Three employees from Jefferies Group’s distressed-debt desk have left recently, people with knowledge of the matter said, as the New York investment bank seeks to restructure the business.
Bloomberg News reports that analyst George Brickfield departed September 30th and Jay Sommer, a sourcer of assets for trading, exited in the past six weeks, said the people, who asked not to be identified because the moves haven’t been made public.
Both were managing directors. Michael Carley Jr., an analyst and vice president, also left last month, reducing the desk to six employees, the people said.
Jefferies, owned by Leucadia National Corp., has been working to rebuild its distressed-debt operations since the departure last year of head trader Drew Doscher. The unit lost at least $90 million in 2015, dragging down the firm’s total fixed-income results and prompting CEO Richard Handler and executive committee Chairman Brian Friedman to shake up management in some areas of bond trading.
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