how is jefferies doing??
from a deal flow standpoint, it seems like they're killing it. is that true? poaching new MDs or is this rich handler fake news?
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In m&a? Healthcare? IBD in general or trading or what
They were top 10 in US M&A so doing pretty well for themselves. Just had a killer quarter and year so good for them.
Interested to know if healthcare/energy/LevFin are still their top groups.
Heard from multiple close contacts that LevFin has been killing it throughout COVID. Downside to all the deal flow and pitching is that a lotta people have quit in recent months. WFH is brutal especially when all you see are names on a cc'd-email.
Seems like their IBD division overall is doing really well based on what they published in the last quarter
Absolutely killing it in LevFin IMO. They were first out the gate when the HY market dethawed in May/June with a series of 9-12% 1st lien financings and got them done. They seem to be in market with 6-7 TLBs currently when almost everyone else seems quiet comparatively. They also just launched a deal where they are lead left on the 1st lien and CS is lead left on the 2nd lien - historically it would be have been the other way around. Anecdotally, Rich Handler is doing a great PR job for them on social media and softening the “sharp elbowed” culture that has been spoken about for years. I consider them a tier 1a shop currently, alongside BofA and CS tbh.
You mean LevFin or in general tier 1? If latter, I'll go ahead and throw ms.
Only speaking for LevFin
bump, interested to know about their top groups
is Jefferies providing a meal stipend for WFH?
Yes the north of $20 per meal.
Is it for lunch and dinner, or just dinner?
LevFin has been nuts, along with the rest of the bank honestly. Just look at Q4 numbers, records all around.
Is Jefferies a BB?
absolutely.
Does the firm have protected weekends / hours?
not to my knowledge.
They’re doing well, but an aspiring junior banker should consider whether the toxic culture and infamous clawback policy is worth the brand. There are plenty of other platforms, across the spectrum, that have enjoyed tremendous growth without employing bankers notorious for their sharp elbowed nature.
You can optimize for multiple considerations (prestige, compensation, deal flow, exits) and not need to hate your analyst stint.
I think the clawbacks don't apply to summer-intern converts, and I found some groups to actually be nice in terms of culture.
so sick of hearing this nonsense about a bad culture at jefferies it’s group dependent just like any other bank and is quite good in some groups
The clawbacks are so overblown on this site, I don’t get it. Somehow this nonsense has been able to spread. The clawbacks are not even relevant for traditional analyst. The clawbacks for the all cash bonus for associate and above is better than the stock bonuses from big banks - they have a clawbacks too, it’s the same thing!
What analyst stint at what bank are they not going to hate? Lol
The shit about the bad culture at JEF has been able to permeate on WSO for some reason. Tons of great groups with good cultures at the firm, and tons of bad cultures at all the other banks. Your post doesn’t seem informed.
Could you talk about the top groups at Jef? (Healthcare/Energy/LevFin etc.)
Real Question... why do a lot of folks here not like Rich Handler?
I've met him a few times, and he's fine - very nice guy if anything. Probably more interactive / willing to listen to juniors than other bank CEOs.
Those that know him think it’s all a facade.
I mean, he must be doing something right, right? Given that he's taken what was a small bank and made it into a top 12 franchise in the US and he's been at a helm through all the major recent financial crises.
Jefferies does very well for themselves using the full-service BB playbook on a smaller scale. Very respected bank (they compete with BBs for the most part), but they get a lot of hate on WSO because of the "culture" and Handler's silly IG posts. The growth of the investment bank under Ben Lorello was impressive and you will get a good learning experience, but heard it is not for the faint of heart. Handler was never a banker, he was always a trader so he relies on other people on how to run that side of the business. Outside of IG, friends have told me he is a very aggressive guy (consistent with having roots as a trader and what people say about Jefferies).
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