This is a fuck-Jefferies thread. All my homies hate Jefferies.
Rich Handler is too busy trying to slide into some Insta-thot's DMs to pay attention to the fact that his bank is giving out abysmally low return offer rates during a pandemic, even though they didn't terribly miss any targets, while other banks gave return offers to everyone. Also they sued bankers to get back signing bonuses when they left early, what a BETA move (this is only chill when Centerview does it). FUQKE Rich Handler. The steamy culture is only getting worse and "lean" teams are fuh-reakin bone slim now that they aren't bringing back many interns, especially for that Houston group that does sooo much business (RIP energy). CS>Tobin>FT Partners>Richard.3's new boutique>Jefferies.
for the pissy intern who didn't get a return offer below, I'm not even an intern, just calling out stoopid doods where I see 'em
you sound like a ****
bro don't kink shame that's so 2000 and late
btw what are u doing l8r
kink shaming IS my kink
Hello Richard
Rich good to see ya buddy glad you could make it
Big up Richard.3 tbh
Hey Anything4theW
.
Rich Handler for presi
Richard.3 = Rich Handler?...
I just wanna say, this comment made my day.
Can someone explain Richard.3?
He's a troll with a MS / SB ratio of >1.6x, but unfortunately has been MIA for a couple of weeks now. Also a lot of posts related to FT Partners.
I miss him to be honest. At least we had something different from ranking threads popping up all day.
Guess someone is salty not to have a return offer
m9 I'm not even an intern, i just don't stand for any kind of this fuckery
Richard.3 and his family for president!
What is richard.3? I'm new to wso
It's Richard.3 - you need to capitalize the R or else you're disrespecting WSO's most valued member.
Glad that troll finally left.
I think people forget the history of Jefferies and why the culture there is so awful. Jefferies is notorious for hiring a DB rainmaker was who fired for sexually harassing his subordinates and never cared because he brought in revenue. "Come to Jefferies and harass all of our subordinates... we don't care!!!" - exact quote from the head of IB. Those are the kind of people they hired (e.g. Sage Kelly) in order to grow. HR nightmares from other BBs who could bring in revenue and create a terrible terrible culture. Just google the head of IB (Ben Lorello) and look at the 2nd article that appears.
Sage kelly still works for Jefferies?
Cantor
Is there anything u can do about this as a recruit tho honestly.... if Jeff’s is ur only offer you’re gonna take it regardless.
I once heard it described that Jefferies is the closest you will get nowadays if you're looking for a DLJ-esque (Monkey Business) banking experience.
DJT?
Fixed.
https://www.wallstreetoasis.com/forums/jefferies-are-these-rumors-true
I will add that Jefferies hired a ton of Wells Fargo people last year after the expense fraud scandal that led to mass firings. You can see the broker check of the ex wells people at Jef.
I’ll take the bait and just say that there’s a lot of misinformation about Jefferies on WSO. I left JEF recently after my 2 year stint. Like pretty much any other bank, culture depends on the group. Some groups are sweaty as hell and others are offer decent work life balance. I know a lot of people at a lot of different banks and haven’t gotten the impression that Jefferies is an outlier in any way.
Recent intern situation was not great but it’s a two way street. Interns knew from the start that they were switching from generalist to group specific FT offers. From then on it’s partially on the interns to decide which groups to prioritize and realistically have the best shot at placing into. Still shitty to only give 50% returns but it was also the interns responsibility to be strategic in their rankings and actively network. For my group, any intern who actively networked with us, ranked us in their top 3, and showed basic competency got a fair shot.
Did you miss the title of the thread? We're here to shit on Jefferies.
about 70% or so of the interns that didn’t get offers went for the top groups like m&a and levfin. those two both had about 20-25% return rate. if you ranked any coverage group 1st except maybe healthcare and networked well you had a really really good shot of getting an offer this year. certain groups were 85%+
Hey cmon man, you can’t actually place blame on the interns for not getting a return offer when the rate is 50%. That is insanely low. Even Goldman is above 70%, and Jefferies is no Goldman. However you want to put it, this seems like a terrible organizational planning by HR. I’m sure Jefferies probably advertised to these interns that they historically take 90%+ back for full-time offers and this must have swayed some interns to choose them over other banks. Really shitty of Jefferies to do this to their interns, but as mentioned above, ppl in banking all know about the terrible culture at Jefferies from top-down.
I know many people and Jefferies and unless you were some huge frat douche in college, they absolutely hate the culture. I was in a frat in college as well, but Jefferies loves to hire some stereotypical hot headed frat douches. Also, I know a handful of VP-level and up at Jefferies who still speak like they’re in college and think they’re still in a frat. I spent a day at the banking floor a couple years ago and their favorite words to speak to each other are “fuck”, “retard”, “pussy”, “bitch”, etc. and these are people in their 30s. Absolutely pitiful and explains why they love hiring senior bankers who have gotten fired at other banks due to huge legal and HR troubles.
