Jefferies said to seek new hires

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Jefferies Group chief executive Richard Handler, facing declining fixed-income revenues, is turning to California in search of an edge.

Bloomberg News reports that for the first time since 2008, Jefferies will have junk-bond traders in Los Angeles after recently hiring Kristine Brittingham and Michael Krekel, according to people with direct knowledge of the matter who asked not to be named because it isn’t public.

Jefferies, owned by Leucadia National, has a long history on the West Coast. Handler himself worked there before he joined the firm from junk-bond powerhouse Drexel Burnham Lambert. After Drexel collapsed in 1990, Jefferies hired 60 of its bankers and traders, including Handler, to expand into leveraged finance.

While it makes sense for Wall Street’s junk-bond brokers to want a presence in California given it’s home to some of the biggest debt investors, Jefferies is going against the grain a bit. 

To access the complete Bloomberg News article hit the link below:

Jefferies Seeks California Edge With Hires as Debt Earnings Fall

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