Investment bank Jefferies plans to increase headcount in certain parts of the firm in the second quarter, officials said yesterday when announcing first quarter earnings results.
The bank brought on a few hundred employees through its acquisition of Prudential Bache last July and wants to grow the business further. "We saw then and we see even more clearly now that there's a lot of opportunity to add salespeople as well as some trading capability and grow that platform," Brian Friedman, chairman of the executive committee, said on a call with analysts.
"We're continuing to add to that platform in the second quarter. So you're going to see the headcount rise a bit predominantly in the front office side, in the production end," he said.
Friedman also said the firm has been adding on the "investment banking side" in its operations in Asia. Because some banks are "pulling back" in some areas, Jefferies is poised to pick up "very capable people" who are now available, Friedman said.
Chief Executive Rich Handler said the firm is seeing opportunities to capture market share in fixed income, equity and mortgages. Jefferies said its total headcount fell to 3,851 at the end of the first quarter from 3,898 at the end of the fourth.
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Looking North (Bloomberg)
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The Whole Truth (SmartMoney)
Here are some things you'd never say to your employer, although they may be true.
Missing the Mark (Reuters)
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Giving It Up (AP via Boston.com)
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Buzz Around the Office
A kid at heart.
List of the Day: Other Duties
Here's how to respond if you're asked to do something not quite within your job description.
1. Make clear what your role is and say you're busy with those duties.
2. Unless you're working on a team, in which case it's good to pitch in occasionally.
3. When in doubt, say you have to ask your manager.
(Source: The Daily Muse)