Jefferies 2022
How would people describe Jefferies culture? Also, how is the bank viewed on the street? Good exit options for PE?
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you are a prospect and you are worried about exit opps?
Dude, you posted asking what exact questions to ask in a networking call when there are maybe 1000+ posts covering networking and you're also a prospect, so what gives you the right to shit on someone else for asking a valid question?
Don't post on here if it doesn't add any value, keep your mouth shut cause you also don't know anything.
Both of you twats sound like kids fighting to relax, anyone can post anything. To OP Jefferies is a Goodshop for healthcare and M&A, bad culture, and but its hard to go into an MF from jeff. and if you are a SA'22 intern last thing you should be worried about is PE exits.
Most all are at the analyst level...
Full disclosure: I work at Jefferies, and these are my views. People are open to disagree with it. This is based on my experience.
I think Jefferies has an extremely scrappy culture where the juniors are really nice and close-knit (obviously depends on the group, but generally would say this is true). All the juniors get worked very hard and I think this is a combination of two factors. The first one is the deal flow. If you look at the Deal logic YTD league tables, it's ranked 9th globally (86 deals, $0.83 Billion avg. val/deal, EVR being the only other non-BB in top 10) in M&A advising. It’s also 8th globally in ECM and if you look at overall IB revenue it's ranked 8th (ahead of UBS and DB, and the only non-BB in the top 10). For FY 2020, it was ranked 9th overall in IB revenue. The second factor is the seniors. Many of the folks I talked to said that there are times when they are sitting around doing nothing in the day and then they get comments in the night that makes them pull all-nighters. This obviously makes it difficult as an analyst but in non-covid times, the junior camaraderie helps survive the late-night pls fixes. In my opinion, whilst the first factor is more significant, this is not negligible. Unlike other banks which are downsizing their IB divisions, Jefferies will live and die on its IB business. Having said that, Over the past couple of years the bank has gathered great momentum and it’s expected to carry this momentum in the future.
It’s difficult to categorize Jefferies because it works on deals that are much bigger than your run of the mill MM but is not at a BB level (although a couple of groups definitely regularly pitch against BBs and win) but also has a balance sheet that it uses to lend (has access to the MassMutual balance sheet), so is also unlike an EB (even though it has a RX group). I would personally categorize it as a jack of all trades bank that offers a complete set of products. Some of the top groups at Jefferies would be Healthcare, Energy, LevFin and Industrials. Healthcare grew when Jefferies poached UBS’s top bankers who brought over their teams. While the two key guys (Ben Lorello and Sage Kelly) have since left Jefferies, with Ben retiring in 2020, the team at Jefferies has managed to keep the IB revenues in the group. JEF’s energy group was formed when it bought an energy boutique in the 2000s and has kept the key guys ever since then (part of the reason behind this is that they have their own bonus pool separate from the rest of IB). Jefferies has organically developed its LevFin capabilities and has found a great niche here. It offers a crazy amount of leverage on its deals which the BBs can’t offer because of risk and regulation (Jefferies isn’t categorized as a bank holding company) and neither can the EBs/MMs. In 2021, Jefferies also poached a majority of Greenhill’s industry-leading private capital advisory group so I am interested in seeing how that will turn out for the bank.
From an exits point of view, I have seen some people place at MF from Energy and a couple of other groups. It is definitely possible to exit to very reputable MM PE funds. I personally expect the exits to improve as Jefferies continues its upward rise. Would also add Jefferies M&A to a group that sees consistent exits to top MM PE shops.
From a pay point of view, Jefferies is known to pay above the street, especially for associates and up. They also give all cash bonuses although there is a clawback for those who are associates and up if you leave for a competing bank (not applicable for buy-side, CorpDev, unrelated exits). The clawback isn’t applicable to analysts.
Expect the interview process to be more technical than BBs/MMs but not as technical as the EBs. Expect an even more technical and in-depth interview process if you are interviewing for one of the direct placement groups.
Let me know if I can answer any other questions.
Edit: Also wanted to address the FT offer rates from the previous summer. People might be under the impression that Jefferies gave out 50% or so offers. While it is true that Jefferies gave out 50% offers at the conclusion of the internship, it came back and gave more offers within a month that brought the rate up to about 90-95% which was where Jefferies has historically been. The only reason it was able to give only 50% offers at the beginning was because of a hiring freeze that we were under. If you get an SA offer from Jefferies there will be a FT spot with your name on it unless you screw up.
TL;DR: Great bank from a deal flow perspective (top 10 league tables ovr.), Solid junior culture but tough senior culture. Will get you to solid MM PE with a slight chance of MF PE depending on group. Top groups: Healthcare, Energy, LevFin, M&A, Industrials. At/above street pay depending on the level (also gives WFH dinner stipend, handed out peloton bikes etc.). Technical interview process.
