Jason Griffith, Jefferies (JEF:US) Group Inc.’s global head of equities, is leaving his position, according to two people briefed on the situation.
Jefferies has informed employees of the move, said one person, declining to be identified because the decision hasn’t been announced publicly. Griffith didn’t respond to messages today seeking comment.
Jefferies hired him in 2006 and promoted to him to co-head equities withRoss Stevens a year later, eventually giving Griffith sole oversight of the division. In this year’s fiscal first quarter, Jefferies’s equity-trading revenue slid 23 percent to $136.2 million from a year earlier, accounting for 17 percent of the company’s net revenue. Average daily equity trading on major U.S. exchanges fell 9.9 percent.
Richard Khaleel, a spokesman for the New York-based firm, said he couldn’t comment.
Griffith was hired in 2006 as co-head of equity products to help oversee Jefferies’s expansion in electronic-trading services and equity financial products, including derivatives, according to a statement at the time. He was previously head of U.S. structured-product sales at Societe Generale (GLE) SA after the Paris-based bank acquired Bank of America Corp. (BAC:US)’s structured- investments business.
Jefferies has climbed 39 percent this year through yesterday. The stock slipped 0.7 percent today to $18.92 as of 12:50 p.m. in New York.
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