Jefferies
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Last updated November 4, 2026
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Overview
Jefferies Group is an American multinational investment bank and financial services firm headquartered in New York City. Its principal activities include investment banking, capital markets, institutional brokerage, securities research, wealth management and asset management. The firm advises companies, governments, financial sponsors and institutional investors on mergers and acquisitions, restructurings, public and private capital raising, strategic transactions and other forms of corporate finance. Through its capital-markets operations, it also trades and makes markets in equities, equity-linked securities, corporate and government bonds, mortgage- and asset-backed securities, municipal debt, emerging-market instruments, commodities and derivatives. The firm was founded in 1962 by Boyd Jefferies with borrowed capital used to purchase a seat on the Pacific Coast Stock Exchange. In its early decades, Jefferies established a distinctive position in the so-called third market, facilitating over-the-counter trading in listed securities between institutional investors. It also became an early user of split commissions and developed a nationwide institutional brokerage presence. After a period of ownership by Investors Diversified Services, Boyd Jefferies bought the business back in 1973. The company expanded its U.S. office network, entered the New York market and completed an initial public offering in 1983. Following Boyd Jefferies's departure in 1987, Frank Baxter led a diversification program that moved the firm beyond block trading. The company entered high-yield securities and investment banking after recruiting personnel from Drexel Burnham Lambert, developed sector-focused advisory practices and expanded into electronic trading. Its POSIT trading system, operated through Investment Technology Group, connected institutional buyers and sellers electronically and was later spun off as a separate public company. Richard B. Handler became chairman and chief executive in 2001, with John Shaw serving as president and chief operating officer. Under their leadership, Jefferies pursued an integrated investment-bank model, broadened its employee ownership culture and acquired specialist advisory businesses in areas such as technology, energy, aerospace and defense, media, financial services and municipal securities. The firm also expanded its European operations and used the market disruption following the 2008 financial crisis to build businesses in mortgage-backed securities, municipal bonds and other credit products. In 2009 it became a primary dealer for the Federal Reserve Bank of New York. Jefferies attracted substantial attention during the 2011 European sovereign-debt controversy, when critics questioned the liquidity and concentration of its holdings. Management responded by reducing the relevant position, explaining its hedges and publicly addressing the allegations. In 2012, Jefferies led a capital rescue for Knight Capital after a trading-system failure and became the company's largest shareholder. That same year, Jefferies announced a merger with Leucadia National Corporation, its largest shareholder. The transaction closed in 2013; Jefferies became the principal operating business of the combined group, while Jefferies & Company was converted into Jefferies LLC. Leucadia was renamed Jefferies Financial Group in 2018. The modern Jefferies franchise combines advisory, underwriting, sales and trading, research, wealth management and asset management. Its industry coverage includes aerospace and defense, business services, clean technology, consumer and retail, energy, financial institutions, financial sponsors, gaming and leisure, healthcare, industrials, maritime, media, public finance, real estate and lodging, technology and telecommunications. New York is the group's global headquarters, with major European and Asian hubs in London and Hong Kong. Jefferies remains an operating company within Jefferies Financial Group and is publicly traded through the parent company's New York Stock Exchange listing.
History
Jefferies began in 1962 when Boyd Jefferies used borrowed capital to buy a seat on the Pacific Coast Stock Exchange. The firm developed an early institutional-brokerage franchise in the third market, where listed shares were traded directly between institutions outside the traditional exchange auction. Its innovations included split commissions and methods for providing liquidity and anonymity to institutional clients. Jefferies joined several regional exchanges and opened a small New York office in 1967. Investors Diversified Services acquired Jefferies in 1969. The ownership change created regulatory difficulties because the parent did not meet the New York Stock Exchange's broker-dealer ownership requirements. Jefferies and IDS challenged the exchange in an antitrust case, and the exchange subsequently changed its rules. Jefferies regained its NYSE membership in 1973, the same year Boyd Jefferies bought the company back. By the late 1970s it had offices in several major U.S. cities. The company went public in 1983. International expansion followed, including a London office led by Frank Baxter. Baxter became chief executive after Boyd Jefferies resigned in 1987 following his guilty plea in a securities case. Baxter broadened the business beyond equity block trading. Jefferies recruited former Drexel Burnham Lambert personnel in 1990, establishing a presence in high-yield markets and investment banking, and later added specialist practices in sectors including energy. The company also pursued electronic trading through Investment Technology Group and the POSIT system, which was eventually separated as an independent public company. Richard Handler became chairman and chief executive in 2001, with John Shaw as president and chief operating officer. Their strategy was to create a diversified, integrated investment bank with stronger advisory, capital-markets and asset-management capabilities. During the 2000s, Jefferies acquired or recruited specialist businesses in private equity, energy, aerospace and defense, technology, media, financial services, municipal securities and other sectors. The firm also expanded its European rates and government-bond activities. The financial crisis created opportunities to enter mortgage-backed securities, municipal bonds and other markets. Jefferies became a primary dealer in 2009 and recruited a large healthcare investment-banking team from UBS. In 2011, the firm was criticized over its exposure to illiquid European sovereign debt. Management responded with extensive public disclosure, balance-sheet reductions and explanations of its hedging. In 2012, Jefferies organized emergency financing for Knight Capital after a trading glitch and acquired a significant investment in the company. Jefferies announced its combination with Leucadia National Corporation in November 2012. The transaction closed in March 2013, when Jefferies & Company became Jefferies LLC. The firm continued to operate independently as the main operating company of the combined group. Leucadia changed its name to Jefferies Financial Group in 2018. Subsequent activity included a consumer-loan securitization relationship with CircleBack Lending, advisory work on major equity offerings and continued expansion across investment banking, trading, research and asset management. Jefferies remains headquartered in New York, with major international centers in London and Hong Kong.
