Jefferies Financial Group
Formerly | Leucadia National Corporation |
---|---|
Public | |
Traded as | |
Industry | Conglomerate |
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[1] |
Revenue |
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Total assets |
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Total equity |
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Number of employees | 12,700, including consolidated subsidiaries (2017)[1] |
Website |
jefferies |
Jefferies Financial Group Inc. is an American financial services company based in New York City.[2][3]
Investments
The company's major holdings are as follows:[1]
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) - real estate
- FXCM (49.9%) - online foreign exchange trading
- Foursight Capital (100%) - vehicle finance
Others
- National Beef Packing Company (79%) - beef processing
- 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
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.[4]
In 1979, they gained control of Talcott National Corporation, sold the James Talcott Factors division, and, in 1980, they renamed the company Leucadia.[4]
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.[4]
In 1991, the company acquired insurer Colonial Penn from Florida Power & Light for $150 million.[5]
In 1997, the company sold the life insurance division of Colonial Penn to Conseco for $460 million[6] and sold the auto insurance division of Colonial Penn to GE Capital for $950 million.[7]
In 1998, the company sold Charter National Life Insurance and Intramerica Life Insurance to Allstate.[8]
In 2002, the company received a 44% stake in WilTel Communications Group as a result of a bankruptcy reorganization.[9]
In May 2003, the company made an offer to acquire the remaining shares of WilTel Communications Group that it did not already own.[10]
In August 2003, after increasing its offer, the company acquired the remaining shares of WilTel Communications Group.[11]
In September 2003, the company acquired RehabWorks.[12]
In January 2004, the company financed Pershing Square Capital Management, a hedge fund managed by Bill Ackman.[13]
In July 2004, the company sought, but failed, to buy a controlling stake in MCI Communications.[14][15] In September 2004, the company sold its stake in MCI for a $20 million profit.[16]
In 2005, the company sold WilTel Communications Group to Level 3 Communications for a $180 million profit.[17]
In 2007, the company acquired ResortQuest International from Gaylord Hotels for $35 million.[18]
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.[19]
In 2010, the company sold ResortQuest International to Wyndham Worldwide for $56 million in cash.[20]
In 2011, the company acquired a 79% interest in National Beef Packing Company for $867.9 million.[21][22]
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.[23]
In 2013, the company merged with Jefferies Group and Richard Handler became chief executive officer of the company.[24]
In 2015, the company made an investment in FXCM after FXCM suffered losses due to the appreciation of the Swiss Franc.[25]
In 2016, the company restructured its investment in FXCM.[26]
In May 2018, the company was renamed Jefferies Financial Group.[2][3]
References
- 1 2 3 4 5 6 7 Leucadia National Corporation 2017 Form 10-K Annual Report
- 1 2 Prang, Allison (2018-04-09). "Leucadia to Focus More on Financial Business". Wall Street Journal. ISSN 0099-9660. Retrieved 2018-07-02.
- 1 2 Staff (May 23, 2018). "BRIEF-Leucadia National Corp Changes Name To Jefferies Financial Group Inc". Reuters. Retrieved May 28, 2018.
- 1 2 3 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". Bloomberg News. The New York Times. May 1, 1997.
- ↑ "GE Capital to Buy Colonial Penn". Reuters. Los Angeles Times. July 1, 1997.
- ↑ "Allstate to buy 2 Leucadia companies". Bloomberg News. Deseret 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". Bloomberg News. The New York Times. 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
- Business data for Jefferies Financial Group: Google Finance
- Yahoo! Finance
- Reuters
- SEC filings