Jefferies Financial Group Business Summary

Jefferies Financial Group Inc. (JEF) is a global, full-service investment banking and capital markets firm that generates revenue through transaction-based advisory fees, underwriting commissions, and principal trading gains. The company operates through two primary segments: Investment Banking and Capital Markets, which provides M&A advisory, equity and debt underwriting, and institutional sales and trading across equities and fixed income; and Asset Management, which manages alternative investment platforms and earns management and performance fees. As of February 2026, Jefferies occupies a dominant position as the largest independent, full-service global investment bank, effectively competing against bulge-bracket giants like Goldman Sachs and Morgan Stanley while outperforming specialized boutiques such as Evercore and Lazard in global distribution. Its market fit is defined by its ability to provide large-scale capital markets capabilities alongside the senior-level attention typically associated with boutique firms. The firm is led by the long-standing executive partnership of Chief Executive Officer Richard B. Handler and President Brian P. Friedman, who have directed Jefferies' strategy for over two decades. Handler, a Drexel Burnham Lambert alumnus, has served as CEO since 2001, while Friedman joined in 2001 following a career at Furman Selz. The executive team includes Executive Vice President and CFO Matthew S. Larson and Chairman Joseph S. Steinberg, who co-founded Leucadia National Corporation, the entity that merged with Jefferies in 2013; the original brokerage was founded in 1962 by Boyd Jefferies. A cornerstone of the firm's current capital structure is its strategic alliance with Sumitomo Mitsui Financial Group (SMBC), which is increasing its economic stake to 20% and is represented on the board by Yoshihiro Hyakutome as of February 2026. The board also features notable figures such as Lead Director Linda L. Adamany and maintains a significant commercial mortgage joint venture, Berkadia, with Berkshire Hathaway.