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Parent Company of Jefferies Group Ditches Meatpacking, Auto Sales for Investment Banking
Leucadia National Corp., which acquired the Jefferies Group in 2012 for $2.8 billion has decided to "go whole hog" into investment banking. But first, it must complete the sale of its meatpacking and auto-dealership businesses. Leucadia is also changing its name to Jefferies Financial Group.
When Leucadia acquired Jefferies in late 2012, it installed Jefferies management as its top executives - i.e., Richard Handler as CEO, and Brian Friedman as President and chairman of the Executive Committee. Clients of the firm were assured that "nothing will change in how we work with you."
The firm controls several financial-services companies in addition to Jefferies, including in asset management, commercial-mortgage banking and residential real-estate development. Through its merchant-banking operations, it has ownership stakes in other firms including a broadband services company, a timber harvester and a mining project.
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