Dive Deposits: Jefferies Executives on Damage Control Over First Brands
Jefferies' CEO and president are distancing their company from the bankrupt auto parts supplier, emphasizing the bank's liquidity, assets, and a new partnership.
Three weeks ago, Jefferies' investor day was expected to focus on an enhanced partnership with Sumitomo Mitsui Banking Corp. However, after disclosing exposure to debt from First Brands' bankruptcy, the bank's stock plummeted 22.6% since September 30.
Jefferies CEO Rich Handler and President Brian Friedman sought to address investor concerns in a letter on Sunday.
Ahead of the investor day on Thursday, the executives aim to reassure investors about the bank's financial stability and future prospects.
Author's summary: Jefferies executives address investor concerns over First Brands bankruptcy.