- 2018
Leucadia adopts Jefferies Financial Group name
[1]The parent company changes its name from Leucadia National Corporation to Jefferies Financial Group.
- 2013
Leucadia combination closes
[1]The merger with Leucadia closes and Jefferies & Company is reorganized as Jefferies LLC.
- 2009
Primary-dealer designation
[1]Jefferies becomes a primary dealer for the Federal Reserve Bank of New York.
- 2001
Handler and Shaw begin diversification program
[1]Richard Handler becomes chairman and chief executive, while John Shaw becomes president and chief operating officer.
- 2001
Headquarters move to New York
[1]Jefferies relocates its headquarters from Los Angeles to New York City.
- 1990
Entry into high-yield and investment banking
[1]The firm recruits personnel from Drexel Burnham Lambert and expands into high-yield securities and investment banking.
- 1983
Initial public offering
[1]Jefferies completes its public offering.
- 1973
Founder buys the firm back
[1]Boyd Jefferies reacquires the company after its period under Investors Diversified Services.
- 1967
New York expansion
[1]Jefferies joins the New York Stock Exchange and opens a New York office.
- 1962
Jefferies is founded
[1]Boyd Jefferies establishes the firm as a securities broker using a seat on the Pacific Coast Stock Exchange.
Products and positioning
Independent, globally integrated investment bank serving corporations, financial sponsors, governments and institutional investors across advisory, capital markets, trading and asset management.
Investment banking
Investment banking advisory
Jefferies advises corporations, financial sponsors and other clients on mergers and acquisitions, strategic alternatives, restructurings, recapitalizations and related corporate-finance decisions. Its coverage model is organized around industry and product specialists, including technology, healthcare, energy, industrials, financial institutions, media, real estate and aerospace and defense.
Capital markets
Equity capital markets
The equity-capital-markets business supports initial and follow-on offerings, block trades, convertibles and other equity-linked transactions. It connects issuing companies with institutional investors and works alongside sector research, sales and trading and corporate advisory teams.
Capital markets
Debt capital markets and fixed income
Jefferies arranges and distributes debt financing across corporate, government, municipal, mortgage-backed, asset-backed and emerging-market securities. The business is supported by fixed-income sales, trading, research and financing capabilities.
Brokerage and research
Institutional brokerage and securities research
Jefferies provides institutional clients with fundamental research, market commentary, trade execution and access to equity, equity-linked and fixed-income markets. Coverage extends across numerous industries and geographic markets.
Asset management
Asset management
The firm offers asset-management services and investment products to institutions and other investors. The activity complements Jefferies's broader capital-markets platform and provides investment-management expertise alongside research and trading.
Wealth management
Wealth management
Jefferies includes wealth-management services within its broader financial-services offering, serving private clients and investors through advice, investment solutions and access to securities markets.
Controversies
2019
SEC action concerning American depositary receipts
The Securities and Exchange Commission ordered Jefferies to pay approximately $4 million over its handling of American depositary receipts.
2011
Sovereign-debt exposure controversy
Jefferies faced public criticism over the reported concentration of shareholder equity in European sovereign debt. Management disputed the allegations, disclosed information about hedges and reduced the relevant exposure.
1987
Boyd Jefferies securities case
Founder Boyd Jefferies pleaded guilty to securities violations involving stock parking for a customer and a margin violation. He resigned, while the firm's brokerage unit received an SEC censure.
Brand decisions
2012
Combine with Leucadia National CorporationM&ABackground
Leucadia was Jefferies's largest shareholder and the two organizations sought to combine their financial and operating resources.
Action taken
Jefferies announced the merger in November 2012, which closed in March 2013.
Aftermath
Jefferies continued as an independent operating business within the combined group, later named Jefferies Financial Group.
Reported transaction valuation. (2012)
2012
Rescue Knight CapitalOtherBackground
Knight Capital suffered a large trading loss after a software malfunction and required emergency capital.
Action taken
Jefferies helped structure a financing backed by several investors and purchased part of the investment.
Aftermath
Jefferies became Knight Capital's largest shareholder.
