What It Does: Jefferies is a diversified financial services company engaged in investment banking and capital markets, asset management, and direct investing
Staff Stats: 2,885 Employees
Financials: US$ 8.2 billion
Jefferies was founded by Boyd Jefferies in 1962. The firm started with $30,000 in borrowed capital, which Boyd Jefferies used to purchase a seat on the Pacific Coast Stock Exchange. In the early years, the firm was a successful trader and pioneer in what would be called the "third market", which allowed for the trading of listed stocks directly between institutional investors in an over-the-counter style, providing liquidity and anonymity to buyers.
In addition to its third market niche, Jefferies pioneered the use of the split commissions in 1964. By 1965, Jefferies had joined the Detroit, Midwest, Boston, and Philadelphia stock exchanges. In 1967, the company joined the New York Stock Exchange (NYSE), opening a five-person office in New York. The growing third market helped Jefferies become the seventh-largest firm in size and trading on the NYSE during those years.
Jefferies was acquired in 1969 by Minneapolis-based Investors Diversified Services (IDS), the second-largest U.S. financial services company at the time, and resigned all its stock exchange memberships. Jefferies saw the acquisition as a means to increase the size of its institutional business with additional capital.
However, because IDS did not derive at least 50 per cent of its gross income from broker-dealer operations, Jefferies had to quit the New York exchange under Exchange Rule 318. In 1971, IDS and Jefferies filed an antitrust lawsuit against the exchange, seeking $6 million in damages.
Jefferies and its parent company claimed that the NYSE Big Board was an illegal monopoly and that exclusion had placed the company at a competitive disadvantage. In 1973 the presiding judge informed the NYSE that he planned to rule in Jefferies' favour. Membership was opened to brokerage firms owned by other kinds of companies, so long as 80 per cent of the brokerage was conducted with the public. Jefferies rejoined the exchange in March 1973.
The period during which IDS owned Jefferies was tumultuous and ultimately in September 1973, Boyd Jefferies bought back the company, then based in Los Angeles. By 1977, Jefferies had expanded with offices in Los Angeles, New York, Chicago, Dallas, Boston, and Atlanta.
Jefferies went public on October 13, 1983, with an initial offering of 1.75 million shares at $13 per share. By 1984, according to Business Week, Jefferies was among the ten most profitable publicly held brokerages.[citation needed] International expansion led the company to develop a new overseas office in London, headed by Frank Baxter. In 1986, Baxter became president and chief operating officer, returning to New York to manage the company.
In 1987, Boyd Jefferies was charged by the government and the Securities and Exchange Commission with two securities violations: "parking" stock for a customer Ivan Boesky and a customer margin violation. Jefferies, who had also earlier testified against Boesky, pleaded guilty; receiving a fine and probation barring him from the securities industry for five years. The company itself was not charged but its brokerage unit was censured by the SEC. Boyd Jefferies resigned from the company in 1987.
Working at Jefferies is unique from other investment banks. We are a global, client-focused investment bank with an entrepreneurial environment where employees have the opportunity to make an immediate impact and are rewarded for performance.
You'll work side-by-side with some of the most experienced and successful investment bankers and finance professionals in the world. You'll be challenged. You'll be engaged. And you'll learn what you need to launch a long-term career in investment banking.
After closely reviewing the job description and requirements, submit your application. Include your résumé and cover letter. Make sure that your résumé emphasizes your relevant experiences and qualifications, including any post-secondary education that you may have. Moreover, it’s crucial that you tailor your cover letter to each individual job that you are applying for, otherwise, your application will be passed over.
Excelling on the interview at Jefferies Group is the key to landing the job with Jefferies Group. Make sure you come prepared, armed with your résumé, cover letter, and references. It is important to dress professionally and arrive on time.
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Our employee-partners are a top priority. We support them with a competitive and comprehensive benefits program that responds to their personal and professional needs. Our programs include: