Employee Profiles

Chelsea Dunlap
Associate, Investment Banking - Healthcare
Jefferies Office: New York

There is really no such thing as a typical day when you work as an Investment Banking Analyst or Associate.

On most days when I am working in New York, I begin reading emails while I am on the subway. I often have emails from clients and senior bankers that involve multiple projects. These morning emails usually create a framework for my day in the office; however, as the day develops each project will present additional meetings, due dates and expectations, so it is always important to remain updated on my schedule and each of my deals.

Each day in investment banking is interesting, challenging and diverse. Throughout the day, I may work on a number of projects, attend client meetings, structure financial models or build pitch books. However, the most rewarding part of working as a Jefferies junior banker is the significant amount of responsibility we are given in interacting with clients. Jefferies is known for its lean deal teams, allowing even the most junior deal team members to be client-facing. This client interaction is not often an experience that junior bankers have across the street. In my two years at Jefferies, I have traveled with clients to management presentations, on roadshows and to diligence meetings. This type of interaction really allows analysts to get a first-hand view as to how our clients operate.

Because Jefferies gives investment banking analysts and associates a significant amount of responsibility on each project, one of the most important skills to develop is the ability to communicate well with all members of a deal team. Additionally, analysts are often assigned to multiple projects (and deal teams), each of which require significant amounts of attention and time. This makes it critical to communicate frequently with each person you work with to effectively to manage the workload and team expectations.

I am very happy that I joined the Jefferies Healthcare team and I enjoy that each day, both in and out of the office, is different. I wanted an investment banking environment that was challenging and where I could gain significant financial experience as quickly as possible. Jefferies has proven to be a supportive team environment where analysts are able to learn the business while making a substantial contribution each day.

John Erwin
Senior Vice President Investment Banking - Financial Institutions
Jefferies Office:

Since joining the Market Structure & Technology Investment Banking Group at Jefferies two years ago, I have worked on a number of interesting and innovative transactions, including being a part of the transaction team that provided $300 million of emergency capital in 36 hours in partnership with Leucadia to a global foreign exchange markets player who suffered a $240 million loss due to an unexpected movement in the Swiss Franc.  Jefferies’ CEO, Executive Chairman and my team from investment banking spent an all-nighter with the client, lawyers, and regulators to deliver a timely and crucial emergency capital raise for the client, ultimately saving the company from insolvency.  Very few other firms – either because of the timeframe in which the transaction had to be completed or because of regulatory constraints – could have executed this innovative capital raise for the client.  It was extremely personally rewarding to see how the firm can act in a highly efficient and coordinating way to deliver the best solution for its clients.

I routinely work on transactions within the broader financial technology space where we win advisory assignments with a capital raising component because we have both deep industry expertise in our space as well as the ability to finance potential acquisitions. 

I started my investment banking career at a larger firm and joined Jefferies because I believe it is the best environment for me to develop as a senior banker and serve our clients.  I am afforded the flexibility to act as an entrepreneur, but benefit from the relationships, expert partners and resources of a larger firm to maximize effectiveness with clients.  Colleagues from different parts of the bank are exceptionally approachable and enthusiastic about working together on transaction opportunities.  Jefferies’ agility, responsiveness and connectivity across the firm – as well as with our parent Leucadia – and unique position on Wall Street as the largest non-bank investment bank enables our team to deliver tangibly differentiated solutions to our clients.

Nick Galbreath
2015 Intern – 2016 Analyst Equities
Jefferies Office: New York

An internship in Sales and Trading at Jefferies represents a unique program for young professionals interested in a nuanced area of finance. At Jefferies, I was given the unique opportunity to work at a firm with a global footprint, but a flat hierarchy. During my internship, projects were frequently given to interns by heads of the desk, which opened a channel of communication that allowed me to feel comfortable speaking directly to senior employees in the firm. This line of communication was invaluable as I continued to develop an understanding for an industry that is dynamically changing.

One of the differentiating qualities at Jefferies is their willingness to reward entrepreneurial individuals. As interns we were consistently challenged to find areas of the business where we could add value. For myself and another intern, this was within the quantitative strategy group. We were tasked with developing techniques to better analyze trade execution. We were given guidance of the objective, but allowed to explore our own potential ideas. This experience allowed me to form a collaborative relationship with a fellow intern, develop my analytical skill set, and feel like part of the firm. Looking back to day one of the internship I can honestly say I am astounded by how much I increased my understanding of sales and trading, developed my professional attributes, and enjoyed the firm culture.

