Jefferies cut its London pay after profits rose 40%
Jefferies, the American investment bank run by Richard Handler, published results this week for its London-based subsidiary, Jefferies International Limited for the year ending November 2025. They were great, but its employees probably aren’t too happy about them.
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To start with, Jefferies’ net revenue reached £1bn ($1.3bn), an 11% increase on the period before. More impressively, its bottom-line income for the year reached £92m ($122m), a staggering 40% increase on the year before.
Despite that, Jefferies’ people in London might be disappointed. Average pay at the UK operation decreased between the two periods – from £368k ($489k) per head in November 2024 to £354k ($470k) in November 2025 – despite the strong performance.
The decline in pay was possibly due to hiring. The firm’s overall headcount increased by 8.2%, with an increase in both its front office staff (7.4% up) and administrative staff (9.7% up). Total compensation spend only increased by 4%, however, which wasn’t enough to make up the shortfall.
Jefferies’ huge increase in revenue was across the board. The firm’s revenue from trading commissions, investment banking fees, and research commissions was up by 28%, 27%, and 35%, respectively.
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