Jefferies Financial Group

Jefferies Financial Group Inc.
	Headquarters at 520 Madison Avenue
Formerly	Leucadia National Corporation (1979-2018); Talcott National Corporation (1968-1979)
Company type	Public
Traded as	NYSE: JEF; S&P 400 component;
Industry	Financial services
Founded	1979; 45 years ago
Founders	Ian M. Cumming; Joseph S. Steinberg;
Headquarters	New York City
Key people	Richard B. Handler, CEO; Brian P. Friedman, President; Joseph S. Steinberg, Chairman
Revenue	US$4.7 billion (2023)
Operating income	US$1.06 billion (2023)
Net income	US$262 million (2023)
Total assets	US$57.9 billion (2023)
Total equity	US$9.7 billion (2023)
Number of employees	7,564 (2023)
Website	jefferies.com
	Footnotes / references;

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

^ "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
^ "Jefferies Financial Group Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. January 27, 2023.
^ ^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.
^ 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.
^ "BofA sells $110 billion CMBS servicing rights portfolio to KeyBank". Reuters. May 10, 2013. Retrieved July 11, 2023.
^ 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

Media related to Jefferies Group at Wikimedia Commons Official website

Business data for Jefferies Financial Group:

[1] "Leucadia National Corporation Changes Name to Jefferies Financial Group Inc". www.businesswire.com. May 23, 2018. Retrieved August 8, 2020.

[10K-2] Leucadia National Corporation 2017 Form 10-K Annual Report

[AnnualR2022-3] "Jefferies Financial Group Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. January 27, 2023.

[:0-4] Prang, Allison (April 9, 2018). "Leucadia to Focus More on Financial Business". Wall Street Journal. ISSN 0099-9660. Retrieved July 2, 2018.

[name_change-5] "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. Retrieved September 25, 2019.

[loner-7] CRUDELE, JOHN (May 25, 1985). "LEUCADIA: SUCCESSFUL LONER". The New York Times.

[8] KOLODY, TRACY (April 6, 1991). "Fpl Group Finds Buyer For Insurer Colonial Penn Brings In $150 Million". Sun-Sentinel.

[9] "Conseco Planning to Acquire Colonial Penn". The New York Times. Bloomberg News. May 1, 1997.

[10] "GE Capital to Buy Colonial Penn". Los Angeles Times. Reuters. July 1, 1997.

[11] "Allstate to buy 2 Leucadia companies". Deseret News. Bloomberg News. December 22, 1998.

[12] "Williams Communications emerges from bankruptcy as WilTel". American City Business Journals. October 16, 2002.

[13] "Leucadia National Corporation Proposes to Acquire WilTel Communications Group, Inc. Common Stock" (Press release). Business Wire. May 15, 2003.

[14] "Hardware: Leucadia To Acquire Remainder Of Wiltel". The New York Times. Bloomberg News. August 13, 2003.

[15] George, John (September 29, 2003). "Leucadia National buys RehabWorks". American City Business Journals.

[16] Swarts, Will (January 12, 2004). "Gotham Partners' Ackman Back in Hedge Fund Game". TheStreet.com.

[17] BELSON, KEN (July 13, 2004). "Leucadia Seeks to Buy Controlling Stake in MCI". The New York Times.

[18] Stern, Christopher (September 28, 2004). "Declared Suitor Sells Its Stake In MCI". The Washington Post.

[19] "Leucadia National Corporation Completes Sale of WilTel Communications Group, LLC to Level 3 Communications, Inc" (Press release). Business Wire. December 23, 2005.

[20] "Gaylord Sells Mainland ResortQuest Business". Hotel Business Review. June 5, 2007.

[21] "Berkadia Commercial Mortgage LLC Completes Acquisition of Capmark's North American Loan Origination and Servicing Business" (Press release). Business Wire. December 11, 2009.

[22] "Wyndham to buy ResortQuest for $56 million". Bloomberg News. NJ.com. September 22, 2010.

[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.

[24] Hawleyt, Brenna (December 6, 2011). "National Beef owners reach $867.9M deal to sell majority stake to Leucadia". American City Business Journals.

[25] Murtaugh, Dan (January 12, 2012). "Illinois ruling hurts Leucadia synthetic gas proposal". The Birmingham News.

[26] "Leucadia National Corporation and Jefferies Group, Inc. Merger to Be Effective March 1, 2013" (Press release). Business Wire. February 28, 2013.

[27] "BofA sells $110 billion CMBS servicing rights portfolio to KeyBank". Reuters. May 10, 2013. Retrieved July 11, 2023.

[28] Stone, Mike; Chavez-Dreyfuss, Gertrude; Toonkel, Jessica (January 16, 2015). "FX broker FXCM gets rescue from Jefferies parent Leucadia". Reuters.

[29] "Leucadia and FXCM Complete Long-Term Partnership Agreement" (Press release). GlobeNewswire. September 1, 2016.

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Jefferies Financial Group

Investments

Financial Services

Others

History

References

External links

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