Roger Hsieh
Senior Vice President, Fixed Income - Mortgage Sales
Jefferies Office: Hong Kong
School: National Taiwan University
Major: Risk Management and Insurance, Finance

A typical day usually starts with two slices of toast and a cup of black tea at my desk while going through several commentaries from Jefferies' economists and rates/credit traders. I recently started working with the Taiwan ECB traders. We begin each morning with a discussion about pre-market levels of several Taiwan ECB issues and then update our clients. It's important for me to maintain an ongoing dialogue with all of our clients to understand what sectors and products they are focused on so that I am best prepared to add value. By focusing on our clients' investment guidelines I am able to choose the product or strategy that will best fit their needs. Several calls with clients and traders take place during the afternoon when the London market opens, which is around 3:00 pm Asia time, and the day always continues to stay busy. Even when the day is flying by, I need to be alert and stay focused on all of the details to ensure that our trades are executed smoothly.

I was one of Jefferies' clients in Taiwan, and when the opportunity came for me to join the Fixed Income sales force in Asia, I took it immediately. Jefferies is a growing firm that stands out from its market competitors with its dynamic focus on clients' needs. Cultural diversity is what struck me most at first. As a native of Taiwan, this is the first time that I have relocated. Learning Cantonese, and working/talking with people of different nationalities—American, British, Italian and more—has been an exciting experience. I have had help along the way from traders and analysts who have shown me how different markets work; it is about learning something every day.

The transition from a buy-side job to a sell-side job has proved to be a positive move, partly because of the people I work with. Their direction and sharing of their own experiences has helped me to quickly get up to speed and assist clients. It is very satisfying to know that we have helped our clients to achieve their goals.

My recommendation for the next generation of Jefferies employees is to be well prepared, the earlier the better. Find your interest in one particular area, and dig deeper. Also, remain open-minded and optimistic about daily work. Last but not least, maintain a well-balanced life between work and leisure by developing other interests.

Andrew Morris
Vice President, Investment Banking - Real Estate
Jefferies Office: London
School: Warwick University
Major: Economics

Andrew Morris

Typically, the first thing I do once I arrive in the office is check for any news stories that have broken overnight and circulate the most relevant items to my team. After this, I usually work on two or three separate deals or pitches over the course of the day. Examples of recent deals and pitches that I have worked on include the sale of a Pan-European real estate portfolio, the issuance of a high yield bond for a gaming business and an equity raise for a European hotel company. The varied nature of the work provides a broad exposure to different companies, sectors and products and ensures that no two days are identical. Generally speaking, early mornings are the quietest time of day when one can think about what needs to be achieved and prioritize work accordingly. Of course, ad hoc projects that arise throughout the day must be juggled, but I usually manage to head outside to grab lunch with my teammates. During the afternoon I could be working on a financial model or putting together a pitchbook for the next day, interspersed with conference calls with clients or internal meetings with one of the product teams. By early evening, I have usually received comments from my MD on what materials are required for the next morning, for example a pitchbook for a client meeting.

On the Real Estate, Gaming and Lodging Investment Banking team, I have developed an understanding of the key participants and drivers of the three sectors. Through working on deals and pitches alongside the product teams, my knowledge of M&A, equity and debt capital markets has expanded significantly. It is satisfying to look back and compare my knowledge and skill set from when I started with today. One of the most enjoyable aspects of my job is the opportunity to work alongside a group of highly capable, knowledgeable and driven professionals.  I was attracted by Jefferies' growing reputation and the significant momentum that the firm has built up over the years.

Abinand Natarajan
Associate Investment Banking
Jefferies Office: Mumbai
School: BITS, Pilani /Indian School of Business
Major: Analytical Finance and Strategy

Investment banking is definitely not a 9 to 5 or Monday to Friday kind of job. It is one of the most involving/challenging jobs on the market. It is hard to describe a typical day and especially that of an analyst, because it is highly dynamic and involves a lot of multitasking. I firmly believe that juggling among many different projects and prioritizing tasks is the most challenging and interesting part of an investment banking lifestyle. The most fascinating part of the investment banking analyst role is the opportunity to work on not only some of the largest and transformational transactions in the market but to sit across the table from entrepreneurs to crystallize business models and build out their businesses. Investment banking allows you to work closely with companies that range in size and business domains and lets you gain an in-depth understanding of the businesses and play an active part of these companies' strategic decision-making process. Recently, I have been working on a private equity placement transaction for one of the leading Internet companies and am responsible for tasks ranging from creating the financial model to preparing the marketing materials including the Investor Memorandum and presentations. We work seamlessly across specialized product and industry groups throughout the firm and gather different perspectives and provide a holistic approach to the client. I've also been working on a sell-side advisory deal for a leading travel company in addition to playing an active role in participating in ongoing pitches and business development activities.

