Jefferies Financial Group
Jefferies Financial Group Inc. is an American financial services company based in New York City and listed on the Fortune 1000.[5][6][7]
| Formerly | Leucadia National Corporation[1] |
|---|---|
| Type | Public |
| Industry | Financial services |
| Founder | Ian M. Cumming Joseph S. Steinberg |
| Headquarters | New York City |
Key people | Richard B. Handler, CEO Brian P. Friedman, President Joseph S. Steinberg, Chairman[2] |
| Revenue | US$8.185 Billion (Fiscal Year Ended November 30, 2021)[3] |
| US$2.254 Billion (Fiscal Year Ended November 30, 2021)[3] | |
| US$0.769 Billion (Fiscal Year Ended November 30, 2021)[3] | |
| Total assets | US$58.506 Billion (Fiscal Year Ended November 30, 2021)[3] |
| Total equity | US$10.580 Billion (Fiscal Year Ended November 30, 2021)[3] |
Number of employees | 4,100 (2021)[4] |
| Website | jefferies |
Investments
The company's major holdings are as follows:[2]
Financial Services
- Jefferies Group (100%) - investment banking & capital markets
- Berkadia Commercial Mortgage (50/50 joint venture with Berkshire Hathaway) - commercial mortgage banking, investment sales and servicing
- HomeFed (65% ownership) - Builder of Master Planned Communities, Income Properties, Land Holdings
- FXCM (49.9%) - online foreign exchange trading
- Foursight Capital (100%) - vehicle finance
Others
- HRG Group (23%) - insurance and consumer products
- Vitesse Energy (96%) - oil and gas exploration and development
- Juneau Energy (98%) - oil and gas exploration and development
- Garcadia Holdings (75%, Joint venture with Ken Garff Automotive Group) - automobile dealerships
- Linkem (57%) - fixed wireless broadband services
- Golden Queen (35%) - a gold and silver mining project
- Idaho Timber (100%) - manufacturing
- National Beef Packing Company (79%) - food producer
History
In 1970, Ian Cumming and Joseph S. Steinberg both graduated in from Harvard Business School and went to work for Carl Marks & Company, an investment bank.[8]
In 1979, they gained control of Talcott National Corporation, sold the James Talcott Factors division, and, in 1980, they renamed the company Leucadia.[8]
In 1984, the company made a $61 million profit on its $77 million investment in Avco Corporation by forcing the sale of the company to Textron.[8]
In 1991, the company acquired insurer Colonial Penn from Florida Power & Light for $150 million.[9]
In 1997, the company sold the life insurance division of Colonial Penn to Conseco for $460 million[10] and sold the auto insurance division of Colonial Penn to GE Capital for $950 million.[11]
In 1998, the company sold Charter National Life Insurance and Intramerica Life Insurance to Allstate.[12]
In 2002, the company received a 44% stake in WilTel Communications Group as a result of a bankruptcy reorganization.[13]
In May 2003, the company made an offer to acquire the remaining shares of WilTel Communications Group that it did not already own.[14]
In August 2003, after increasing its offer, the company acquired the remaining shares of WilTel Communications Group.[15]
In September 2003, the company acquired RehabWorks.[16]
In January 2004, the company financed Pershing Square Capital Management, a hedge fund managed by Bill Ackman.[17]
In July 2004, the company sought, but failed, to buy a controlling stake in MCI Communications.[18][19] In September 2004, the company sold its stake in MCI for a $20 million profit.[20]
In 2005, the company sold WilTel Communications Group to Level 3 Communications for a $180 million profit.[21]
In 2007, the company acquired ResortQuest International from Gaylord Hotels for $35 million.[22]
In 2009, the company entered into a 50/50 joint venture with Berkshire Hathaway called Berkadia, which acquired the North American loan origination and servicing business of Capmark Financial Group.[23]
In 2010, the company sold ResortQuest International to Wyndham Worldwide for $56 million in cash.[24]
In 2011, the company acquired a 79% interest in National Beef Packing Company for $867.9 million.[25][26]
In 2012, the company proposed building a $3 billion syngas facility in south Chicago to convert coal and petroleum waste into natural gas; however, the plant never received legislative approval.[27]
In 2013, the company merged with Jefferies Group and Richard Handler became chief executive officer of the company.[28]
In 2015, the company made an investment in FXCM after FXCM suffered losses due to the appreciation of the Swiss Franc.[29]
In 2016, the company restructured its investment in FXCM.[30]
In May 2018, the company was renamed Jefferies Financial Group.[5][6]
References
- ^ "Leucadia National Corporation Changes Name to Jefferies Financial Group Inc". www.businesswire.com. May 23, 2018. Retrieved August 8, 2020.
