As president of Jefferies Financial Group, Brian Friedman is better placed than just about anyone else on Wall Street to explain whyFriedman and Handler were the brains behind the strategy developed in 2001 to make Jefferies a full-service, global investment banking firm. At the time Jefferies was a leader in high-yield debt trading and had carved out a niche as a trader of listed securities directly between institutions.
Friedman says the Fed’s regulatory change triggered a period of structural change and amalgamation in the market similar to what had happened in other American industries such as oil and steel. “That was the essence of the mistake. It would have been a miracle to get even close to two out of that combination because there was meaningful overlap.
Friedman says Jefferies’ spent several days in late 2008 discussing whether to put in place a bank holding company structure. But it rejected the idea and stuck with its status as a broker dealer. Friedman says that over the next three to five years, Jefferies along with the other Wall St investment banks will entrench their dominance, partly because the US will remain the source of more than half of capital markets activity.
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Source: FinancialReview - 🏆 2. / 90 Read more »