Company:Jefferies Financial Group

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Short description: American financial services company
Jefferies Financial Group Inc.
FormerlyLeucadia National Corporation (1979-2018)[1]
Talcott National Corporation (1968-1979)
TypePublic
IndustryFinancial services
Founded1979; 45 years ago (1979)
Founders
  • Ian M. Cumming
  • Joseph S. Steinberg
HeadquartersNew York City
Key people
Richard B. Handler, CEO
Brian P. Friedman, President
Joseph S. Steinberg, Chairman[2]
RevenueDecrease US$7.15 billion (2022)
Decrease US$1.06 billion (2022)
Decrease US$782 million (2022)
Total assetsDecrease US$51.1 billion (2022)
Total equityDecrease US$10.3 billion (2022)
Number of employees
5,381 (2022)
Websitejefferies.com
Footnotes / references
[3]

Jefferies Financial Group Inc. is an American financial services company based in New York City and listed on the Fortune 1000.[4][5][6]

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.[7]
  • In 1979, they gained control of Talcott National Corporation, sold the James Talcott Factors division, and, in 1980, they renamed the company Leucadia.[7]
  • 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.[7]
  • In 1991, the company acquired insurer Colonial Penn from Florida Power & Light for $150 million.[8]
  • In 1997, the company sold the life insurance division of Colonial Penn to Conseco for $460 million[9] and sold the auto insurance division of Colonial Penn to GE Capital for $950 million.[10]
  • In 1998, the company sold Charter National Life Insurance and Intramerica Life Insurance to Allstate.[11]
  • In 2002, the company received a 44% stake in WilTel Communications Group as a result of a bankruptcy reorganization.[12]
  • In May 2003, the company made an offer to acquire the remaining shares of WilTel Communications Group that it did not already own.[13]
  • In August 2003, after increasing its offer, the company acquired the remaining shares of WilTel Communications Group.[14]
  • In September 2003, the company acquired RehabWorks.[15]
  • In January 2004, the company financed Pershing Square Capital Management, a hedge fund managed by Bill Ackman.[16]
  • In July 2004, the company sought, but failed, to buy a controlling stake in MCI Communications.[17] In September 2004, the company sold its stake in MCI for a $20 million profit.[18]
  • In 2005, the company sold WilTel Communications Group to Level 3 Communications for a $180 million profit.[19]
  • In 2007, the company acquired ResortQuest International from Gaylord Hotels for $35 million.[20]
  • 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.[21]
  • In 2010, the company sold ResortQuest International to Wyndham Worldwide for $56 million in cash.[22]
  • In 2011, the company acquired a 79% interest in National Beef Packing Company for $867.9 million.[23][24]
  • 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.[25]
  • In 2013, the company merged with Jefferies Group and Richard Handler became chief executive officer of the company.[26]
  • During the same year, KeyBank made a sub-servicing agreement with Berkadia Commercial Mortgage on the CMBS primary servicing portfolio it is acquiring from Bank of America. It also acquired Berkadia’s $10 billion special servicing portfolio.[27]
  • In 2015, the company made an investment in FXCM after FXCM suffered losses due to the appreciation of the Swiss Franc.[28]
  • In 2016, the company restructured its investment in FXCM.[29]
  • In May 2018, the company was renamed Jefferies Financial Group.[4][5]