The people that I have met and relationships that I have forged over the course of my tenure at Jefferies are among the key things that I value most at Jefferies. The firm has an impeccable “team” culture—at every level and values integrity and uniformly promotes the “One Firm” spirit, which makes you feel you are part of something truly special.

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Justin Polselli
Senior Vice President, Fixed Income – Capital Markets
Jefferies Office: New York
School: University of Richmond
Major: Economics and Finance

I'm usually in the office by 6:45 am, but the day starts earlier when I wake up and check my BlackBerry to make sure that nothing arose overnight.

On any given day, we'll be launching a new issue and have a management presentation for our sales force. I'll want to make sure that the team is still on time and that we've received all the materials for the transaction. After the meeting, I'll send out official announcements internally so our sales force can start to market the new issue. I usually have a lull at this point and quickly scan the high yield news publications that morning and see if anything new or breaking has hit the tape. When I'm not working on new issues, I'm working with our origination team in New York on pitches for prospective clients. By being close to the sales force and our accounts, we can gauge their appetite for certain types of structures and transactions we may be pitching.

It's safe to say that no two days are alike and that at any moment, we could be working with industry and product teams in New York, issuers on the road marketing a new transaction, or working with investors on a new deal we have in the market.

The best experiences I have had on my desk have been working on the complex deals with my direct managers. During these transactions we'll be working with investors and issuers in real time proposing and modeling various changes in order to finalize the deal. The most rewarding days are when we are able to execute a new issue transaction in the wake of market where other underwriters are pulling deals.

After having worked at other larger banks, I realized that a large institution was not going to offer me the direct hands-on opportunities that I was seeking. Since I joined the firm, our group has grown in size and deal flow. But the biggest benefit that I could not have foreseen has been the nature of the culture. At Jefferies, everyone has the same mentality that we are one firm and that nothing is outside of anyone's scope of responsibility. This has allowed me to seize opportunities within the firm that may not have been present if there was a rigid bureaucracy preventing cross collaboration. Knowing that I have the support and advice from my team to pursue problems, Jefferies has given me an unparalleled ability to expand my expertise.

Nana Raphael
Senior Vice President, Investment Banking - Mergers & Acquisitions
Jefferies Office: London
School: London School of Economics and Political Science, Columbia Business School
Major: Accounting and Finance

I usually get to work by 9:00 am, after grabbing a large coffee from the local coffee shop and helping myself to some toast in the kitchen. I try to manage my day during my morning commute by reviewing meetings I'm required to attend, checking email and deliverables for the day, and if possible, browsing the news. This allows me to free up some time to tackle the immediate deliverables by mid-day. Client requests are usually urgent so I tend to deal with those before progressing on to more internal tasks. It is not uncommon to have a few conference calls interspersed into the morning's activities in relation to some of these tasks.

The buzz of the day usually heightens during the evening. Clients are gone for the day, so we can focus more on our tasks. We typically grab dinner together and then huddle back at our desks to number crunch and prepare analyses to send to clients and seniors overnight so they can review them first thing in the morning. Once the task at hand is completed, I order a taxi and enjoy the ride home knowing it's been a good day.

We recently closed a sell-side transaction for a healthcare client who was very appreciative of our execution expertise and hard work throughout the six-month process. The highly competitive process resulted in a secondary buy-out, an outcome I was particularly pleased with. Closing deals and achieving optimal results for clients remain my favorite parts of this job.

As for working at Jefferies, I have always been pleasantly surprised and refreshed by the level of responsibility I was given from the first day. Even with regards to client interaction and representation of my team at internal meetings, I was trusted by senior bankers from day one. Because M&A provides in-depth exposure to a variety of industries, it allows me to learn intricate details about different industries in a very short time spans. The members of my team are good-natured and have a great sense of humor, but also work incredibly hard and deliver great results for our clients.

Logan Shanney
Associate, Investment Banking - Media
Jefferies Office: New York

Entrepreneurial. Unique. Progressive. Client-focused. These are a few reasons why I not only came to work at Jefferies, but have stayed at Jefferies.