Note: definitely a generalization as I only know about their LevFin, Healthcare, and Industrials group. Maybe the other groups aren’t so childish
This is your boss if you work in IB:
https://www.dailymail.co.uk/news/article-2823083/Boss-real-life-Wolf-Wa…
I know you didn't intend for this to be funny, but the disdain that drips from your post is hilarious -- how these guys still liberally use the words they do, like they're Matt Dillon in The Outsiders or something.
Sounds frat af
sounds like a good time. better than being a group of nerds that just talk about their favorite m&a deal and want to churn decks because (we are .001 off...there must be a reason, lets redo the analysis). Those types of groups aren't very fun.
Having lived through 08/09, I have a little bit different perspective on return offers. However, the bank is notorious for having the most draconian claw-back policies possible and going to the ends of the earth to enforce them. Friends and former colleagues alike have all experienced some form of it. While I like the fact that Rich Handler is taking time to interact with the community, I think it is absurdly disingenuous of him to ignore this criticism and refuse to respond to it publicly. The number of people that have been affected by their actions in an extremely negative way is enough to ensure I will never do business with the bank regardless of my future positions. I have a thing about trust. If Rich Handler were serious about creating a good culture, at the very least he would make some sort of blanket apology to everyone the bank has screwed over the years.
Dick Handy is a trader not a banker. He's the CEO but he has no say in the advisory side of the house. The IB is run by Ben Lorello. He's a true scumbag and doesn't care about culture. He cares about growing the top line and nothing else. LOTS of funny rumors about him, all terrible. He's a sad man.
He's still CEO and undoubtedly has had some influence on these things, including the hiring of Ben Lorello. As far as I'm aware, these clawbacks affect the trading side of the house as well, which actually makes more sense than an advisory role.
does the clawback apply to analysts & associates as well?
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I'm not even an intern just throwing out #fuckjoffreys on here bro
deleted
Heard offer rate was 50 % shouldn’t have to worry about ppl thinking it’s u
Jefferies? I have never heard of this shit, are they accountants?
LMAO!
I have previously worked at Jef, albeit in another part of the biz (s&t). It’s a good but tough place to work.
Not to beat a dead horse, Jef isn’t like a big bank that will extended offers to everyone just for a press release. They aren’t here to rub your belly and give you a cookie. Rich Handler and Brian Friedman don’t care and the they especially don’t care if you don’t make them money.
For the right people it can be a great place to work. There are allot of great, hard working, motivated people at Jef. There are many employees that have been with Jef their whole career.That being said for all the facade Rich and Brian put up about Jefferies tribe, they only care about their bottom line and who will grow that for them.
At Jef you are always replaceable, you forget there are lots of senior people that want to work at a place like Jef vs a BB. And there are always the traders/sales guys/bankers that Jef will pick off after they are fired for sketchy shit. America loves a comeback story and Jef offers the comeback.
It’s sucks to not have an offer but you’ll get through it. Network with the buy side, reach out to long onlys, small pe funds, credit shops and everything in between
Pretty sure Jefferies likes to champion that there is a spot for every deserving intern. There is zero way to quantify this in a virtual internship.
I run in the same social circles as the person who runs Rich’s social media and I must say she sucks. He is much more likable when he’s not posting on Instagram.
so it's not him or someone in his family that runs his IG?
It's his daughter right?
Ya, its his daughter. She's a typically spoiled princess. I have met Rich for business and socially, he has always been very professional. You have to really give the kudos for building Jefferies from an 4th tier equity trading shop to a 2nd tier diversified investment bank. That being said the social media stuff is really dumb.
"Good bank, tough culture" is Jefferies in a nutshell. People who work there seem to absolutely hate it or love it. Though someone who works there told me there is not a culture of promoting from within (to MD). But the comp rivals EBs at the MD level, so people try and put up with it.
Richard Hander is beat
Hopefully means more SA 2021 Roles
Pretty sure they are going to be taking less based on this showing that they are really cautious, they are on a hiring freeze too
I think the company is just being very cautious atm. Nobody knows what the dealflow will be in 6 months so better not hiring a bunch of interns now and having to fire them after a couple of months (out of the bank's perspective). Although if you performed very well in all aspects you would have been hired (my group already said at the midterm review they were going to give me an offer).
Bump. Can we all shit on Jefferies again? We lost a little steam here.
My analyst stint was at Jefferies in the NY Healthcare group, left for PE. I thank God everyday I am no longer at Jefferies. Bumping this thread - let's keep shitting on Jefferies please.
Isn't the healthcare group the best one at the firm though? crazy dealflow and hours but have seen a few MF PE exits
Yes, great work experience. Culture is through the roof toxic and literally every single person in my analyst class is glad to be gone.
Is that you Iyassu?
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