Heard it a couple of places here on WSO that Jefferies is the bank that is the most reminiscent of DLJ. Would the senior monkeys or people who have the experience be able to chip in and say if this is true and in what ways?
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Moelis is closer.
Dad worked at DLJ, big bro works at MoCo.
Would you be able to describe in what ways?
Moelis was founded by former DLJ bankers and has a reputation for long hours, "scrappiness", and contending with older and more established platforms. Also has the cult of personality thing which DLJ didn't really have but its predecessor Drexel Burnham Lambert (Milken) certainly did.
Jefferies (like DLJ) inherited a bunch of Drexel people. They also have a reputation for long hours and scrappiness. They're extremely aggressive in LevFin markets which lets them compete with bulges, which was Drexel/DLJ's specialty. Also have a rep for being kinda sleazy and having a frat culture.
They're both offshoots of the same tree, really.
Jefferies isn’t as fratty or as important as they think they are.
Yeah, I know Jefferies is nowhere near the status that DLJ held but I was wondering more from a lifestyle point of view. Although something that's def interesting is that Jef props up the leverage on many of its levfin deals that would have made Milken proud (rich handler used to work for Milken).
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