During my junior year of college, when I was choosing where to spend my summer internship, I knew I wanted a place at which I could make a career. I wanted the camaraderie, the drive, the challenge. Throughout those first ten weeks at Jefferies, I networked and explored everything an investment bank had to offer. It was not until I joined the Media and Telecom group full-time that I truly realized what a privilege and unique experience the generalist period was in terms of shaping my career. In a way, I could make my own path, find a group that fit my interests and what I wanted to accomplish. Each year, the generalist internship program ensures that the incoming first year analysts and associates are placed into groups that are both a cultural and intellectual fit. It is a program that provides an invaluable foundation which extends well beyond those ten weeks as an intern.

As I enter my fifth year at Jefferies, I often think the better question is not necessarily why people come to work at Jefferies, but why we decide to stay. As an analyst to associate promote, I had reached a pivotal time in my career. I had the choice of continuing with my group in this newfound role or starting a new career path elsewhere. The decision for me came easily. Within an evolving industry, every day is different. I constantly learn something unfamiliar and conquer new obstacles. I recognize that I am at a place where my voice matters and where I have a great deal of exposure and responsibility at a junior level. Since the first day of my internship, I have continued to build a network that reaches farther than just the boundaries of my group. This is a network of mentorship and camaraderie, one which is unique to Jefferies and one that I continue to build each day. And within my growing network, I have realized that the Jefferies mentality is reflective of what the generalist period succeeds at creating for its interns: we are adaptable and entrepreneurial, we are progressive thinkers, we are team players, we are hungry to do well and create value for our clients. These characteristics are what define Jefferies and are among the reasons so many of us have chosen to build our careers here.

Alex Sugarman
2015 Intern – 2016 Analyst      Fixed Income
Jefferies Office: New York

As an intern, a typical day starts with going through a wide variety of research reports, daily commentaries, and Bloomberg screens to get a good understanding of what happened the night before, and what is going to happen in the coming hours. That not only entails following the treasury markets, but also understanding the relationship that fixed income has to global stock markets, commodity markets, and foreign exchange markets. Depending on the desk that I am sitting at during the week, I will be sure to look for any news regarding any specific trades or issuances that could be of interest.

After I’m up to date on the markets, I check my email to see if there are any specific tasks or projects that have come up. If there are none, I then begin scheduling meetings with different salespeople or traders for that day. With each person on the desk, I come prepared with a general idea of what they do, and a set of questions or topics of interest that they can expand on for me. The internship, above all else, is a learning process, and everybody is more than happy to go into as much detail as you need about different topics.

When having those conversations, I ask if there are any projects that I can assist with, whether that entails running portfolio regressions, analyzing relative value trades, or simply compiling research reports and giving brief summaries. I’ve found that the more proactive you are in seeking projects, the more willing my colleagues on the trading floor will be to guide me through their product to get a deeper understanding of what’s going on.  As the day winds down, I go back to Bloomberg to see exactly what happened that day, what major events caused any movements, and to try and figure out what big factors will play a role in the Asian markets trading, and for the next day.

Overall, my internship at Jefferies has been a very valuable learning experience, both in terms of understanding the entire landscape of fixed income, and digging deeper into specific product areas through projects and presentations. Everybody at Jefferies has been more than willing to take time out of their day to guide the entire intern class through their products, and because of that, we have all felt, not only very educated, but also integrated within the firm.

Leslie Tatlow
Assistant Vice President, Fixed Income
Jefferies Office: New York

I began working on the Mortgage desk in the Fixed Income division following my rotation in the Summer Analyst program in 2012. I learned right away that as a salesperson, my main objective is to help our clients and the trading desk. Even when there is market turmoil, there are reasons to pick up the phone, call clients and tell them how Jefferies can add value. Jefferies’ senior management constantly reminds us to remain committed to our clients and put forth our best effort to obtain our goals.

Each day I figure out how I can contribute to my group and to our clients. In the morning I read various news sources, research from our economists, and market updates from the traders. Communication and flow of information are vital to our business. Throughout the day it is important to stay in tune with market activity to make sure I am providing useful information and unique ideas to customers.

The Mortgage group at Jefferies is composed of many senior individuals from the industry, and I have been fortunate to work with people who are among the most talented on the street. One aspect of Jefferies that sets it apart from other firms is its culture and willingness of senior leaders to mentor younger employees. As a junior team member, I constantly strive to learn something new as it is important to my career development, and my desk contributes in any way possible. As I develop and grow at Jefferies, I understand the impact that our firm has on our clients.