NEW YORK: Securities and investment banking firm Jefferies Group plans to purchase Prudential Bache, one of the biggest names on Wall Street, for $400 million, The Wall Street Journal reported Thursday. The transaction, which could be announced later in the day, will bring Jefferies closer to its goal of becoming an investment bank that offers a complete range of services to its clients. The 400-person unit would be renamed Jefferies Bache, the Journal said, and citing people familiar with the matter. Founded in 1962, the fast-growing Jefferies long focused on the securities industry but with the end of one-time Wall Street heavyweights like Bear Stearns and Lehman Brothers, the group has begun diversifying to fill new gaps in the US financial market. Jefferies has increased its staff by an additional 850 people, bringing its head count to over 3,000 employees.
Comments
Comments are closed for this article.