Any idea on analyst comp?
Also work at Jefferies... analyst comp is in par with the street. 85k, 90k, 95k. bonuses 70-100%, all cash
Really appreciate the in-depth response... Could you possibly expand on the interview process? Is focusing on the basic sections of the M&I guide enough for technicals or would a deeper dive be required? If so what topics should be covered? What would be the best way to demonstrate a cultural fit at Jefferies?
Thanks for the write up. Do you know when they will be holding 22 SA interviews? I’ve emailed 7 analysts and haven’t gotten any bites yet so I hope I haven’t closed myself out of the process.
Thanks again!
Likely in the summer / early fall. Not sure how accelerated post-COVID recruiting will be.
I have actually been told that the apps. come out in the next week or so and that at least some cities will start interviews mid-April. Last year also the interviews kicked off at the similar time but then because of COVID Jefferies went under a hiring freeze which meant all the interviews for the rest of the spots took place in September / October. This year I presume recruiting will spring back to the pre-covid timeline given how accelerated some of the other banks are going to be.
Any insights on how recruiting for lev fin works?
They hire out of the generalist intern pool but be advised it was the most competitive group to get last year
Like what Intern in IB - Gen has mentioned, you get hired as a generalist for the internship and then get placed into groups at the end of the internship.
I worked at JEF for 5 years before leaving banking. and would say this is accurate. It's a love or hate place, but regularly competing with BBs and EBs in some groups.
Most importantly the CEO is an absolute legend and loves Finmeme accounts.
Can you elaborate on the details regarding the clawback? Whats the 'statute of limitations' on this, so to speak?
Thanks for your post! Are you sure that the bonus clawback doesn't include any buyside firms? Jefferies has a direct lending fund so curious if any other private credit shops would be considered a competitor. Is there a set list of competitors that are subject to the clawback or is it vague?
how about the tech group in sf and ny?
SA 2022 apps are open.
following
Bump
Does anyone know how to apply for their ECM group? Can't find the application online.
Does anyone have an updated interviewing timeline? I've heard it's gonna be a fairly quick process this year.
Don’t know about NY - know that Houston is looking to wrap up with a superday tomorrow.
Has anyone heard back from Houston Superday on Friday?
Offers went out on Friday.
anyone know nyc nontarget non diverse?
Does anyone have any updated info on the ny tech group? Ive seen lots of info on sf but it would be nice if anyone could shed some light onto NY.
You can rotate through tech as a part of the NY generalist program. They typically do not offer summer analysts the full summer in a single group in NY. SF is the best option if tech is the only group you are interested in.
Anyone heard back after Charlotte first rounds?
which group in CLT?
RE
tech enabled services
has anyone got a first round interview for the SF office?
Had a first round earlier this week; Superday was apparently supposed to be on Friday 5/21 but I haven't heard either way...
There was a superday on Friday (5/21).
Can someone speak to each of the coverage groups at Jefferies, of course at this point it's understood HC, Energy, Industrials are good but what about the others (Consumer, Tech, RE, etc.)
Regularly compete with BB/EBs: Energy, Healthcare
Solid: Industrials, Tech (hit or miss)
Decent: Consumer, FIG, Tech-Enabled Services, REGL (you get to work on all the Tilman Fertitta deals)
Arguably not even investment bankers: Media
Lev Fin and M&A are also top groups.
What’s wrong with the media group?
What about ECM, DCM, Power and Restructuring groups?
Do you have any insight into FIG (culture, exits, etc.)?
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Tech-Enabled Services is solid. They did a pair of Vista sell-sides and had almost their entire second year class place to PE
Has anyone heard back after ADG first rounds?
Naw, will be mid to late May. A few analysts in the group confirmed
Does anybody know where the NYC office is in their process?
didn't start yet: source anaylyst
Any insight into when first rounds will start?
Can anyone from Jefferies comment on any of the support services? (Printing team, India team, etc. ).
Decent group
Anyone hear from SF first round?
when did you get your first round interview? and was this non diversity?
Had mine last night, interviewer said that those who would move on would be determined either yesterday or today.
Hi really appreciate the info! Have you heard back yet? I'm still waiting
anyone know nYC? non target?
Associate I spoke to just confirmed HR said won’t start till mid summer
bless thank you
Does mid summer mean July?
Can anyone comment on how their ADG and REGL groups are?
Lots of pitch work
Can someone provide more clarity on the Jefferies timeline? Networked with a bunch of analysts, but they don't seem to know the exact timeline
Many of the non-NYC offices are done. NY process kicks off later in the summer.
By late summer do you mean July or August? I know it's kind of stupid, but would be helpful to know
Did my first round in SF this week, awaiting revert on next steps
Superdayed for SF today and waiting to hear back. Has anyone gotten an offer/know how long after super day they send out offers?
When did u do your first round?
