Jefferies Restructures Junk Debt Business, Bankers Leave
Jefferies Group LLC will merge its junk-rated loans and bonds business with the junk debt unit of its joint venture with MassMutual Financial Group, according to people familiar with the matter, in the biggest reorganization by a U.S. investment bank since the leveraged finance markets seized up last year.
As a result, Kevin Lockhart, global head of leveraged finance, and Adam Sokoloff, global head of sponsors, have left Jefferies, the sources said, asking not to be identified as the moves have not been announced.