References

  1. ↑ "Leucadia National Corporation Changes Name to Jefferies Financial Group Inc." (in en). 2018-05-23. https://www.businesswire.com/news/home/20180523006298/en/Leucadia-National-Corporation-Jefferies-Financial-Group%C2%A0Inc.. 
  2. ↑ 2.0 2.1 Leucadia National Corporation 2017 Form 10-K Annual Report
  3. ↑ "Jefferies Financial Group Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 27 January 2023. https://www.sec.gov/ix?doc=/Archives/edgar/data/96223/000009622323000009/jef-20221130.htm. 
  4. ↑ 4.0 4.1 Prang, Allison (April 9, 2018). "Leucadia to Focus More on Financial Business" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/leucadia-to-focus-more-on-financial-business-1523277191. 
  5. ↑ 5.0 5.1 "BRIEF-Leucadia National Corp Changes Name To Jefferies Financial Group Inc". Reuters. May 23, 2018. https://www.reuters.com/article/brief-leucadia-national-corp-changes-nam/brief-leucadia-national-corp-changes-name-to-jefferies-financial-groupinc-idUSFWN1SU0YF. Retrieved May 28, 2018. 
  6. ↑ "Fortune 500 Companies 2019: Who Made the List" (in en-US). https://fortune.com/fortune500/2019/jefferies-financial-group. 
  7. ↑ 7.0 7.1 7.2 CRUDELE, JOHN (May 25, 1985). "LEUCADIA: SUCCESSFUL LONER". The New York Times. https://www.nytimes.com/1985/05/25/business/leucadia-successful-loner.html. 
  8. ↑ KOLODY, TRACY (April 6, 1991). "Fpl Group Finds Buyer For Insurer Colonial Penn Brings In $150 Million". Sun-Sentinel. http://articles.sun-sentinel.com/1991-04-06/business/9101170690_1_fpl-group-colonial-penn-leucadia. 
  9. ↑ "Conseco Planning to Acquire Colonial Penn". The New York Times. Bloomberg News. May 1, 1997. https://www.nytimes.com/1997/05/01/business/conseco-planning-to-acquire-colonial-penn.html. 
  10. ↑ "GE Capital to Buy Colonial Penn". Los Angeles Times. Reuters. July 1, 1997. http://articles.latimes.com/1997/jul/01/business/fi-8770. 
  11. ↑ "Allstate to buy 2 Leucadia companies". Deseret News. Bloomberg News. December 22, 1998. http://www.deseretnews.com/article/670992/Allstate-to-buy-2-Leucadia-companies.html. 
  12. ↑ "Williams Communications emerges from bankruptcy as WilTel". American City Business Journals. October 16, 2002. https://www.bizjournals.com/stlouis/stories/2002/10/14/daily42.html. 
  13. ↑ "Leucadia National Corporation Proposes to Acquire WilTel Communications Group, Inc. Common Stock" (Press release). Business Wire. May 15, 2003. External link in |publisher= (help)
  14. ↑ "Hardware: Leucadia To Acquire Remainder Of Wiltel". The New York Times. Bloomberg News. August 13, 2003. https://www.nytimes.com/2003/08/13/business/technology-briefing-hardware-leucadia-to-acquire-remainder-of-wiltel.html. 
  15. ↑ George, John (September 29, 2003). "Leucadia National buys RehabWorks". American City Business Journals. https://www.bizjournals.com/philadelphia/stories/2003/09/29/newscolumn3.html. 
  16. ↑ Swarts, Will (January 12, 2004). "Gotham Partners' Ackman Back in Hedge Fund Game". TheStreet.com. https://www.thestreet.com/story/10136218/1/gotham-partners-ackman-back-in-hedge-fund-game.html. 
  17. ↑ BELSON, KEN (July 13, 2004). "Leucadia Seeks to Buy Controlling Stake in MCI". The New York Times. https://www.nytimes.com/2004/07/13/business/market-place-leucadia-seeks-to-buy-controlling-stake-in-mci.html. 
  18. ↑ Stern, Christopher (September 28, 2004). "Declared Suitor Sells Its Stake In MCI". The Washington Post. https://www.washingtonpost.com/wp-dyn/articles/A55607-2004Sep27.html. 
  19. ↑ "Leucadia National Corporation Completes Sale of WilTel Communications Group, LLC to Level 3 Communications, Inc" (Press release). Business Wire. December 23, 2005. External link in |publisher= (help)
  20. ↑ "Gaylord Sells Mainland ResortQuest Business". Hotel Business Review. June 5, 2007. http://hotelexecutive.com/newswire/11207/function.array-pop. 
  21. ↑ "Berkadia Commercial Mortgage LLC Completes Acquisition of Capmark's North American Loan Origination and Servicing Business" (Press release). Business Wire. December 11, 2009. External link in |publisher= (help)
  22. ↑ "Wyndham to buy ResortQuest for $56 million". Bloomberg News (NJ.com). September 22, 2010. http://www.nj.com/business/index.ssf/2010/09/wyndham_to_buy_resortquest_for.html. 
  23. ↑ "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. External link in |publisher= (help)
  24. ↑ Hawleyt, Brenna (December 6, 2011). "National Beef owners reach $867.9M deal to sell majority stake to Leucadia". American City Business Journals. https://www.bizjournals.com/kansascity/news/2011/12/06/national-beef-owners-agree-to-sell.html. 
  25. ↑ Murtaugh, Dan (January 12, 2012). "Illinois ruling hurts Leucadia synthetic gas proposal". The Birmingham News. http://blog.al.com/press-register-business/2012/01/illinois_ruling_hurts_leucadia.html. 
  26. ↑ "Leucadia National Corporation and Jefferies Group, Inc. Merger to Be Effective March 1, 2013" (Press release). Business Wire. February 28, 2013. External link in |publisher= (help)
  27. ↑ "BofA sells $110 billion CMBS servicing rights portfolio to KeyBank" (in en). Reuters. 2013-05-10. https://www.reuters.com/article/us-keycorp-bankofamerica-idUSBRE94902420130510. 
  28. ↑ Stone, Mike; Chavez-Dreyfuss, Gertrude; Toonkel, Jessica (January 16, 2015). "FX broker FXCM gets rescue from Jefferies parent Leucadia". Reuters. https://www.reuters.com/article/us-swiss-snb-fxcm-idUSKBN0KP1MY20150117. 
  29. ↑ "Leucadia and FXCM Complete Long-Term Partnership Agreement" (Press release). GlobeNewswire. September 1, 2016.

External links

Official website



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