows.
Those eyebrows are going to haunt my dreams for a while.
"ending their careers" by giving them an investment banking internship
Hello, Analyst 1 in IB-M&A
Richard.3 > Rich H
no
I'm so confused
Edit: Stop going anon Richard.2 :(
Edit 2: Nicholas misses you.
From an outsider's perspective: he's an older man and the CEO of a major multinational public corporation... I don't think he's involved in the day-to-day of intern life at Jefferies. At the end of the day, Jefferies is a public company who probably needed a headcount trim to please shareholders during a financial crisis. I assume he wasn't purposefully trying to destroy careers. Still a tricky and unfortunate spot for interns, though.
Not the same as other corporations - advisory profits are primarily a function of headcount because it’s a people driven business. Would be shocked if he didn’t hear about the return offer % before the cuts were officially made. Regardless it’s what he’s doing after that’s particularly irritating
Yeah, but when business is down and there aren't as many deals to go around, why would you pay for extra headcount? Especially when you know you can hire anybody back at any time in the future? Unfortunately, as analysts we can be replaced very easily.
This is not true at all... advisory profits may be a function of MD headcount specifically, but if the MDs aren’t able to bring in business, having a bunch of interns/analysts sitting around doing nothing only hurts the bottom line.
FTFY
There's a reason most banks have shied away from this approach this time: they learned from 2008 that if you do this to a new intake, you have a gap in manpower slowly moving its way up the chain and it will bite you in the arse in 3-6 years.
Jefferies gonna feel this later on.
Yeah I agree. The strategy is concerning, the optics are down right garbage.
it’s really hard to land an IB internship, most of those kids probably worked like a dog for close to a year to land something where the industry basically guarantees you get a full time unless you really fuck it up. And then most banks did play nice with the analysts, but Jefferies decides to distinguish itself by taking a cold swing at the most junior level.
And after axing them, the dude is all over my ig in water trunks while his daughter praises his ability to do crunches between two paddle boards. Brutal
Eh this is not quite right. A good 80%+ of analysts don’t stick around after their analyst stint to begin with, and on top of that there’s a virtually indefinite supply of qualified lateral candidates that they can pick up at any given time.
I do think it’s a bad look for the firm, but to assume that they’re going to suffer from a manpower perspective down the line is a bit much.
You got to be kidding me. If by hurt you mean financially which is all this low return offer % is driven by as well as the shift in group determined offer rates, in what world do analysts affect that? Financial performance is fee driven. Clients dont give two rats asses what the return offer was. It's all driven by MD level interactions and much more macro envrionment than anythign else. Don't over inflate an analysts importance to fee generation. Pulling logo's and running models that have already been run countless times by prior generations of anlaysts is not value differentiating.
Agreed, very tone deaf
To be fair, I am pretty sure he is with the Fertitta family for Tilman Fertitta's son's birthday. So I would assume the Fertitta's are footing the bill and using their yacht and toys.
But yeah, not a great look for him if I am wrong.
Isn't Tilman Fertitta not doing so well financially? I thought COVID hit his restaurants hard, and he had to trim a lot of staff. Plus he probably suffered a big loss with the Rockets since the season got suspended. Either way, some rich guy is showing his lavish life while his employees got the boot
Would say he isn't doing great in terms of continuing to grow his wealth, but pretty sure someone who is worth ~4.4b is doing alright.
Fertitta's "doing not so well" would still be hundreds of times better than any wall street MD's lol
Have a family friend who is a banking MD and has worked with handler a number of times throughout his career and he said Handler is a complete tool. Huge ego and incredibly self-absorbed (his social media presence clearly shows this) and is one of those people that’s willing to smile and act all nice then turn around and stab you in the back over a dollar.
Rich acts like he's hot shit yet his wife is UGLY. What's the point of being a finance king when your only legacy is an INSTAGRAM PAGE and UGLY CHILDREN?
You'd think MR.CEO would marry a trophy thot and have master race kids? NO, let's marry Ms. Martha "THE BEAST" Hunt Handler, batshit insane WOLF-(WO)MAN who describes herself as a "BELIEVER IN ALL THINGS MAGICAL".
Literally the money-endowed version of a LADY CAT.
JUST SO YOU KNOW RICH, YOU'RE GETTING CUCKED BY THE WOLF AND IT FILLS ME WITH JOY, YOU TOO I GUESS AS I AM PRETTY SURE YOU HEAR THEM HOWLING FROM THE CUCKSHED
edit: rich I know you're the one who threw MS at me
You seem stable
oh shit dude what is this XDDD
Is it just me or does his wife look like Deb from Ray Donovan?
IDK, something about Martha kinda gets me going.
That poor girl is hideous
insanely hideous
Those eyebrows are on the brink of crawling off her forehead and going into metamorphosis
bruh hate the man all you want but leave his kids out of it
Pictures like this are one of the many reasons that I don't follow any of their instagram profiles.
He would still be rich and you would still be poorer than him even if you had an offer.
Maybe search for another job instead of crying over someone else enjoying their success
I think it's pretty 101 "Don't do this". Kind of unbelievable he lets his kids post what they do.
Doesn't matter if you think it's right or wrong, the fact is that it creates issues that don't need to be there in the first place.
Really bad look for all of us in finance... Especially given whats going on in the world. Pretty annoying.
Totally agree. Someone in his position having a public instagram and engaging so much with fin meme accounts seems really foolish.
Yup. Having a bunch of adult children who’s entire life seems to revolve around pretentious social media posting seems insane, and all senior finance folks I know would be ashamed if their kids acted like that. To make it even worse, handler flaunts his own Instagram presence on fin meme accounts and literally mocks kids in the comment section. Seems odd that no one in Jefferies HR has told him this is just a terrible look
Dude,
Anyone else think its cringey that the CEO of a major investment bank shitposts on Instagram all day and gets into arguments in the comments section?
It’s highly unbecoming for an executive.
Has anyone brought up the intern cutting issue with him direct?
How would you even go about doing that?
ol' Dick Handler?
Wishes he was as cool as Dick Fuld
-
Fuck rich handler
Worked at JEF for a few years - can confirm culture and management are trash. I know plenty of people who only stay working at JEF because of the $$$ they owe from clawbacks if they leave (150k+, golden handcuffs). If they lifted the clawback, then the place would be a ghost town because of how terrible culture is IMO so they need it in place to keep people. That being said, I will say that Jefferies is very respected across the street. JEF will move heaven and earth to make things happen for certain people, which I can say is not true based on other banks I have worked at. Feels very old school in that way.
Agree that his Instagram is pretty stupid. He's a major shareholder in Wheels Up so his son Hunter obviously has some BS job there. They got a pretty sick apartment though at 1 York.
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