Jefferies is a U.S.-headquartered global investment bank and capital markets firm serving corporations, financial sponsors, institutional investors, and government entities. Jefferies' core business is investment banking and capital markets, which covers two main areas. First, investment banking — advising clients on M&A (buy-side and sell-side), restructuring, and private capital advisory, as well as underwriting equity offerings (IPOs, follow-ons, block trades) and debt offerings (high yield, leveraged loans, investment grade, municipals, and structured products). Second, sales and trading — making markets in equities (cash, derivatives, convertibles, electronic trading) and fixed income (credit, rates, FX, structured products, and munis) for institutional clients including mutual funds, hedge funds, and pension funds. Jefferies is also a designated Primary Dealer for U.S. government securities. Jefferies earns advisory and underwriting fees on a transaction basis, trading commissions and bid-ask spreads as a market maker, and net interest income in its prime brokerage business. Revenue is cyclical, tied to M&A volumes, capital markets activity, and broader market conditions, though variable compensation provides a partial natural hedge. Jefferies also has two notable JVs: Jefferies Finance (leveraged lending, 50/50 with MassMutual) and Berkadia (commercial real estate lending, with Berkshire Hathaway). A smaller Asset Management segment offers alternative investment strategies to institutional investors. Jefferies sits between boutique advisory firms and the largest global banks, targeting mid-market and upper-middle-market transactions.