General view of Jefferies Financial Group offices in Manhattan, New York City, U.S., December 8, 2021. REUTERS/Eduardo Munoz/said on Tuesday it plans to reduce the size of its merchant banking portfolio as part of a restructuring aimed at focusing on its global investment banking business.
The financial services company will also sell its wood and lumber products business, Idaho Timber, in two deals for a combined $239 million.Jefferies' merchant banking portfolio, which includes investments in real estate, oil and gas, and public companies, was worth $1.6 billion at the end of May, according to a regulatory filing.
and Morgan Stanley after a record run in 2021, as geopolitical turmoil and fears of a looming recession have throttled dealmaking.