This past Monday
Bump
BUMP
Has Charlotte TMT kicked off?
Anyone hear from SF? Offers/Rejections...
I heard back from SF. I had been talking to a school alumni since I had another exploding offer and they took forever to even respond to me about the super day. I ended up getting a response on the day I had to make a decision on the other bank saying that they had just given out their last offer and they were likely to accept. Nothing since then (about 10 days ago)
I also sent follow up emails to my interviewers as well as emails letting the VP know about my deadline and never heard back from any of them. Probably wouldn’t have even gotten a rejection unless I was persistent and asking since I had another deadline.
Did anyone get a first round for NY non-diversity?
Bump wondering as well
I’m fairly certain NY non-diversity hasn’t started
first rounds been out
anyone have insight on interview process? Have heard it can be rough
Last year it was a first round which was all technical, then a superday with three interviews mostly behavioral
Anyone heard back from the first round on Tuesday for NY?
I had a first round on Tuesday, but yet to hear back
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Deleted
Are you target?
Pm me
Have non targ non div interviews been given out for NYC? Does anyone know process timeline?
I don’t think so and I don’t think they have a set date to start them
Has anyone heard back from Jefferies NY? I had a first round on Tuesday and a second round on Wednesday, but I have yet to hear back.
Wait? You had a second round on Wednesday? I haven't yet to hear back from my first round. I guess I am dinged then... I thought I did really well
Are you target? Cuz I think they were just interviewing people from my school on Wednesday. Keep your head up king! We are gonna make it
I think I mentioned this earlier in the thread but I know someone who went through the process last year at a target school and he didn’t hear back from his first round for a week and a half
Any updates on this process?
I ended getting dinged, but some at my target have received offers
Did you hear of any interviews being conducted outside of your target? And sorry about getting dinged, I am sure you will land something ! Keep your head up
What about non-target or core?
I know they don’t have a set start date for non target
I was told July by an associate for non target
Anyone hear back from first rounds this past week?
Have UVA people already received first rounds? I gave my resume to 2 people, yet to hear anything.
Not yet. Most recent analyst I spoke to said they THINK it'll go back to normal on-grounds recruiting, so if thats true our first rounds won't take place until like August. That was just his guess tho, all the analysts I have spoken to don't know the exact timeline for UVA recruiting
Did you hear anything yet? I haven’t heard shit, so I assume I didn’t make the first round cut.
I applied last night to the generalist position from a target... am I too late?
Just received 1st round for Jefferies NYC generalist. Non-target non-diversity. Looks like it was a mass email
Was that a mass thing? If I didn’t get one am I out?
Prolly was a mass email considering the to address was blank, which means it's sent to multiple people. I don't know if you're out maybe they'll have other waves. Just keep plugging along bro and trust the process. Talked to you on the KeyBanc thread and know how it feels when other people move on and you don't but just stay patient. The best is yet to come
same
Let's go baby. Hopefully we can bring home the dub and get an offer.
any other non target non diversity get an email? I didn't
is the jefferies first round only behavioral? or technical as well?
Bump. I've heard they usually like to do technicals first round and then mostly behavioral SD. Did you also get the first round invite an hour ago?
yes I got the email around an hour ago
I also got the mass email 1st round interview invite for NYC
non-target and was recommended
Referral by an analyst or someone senior, also how many referrals
had a referral from a senior banker (he told me)
I don't know if the juniors I spoke to referred me but our coffee chats went well
DO you know if they will do another round i had someone recommend me but I never got a first round
^^^ Got a referral from an associate but did not get an invite
Timeline for Charlotte?
At least ADG finished ages ago, not sure about the other groups.
Has anyone who got the first round invite on Wednesday gotten their actual interview time slot? Still haven't gotten contacted yet by a banker to set up a time.
Not yet. I'm assuming today they are running through all the confirmation emails they got from candidates and will start setting up times on monday.
Have you gotten yours yet? I still haven't not sure if I should be worried or not.
Haven’t gotten mines either. Good luck guys.
Have you gotten yours scheduled yet? I haven't.
Does anyone know if there are more first rounds being sent out? I got a referral, but I didn't get the invitation for a first round.
Did you get the noreply email from HR when you got referred? Because I did and got a first round.
Mine was no reply and Haven’t heard ab a first round
my contact told me that its on a rolling basis, so maybe there's hope idk
I received a referral and got not first-round yet... super non target so hopefully there is a chance
Sup fellas! Wanted to add a data point and hopefully calm some nerves. I just got reached out to to schedule a first round and did not get the mass email sent out last week. Nontarget nondiversity with referrals. Definitely don't lose hope if you haven't heard back yet!
Hi, did you reach out to HR?
THANK U OMG
Anyone who 1st round mass invite last Wednesday still not get their interview scheduled yet from a banker? Not sure if I should get worried
Nvm got it early morning today
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