Dive Deposits: Jefferies Executives on Damage Control
Jefferies' CEO and president have distanced their company from the bankrupt auto parts supplier First Brands, emphasizing the bank's liquidity and assets.
Three weeks ago, the lead storyline at Jefferies' investor day was expected to be the enhanced partnership with Sumitomo Mitsui Banking Corp. However, this changed with the disclosure of Jefferies' exposure to debt from First Brands' bankruptcy.
Jefferies CEO Rich Handler and President Brian Friedman sought to address investor concerns in a letter on Sunday.
- Jefferies' stock has plummeted 22.6% since September 30, following First Brands' bankruptcy declaration.
- The bank's investor day is scheduled for Thursday.
Author's summary: Jefferies executives address investor concerns over First Brands bankruptcy.