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Jefferies Financial Group

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

Jefferies Financial Group Inc.
FormerlyLeucadia National Corporation (1979-2018)[1]
Talcott National Corporation (1968-1979)
Company 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$4.7 billion (2023)
Decrease US$1.06 billion (2023)
Decrease US$262 million (2023)
Total assetsIncrease US$57.9 billion (2023)
Total equityDecrease US$9.7 billion (2023)
Number of employees
7,564 (2023)
Websitejefferies.com
Footnotes / references
[3]

Investments

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The company's major holdings are as follows:[2]

Financial Services

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  • Jefferies Group (100%) - investment banking & capital markets
  • Berkadia Commercial Mortgage[7] (50/50 joint venture with Berkshire Hathaway) - commercial mortgage banking, investment sales and servicing
  • HomeFed[8] (65% ownership) - Builder of Master Planned Communities, Income Properties, Land Holdings
  • FXCM (49.9%) - online foreign exchange trading
  • Foursight Capital[9] (100%) - vehicle finance

Others

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  • 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

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  • In 1970, Ian Cumming and Joseph S. Steinberg both graduated from Harvard Business School and went to work for Carl Marks & Company, an investment bank.[10]
  • In 1979, they gained control of Talcott National Corporation, sold the James Talcott Factors division, and, in 1980, they renamed the company Leucadia.[10]
  • 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.[10]
  • In 1991, the company acquired insurer Colonial Penn from Florida Power & Light for $150 million.[11]
  • In 1997, the company sold the life insurance division of Colonial Penn to Conseco for $460 million[12] and sold the auto insurance division of Colonial Penn to GE Capital for $950 million.[13]
  • In 1998, the company sold Charter National Life Insurance and Intramerica Life Insurance to Allstate.[14]
  • In 2002, the company received a 44% stake in WilTel Communications Group as a result of a bankruptcy reorganization.[15]
  • In May 2003, the company made an offer to acquire the remaining shares of WilTel Communications Group that it did not already own.[16]
  • In August 2003, after increasing its offer, the company acquired the remaining shares of WilTel Communications Group.[17]
  • In September 2003, the company acquired RehabWorks.[18]
  • In January 2004, the company financed Pershing Square Capital Management, a hedge fund managed by Bill Ackman.[19]
  • In July 2004, the company sought, but failed, to buy a controlling stake in MCI Communications.[20] In September 2004, the company sold its stake in MCI for a $20 million profit.[21]
  • In 2005, the company sold WilTel Communications Group to Level 3 Communications for a $180 million profit.[22]
  • In 2007, the company acquired ResortQuest International from Gaylord Hotels for $35 million.[23]
  • 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.[24]
  • In 2010, the company sold ResortQuest International to Wyndham Worldwide for $56 million in cash.[25]
  • In 2011, the company acquired a 79% interest in National Beef Packing Company for $867.9 million.[26][27]
  • 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.[28]
  • In 2013, the company merged with Jefferies Group and Richard Handler became chief executive officer of the company.[29]
  • 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.[30]
  • In 2015, the company made an investment in FXCM after FXCM suffered losses due to the appreciation of the Swiss Franc.[31]
  • In 2016, the company restructured its investment in FXCM.[32]
  • In May 2018, the company was renamed Jefferies Financial Group.[4][5]

References

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  1. ^ "Leucadia National Corporation Changes Name to Jefferies Financial Group Inc". www.businesswire.com. May 23, 2018. Retrieved August 8, 2020.
  2. ^ a b 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. January 27, 2023.
  4. ^ a b Prang, Allison (April 9, 2018). "Leucadia to Focus More on Financial Business". Wall Street Journal. ISSN 0099-9660. Retrieved July 2, 2018.
  5. ^ a b "BRIEF-Leucadia National Corp Changes Name To Jefferies Financial Group Inc". Reuters. May 23, 2018. Retrieved May 28, 2018.
  6. ^ "Fortune 500 Companies 2019: Who Made the List". Fortune. Archived from the original on September 30, 2020. Retrieved September 25, 2019.
  7. ^ https://berkadia.com/
  8. ^ https://homefedcorporation.com/
  9. ^ https://www.foursight.com/
  10. ^ a b c CRUDELE, JOHN (May 25, 1985). "LEUCADIA: SUCCESSFUL LONER". The New York Times.
  11. ^ KOLODY, TRACY (April 6, 1991). "Fpl Group Finds Buyer For Insurer Colonial Penn Brings In $150 Million". Sun-Sentinel. Archived from the original on July 3, 2013.
  12. ^ "Conseco Planning to Acquire Colonial Penn". The New York Times. Bloomberg News. May 1, 1997.
  13. ^ "GE Capital to Buy Colonial Penn". Los Angeles Times. Reuters. July 1, 1997.
  14. ^ "Allstate to buy 2 Leucadia companies". Deseret News. Bloomberg News. December 22, 1998. Archived from the original on August 19, 2017.
  15. ^ "Williams Communications emerges from bankruptcy as WilTel". American City Business Journals. October 16, 2002.
  16. ^ "Leucadia National Corporation Proposes to Acquire WilTel Communications Group, Inc. Common Stock" (Press release). Business Wire. May 15, 2003.
  17. ^ "Hardware: Leucadia To Acquire Remainder Of Wiltel". The New York Times. Bloomberg News. August 13, 2003.
  18. ^ George, John (September 29, 2003). "Leucadia National buys RehabWorks". American City Business Journals.
  19. ^ Swarts, Will (January 12, 2004). "Gotham Partners' Ackman Back in Hedge Fund Game". TheStreet.com.
  20. ^ BELSON, KEN (July 13, 2004). "Leucadia Seeks to Buy Controlling Stake in MCI". The New York Times.
  21. ^ Stern, Christopher (September 28, 2004). "Declared Suitor Sells Its Stake In MCI". The Washington Post.
  22. ^ "Leucadia National Corporation Completes Sale of WilTel Communications Group, LLC to Level 3 Communications, Inc" (Press release). Business Wire. December 23, 2005.
  23. ^ "Gaylord Sells Mainland ResortQuest Business". Hotel Business Review. June 5, 2007.
  24. ^ "Berkadia Commercial Mortgage LLC Completes Acquisition of Capmark's North American Loan Origination and Servicing Business" (Press release). Business Wire. December 11, 2009.
  25. ^ "Wyndham to buy ResortQuest for $56 million". Bloomberg News. NJ.com. September 22, 2010.
  26. ^ "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.
  27. ^ Hawleyt, Brenna (December 6, 2011). "National Beef owners reach $867.9M deal to sell majority stake to Leucadia". American City Business Journals.
  28. ^ Murtaugh, Dan (January 12, 2012). "Illinois ruling hurts Leucadia synthetic gas proposal". The Birmingham News.
  29. ^ "Leucadia National Corporation and Jefferies Group, Inc. Merger to Be Effective March 1, 2013" (Press release). Business Wire. February 28, 2013.
  30. ^ "BofA sells $110 billion CMBS servicing rights portfolio to KeyBank". Reuters. May 10, 2013. Retrieved July 11, 2023.
  31. ^ Stone, Mike; Chavez-Dreyfuss, Gertrude; Toonkel, Jessica (January 16, 2015). "FX broker FXCM gets rescue from Jefferies parent Leucadia". Reuters.
  32. ^ "Leucadia and FXCM Complete Long-Term Partnership Agreement" (Press release). GlobeNewswire. September 1, 2016.
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