The planned rebranding of the company was done in order to reflect the company’s greater focus in the asset management and merchant banking activities rather focusing it as a diverse and quite random set of companies. Leucadia has recently announced that it will be hiving off few of its non-core and non-core financial assets for nearly $1.4 billion. The deal includes selling its 48 percent stake in the US meatpacking company National Beef for about $900 million. It also sold its equity interest in auto dealer business Garcadia for $425 million.
Leucadia has acquired Jefferies in November 2012 for a consideration of $2.9 billion and has been making a significant investment in the company and has appointed senior executives from Deutsche Bank and Credit Suisse in the Jefferie’s management.
Another Jefferies company, online retail Fx brokerage FXCM Group also expects a name change in the near future as the company wants Leucadia to disappear from the brand now.
Jefferies’ CEO Rich Handler, and President Brian Friedman said:
Further added: “Jefferies Financial Group Inc. better reflects who we are today and going forward, materially aids the brand recognition of our Jefferies investment banking and trading operations, and unifies our presence and our prominence in the financial community.”