Jefferies investment in Knight Capital rescue. (2012)
2009
Expand into credit and government-securities marketsStrategyBackground
The financial crisis disrupted established dealer networks and created opportunities in mortgage-backed securities, municipal bonds and government debt.
Action taken
Jefferies built new fixed-income businesses and obtained primary-dealer and European government-debt market roles.
Aftermath
The firm broadened its capital-markets platform and became a recognized participant in U.S. and European government-securities markets.
2001
Build an integrated investment bankStrategyBackground
New leadership sought to reduce dependence on institutional equity block trading and develop advisory, capital-markets, merchant-banking and asset-management capabilities.
Action taken
Jefferies expanded through specialist acquisitions, recruitment and new product development across investment banking and securities markets.
Aftermath
The firm developed into a diversified investment bank with global advisory, underwriting, trading, research and asset-management operations.
Recent events
Reported
AbCellera launches $200m public offering to fund ABCL635 menopause antibody[3]
AbCellera Biologics launched an underwritten public offering to raise $200 million through common shares and pre-funded warrants, with net proceeds intended to support clinical advancement of its lead program ABCL635, a non-hormonal antibody for moderate-to-severe vasomotor symptoms caused by menopause.
Reported
Shavelogic raises $100 million in growth capital[4]
Shavelogic announced that it had raised $100 million in growth capital from Jefferies. Aon's Intellectual Property Solutions helped secure collateral protection insurance to support the financing.
Reported
Stevanato Group announces proposed IPO roadshow[5]
Stevanato Group announced plans to commence a roadshow for a proposed IPO of 40,000,000 ordinary shares and said it had applied to list the shares on the New York Stock Exchange.
Reported
Trumid and Jefferies collaborate on emerging-markets credit trading[6]
Trumid announced that it would collaborate with Jefferies on emerging-markets credit trading. Jefferies will use Trumid's Attributed Trading protocol and workflow solutions to provide liquidity to its institutional clients.
Reported
Jefferies and KB Securities establish a co-brand alliance in South Korea[7]
Jefferies announced that it had established a co-brand alliance with KB Securities covering equity research, sales and trading in South Korea. Jefferies will distribute KB Securities-produced research to its global clients, and KB Securities will provide local equity brokerage services to Jefferies and its international clients.
Reported
Kodiak Sciences announces public stock offering[8]
Kodiak Sciences announced the pricing of an underwritten public offering of 5,193,237 common shares at $108 per share, with gross proceeds expected to be approximately $560.9 million. The offering was expected to close on or about November 20, 2020, subject to customary closing conditions.
Reported
BELLUS Health prices public offering[9]
BELLUS Health announced that it had entered into an underwriting agreement for a public offering of 15,555,556 common shares at US$2.25 per share. Closing was expected on October 22, 2020, subject to customary conditions.
Reported
Jefferies and Regis Partners establish a co-brand agreement in the Philippines[10]
Jefferies Hong Kong Limited announced a co-brand agreement with Regis Partners for cash equities in the Philippines. Jefferies will distribute co-branded equity research to its global clients, while Regis Partners will provide local equity broking services.
Reported
Jefferies Group announces Matthew Larson as CFO[11]
Jefferies Group announced that Matthew Larson will become its Chief Financial Officer effective August 24, 2020, succeeding interim CFO Teresa Gendron.
Reported
Constellation Pharmaceuticals prices public stock offering[12]
Constellation Pharmaceuticals announced the pricing of an underwritten public offering of 6.5 million common shares at $34.50 per share, for gross proceeds of $224.3 million before deductions. The offering was expected to close on December 13, 2019, subject to customary closing conditions.
Sources16 sources
- 1Jefferies Groupen.wikipedia.org
- 2Jefferies official websitejefferies.com
- 3AbCellera启动2亿美元公开募股以资助ABCL635更年期抗体bioxconomy.com
- 4Shavelogic获得1亿美元增长资本prnewswire.com
- 5Stevanato Group 宣布拟议首次公开募股路演计划finanznachrichten.de
- 6Trumid 与 Jefferies 合作开展新兴市场信贷交易prweb.com
- 7Jefferies与KB Securities在韩国建立联合品牌联盟finanznachrichten.de
- 8Kodiak Sciences宣布公开发行股票prnewswire.com
- 9BELLUS Health为公开发行定价biospace.com
- 10Jefferies与Regis Partners在菲律宾建立联合品牌合作finanznachrichten.de
- 11Jefferies Group宣布Matthew Larson将出任首席财务官finanznachrichten.de
- 12Constellation Pharmaceuticals 为公开发行股票定价benzinga.com
- 13Arrowhead Pharmaceuticals为公开股票发行定价nanotech-now.com
- 14Kodiak Sciences确定公开发行股票定价prnewswire.com
- 15Danaos 为普通股公开发行定价prnewswire.com
- 16Relmada Therapeutics Announces Pricing of Public Offering of Common Stockprnewswire.com
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