Jonathan Hoffman (born October 17, 1972) is an American investment banker and bond trader. Hoffman has worked as a high-profile trader for both Lehman Brothers and Barclays.[1][2]
Jonathan K. Hoffman | |
|---|---|
| Born | October 17, 1972 Philadelphia, Pennsylvania, U.S. |
| Education | University of Pennsylvania |
Early life and education
editHoffman was born and raised in Philadelphia, Pennsylvania. His family owned and ran a candy business, Frankford Candy, which is one of the largest manufacturers of chocolate rabbits in the United States.[3] He is the youngest of five children.
Hoffman graduated from Jack M. Barrack Hebrew Academy in 1990 and the University of Pennsylvania in 1994.[4] He expected to attend the Wharton School of Business for his M.B.A, but instead took a job at Lehman Brothers.[5]
Career
editHoffman began working on Wall Street, at Lehman Brothers, in 1994. He expected to eventually enter his family's candy business, but soon became successful in trading government bonds.[6][7]
He describes his trading strategy as having "quite a bit of gut in it" because he pays little attention to factors including economic growth rates and monetary policies.[8][9]
In 2001, Hoffman moved to Palm Beach, Florida and began to work out of Lehman Brother's Miami office. From 2005 to 2008, Hoffman earned more than $140 million in bonuses and in 2008 became the firm's highest paid employee.[10] He served as the Head of Global Rates at Lehman Brothers.[11][12][13][14]
Following Lehman Brother's bankruptcy in 2008, Hoffman worked at Barclay's from 2009 to 2013. He brought in more $1.1 billion during his time there, but left following greater federal regulations of the stock market.[15][16][17]
After leaving Barclay's, he took time off for two years before beginning to trade stocks from his home.
Since 2017, Hoffman has worked for ExodusPoint, a hedge fund.[18][19]
Personal life
editHoffman currently lives in Wynnewood, Pennsylvania with his wife, Dr. Meredith Hoffman, and three children.
In 2016, Hoffman sued the estate of Lehman Brothers seeking $83 million in unpaid bonuses. Lehman Brothers was originally ordered to pay Hoffman $7.7 million, but U.S. District Judge Lorna Schofield later overruled that verdict, which was later reinstated by the Second Circuit Court of Appeals.[20][21][22][23]
References
edit- ^ Chu, Ben (May 28, 2015). "Jonathan Hoffman: The former Lehman Brothers banker who is still". The Independent. Retrieved August 27, 2023.
- ^ Butler, Sarah (May 24, 2015). "Barclays paid star trader £170m in five years following financial crisis". the Guardian. Retrieved August 27, 2023.
- ^ "7 years after Lehman failed, this trader still wants his $83 million bonus". The Washington Post. Retrieved March 13, 2020.
- ^ "Jack M. Barrack Hebrew Academy Annual Report 2019-2020". Barrack Hebrew Academy. Retrieved March 13, 2020.
- ^ Star, For the Arizona Daily (July 5, 2023). "Jonathan Hoffman: Corruption of the English language". Arizona Daily Star. Retrieved August 27, 2023.
- ^ "Trader Wrestles With Lehman Estate Over Big Bonus". The Wall Street Journal. Retrieved March 13, 2020.
- ^ "Lehman Brothers dead, but trader keeps fight alive for $83 million bonus". Chicago Tribune. Retrieved March 13, 2020.
- ^ "New Bankruptcy Documents Reveal Outsize Pay at Lehman Before Collapse". The New York Times. April 27, 2012. Retrieved March 13, 2020.
- ^ "The multimillionaire men of Lehman". Reuters. Archived from the original on May 1, 2012. Retrieved March 13, 2020.
- ^ Butler, Sarah (May 24, 2015). "Barclays paid star trader £170m in five years following financial crisis". The Guardian. Retrieved March 13, 2020.
- ^ "Morning Coffee: Enormous profits of arrogant 35 year-old trader. Hiring mistake at Credit Suisse". efinanicalcareers. Retrieved March 13, 2020.
- ^ "Former Trader Says Taped Conversations Show Lehman Owes Him Bonus". The Wall Street Journal. Retrieved March 13, 2020.
- ^ Donnellan, Aimee. "Revealed: how Barclays paid trader £170m". The Times. Retrieved March 13, 2020.
- ^ "Lehman Brothers monthly risk meeting – package dated 5/31/05, meeting held 6/16/05" (PDF). Stanford University. Retrieved March 13, 2020.
- ^ "Lehman Bros. elite stood to get $700 million". Los Angeles Times. April 27, 2012. Retrieved March 13, 2020.
- ^ Scurria, Andrew (July 27, 2017). "Lehman 'Double Dip' Trader Denied Bulk of $83 Million Bonus". The Wall Street Journal. Retrieved March 13, 2020.
- ^ "Lehman Bros. Bankruptcy Still on the Hook for Part of Bonus". Bloomberg News. Retrieved March 13, 2020.
- ^ "What's new in financial services today?". Options Group. Retrieved March 13, 2020.
- ^ "Michael Gelband to Launch Biggest Hedge Fund Startup Ever". Bloomberg News. May 21, 2018. Retrieved March 13, 2020.
- ^ "Ex-Lehman trader loses bid for $83 million 'windfall' bonus : judge". Reuters. July 6, 2016. Retrieved March 13, 2020.
- ^ "Former Lehman Trader Loses Bid for a 'Double-Dip' Bonus of $83 Million". The Wall Street Journal. Retrieved March 13, 2020.
- ^ "Ex-Lehman trader loses bid for $83 million 'windfall' bonus – judge". Yahoo Finance. Retrieved March 13, 2020.
- ^ "Ex-Lehman trader loses appeal of $83 million bonus". MarketWatch. Retrieved March 13, 2020.