JEF

Jefferies sets up investment banking unit in Canada to boost international expansion

Credit: REUTERS/EDUARDO MUNOZ

Dec 4 (Reuters) - Jefferies Financial Group JEF.N said on Monday it has set up an investment banking and capital markets unit in Canada, sticking to its plans to pursue an international expansion even as some of its peers look to cut costs.

The New York-based bank said more than 40 people were joining across investment banking, equity research and sales and trading.

Jefferies President Brian Friedman told Reuters in September that the bank was planning to expand into Canada before the end of the year.

In recent months, Jefferies has opened offices in Israel and Brazil and beefed up investment banking presence in Dubai and India.

The move is in contrast with some of its Wall Street peers, which have been focusing on controlling expenses.

Jefferies' investment banking team in Canada would be led by Bruce Rothney. He moved to Jefferies after more than 13 years at Barclays BARC.L where he was most recently the CEO of the bank's operations in Canada.

(Reporting by Pritam Biswas and Niket Nishant in Bengaluru; Editing by Shilpi Majumdar)

((Pritam.Biswas@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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