- ^ a b Leucadia National Corporation 2017 Form 10-K Annual Report
- ^ a b c d e "Jefferies Financial Group Inc. 2021 Current Reports" (PDF). cloudfront.net. November 30, 2021. Retrieved January 20, 2022.
- ^ "Jefferies Financial Group | 2021 Fortune 500".
- ^ a b Prang, Allison (April 9, 2018). "Leucadia to Focus More on Financial Business". Wall Street Journal. ISSN 0099-9660. Retrieved July 2, 2018.
- ^ a b "BRIEF-Leucadia National Corp Changes Name To Jefferies Financial Group Inc". Reuters. May 23, 2018. Retrieved May 28, 2018.
- ^ "Fortune 500 Companies 2019: Who Made the List". Fortune. Retrieved September 25, 2019.
- ^ a b c CRUDELE, JOHN (May 25, 1985). "LEUCADIA: SUCCESSFUL LONER". The New York Times.
- ^ KOLODY, TRACY (April 6, 1991). "Fpl Group Finds Buyer For Insurer Colonial Penn Brings In $150 Million". Sun-Sentinel.
- ^ "Conseco Planning to Acquire Colonial Penn". The New York Times. Bloomberg News. May 1, 1997.
- ^ "GE Capital to Buy Colonial Penn". Los Angeles Times. Reuters. July 1, 1997.
- ^ "Allstate to buy 2 Leucadia companies". Deseret News. Bloomberg News. December 22, 1998.
- ^ "Williams Communications emerges from bankruptcy as WilTel". American City Business Journals. October 16, 2002.
- ^ "Leucadia National Corporation Proposes to Acquire WilTel Communications Group, Inc. Common Stock" (Press release). Business Wire. May 15, 2003.
- ^ "Hardware: Leucadia To Acquire Remainder Of Wiltel". The New York Times. Bloomberg News. August 13, 2003.
- ^ George, John (September 29, 2003). "Leucadia National buys RehabWorks". American City Business Journals.
- ^ Swarts, Will (January 12, 2004). "Gotham Partners' Ackman Back in Hedge Fund Game". TheStreet.com.
- ^ BELSON, KEN (July 13, 2004). "Leucadia Seeks to Buy Controlling Stake in MCI". The New York Times.
- ^ Tharp, Paul (July 13, 2004). "LEUCADIA EYES MCI TAKEOVER". The New York Post.
- ^ Stern, Christopher (September 28, 2004). "Declared Suitor Sells Its Stake In MCI". The Washington Post.
- ^ "Leucadia National Corporation Completes Sale of WilTel Communications Group, LLC to Level 3 Communications, Inc" (Press release). Business Wire. December 23, 2005.
- ^ "Gaylord Sells Mainland ResortQuest Business". Hotel Business Review. June 5, 2007.
- ^ "Berkadia Commercial Mortgage LLC Completes Acquisition of Capmark's North American Loan Origination and Servicing Business" (Press release). Business Wire. December 11, 2009.
- ^ "Wyndham to buy ResortQuest for $56 million". Bloomberg News. NJ.com. September 22, 2010.
- ^ "Leucadia National Corporation Announces Agreement to Acquire Control of National Beef and Declares $0.25 Per Share Cash Dividend" (Press release). Business Wire. December 5, 2011.
- ^ Hawleyt, Brenna (December 6, 2011). "National Beef owners reach $867.9M deal to sell majority stake to Leucadia". American City Business Journals.
- ^ Murtaugh, Dan (January 12, 2012). "Illinois ruling hurts Leucadia synthetic gas proposal". The Birmingham News.
- ^ "Leucadia National Corporation and Jefferies Group, Inc. Merger to Be Effective March 1, 2013" (Press release). Business Wire. February 28, 2013.
- ^ Stone, Mike; Chavez-Dreyfuss, Gertrude; Toonkel, Jessica (January 16, 2015). "FX broker FXCM gets rescue from Jefferies parent Leucadia". Reuters.
- ^ "Leucadia and FXCM Complete Long-Term Partnership Agreement" (Press release). GlobeNewswire. September 1, 2016.
External links
Official website
- Business data for Jefferies Financial Group:
- Bloomberg
- Reuters
- SEC filings
- Yahoo!