12 Jefferies Wishes for December

We completed Jefferies’ fiscal 2024 this past Friday, and today we start the sprint forward into fiscal 2025 in our best position ever by far.  2024 was the recovery year we had anticipated one year ago, and we are quite pleased with our results and, more importantly, our prospects for the future.  While last month we shared what we are thankful for, we thought it would be appropriate for 2025’s first monthly note to let each of you know what is on our current wish list.

1. For 2025, we hope to take the hard work and resources that we have invested for decades (and particularly these past five years) and drive them to full force to show our clients, each other, our shareholders, and the world what we are truly capable of delivering. 
2. We hope (and insist) that none of us ever get content, complacent, arrogant, entitled, or even mildly comfortable with the level of success we have achieved to date.
3. We wish (and will work our best) to achieve a fair, quick, honest, and comprehensive review and compensation period that will balance a very solid year (not yet spectacular) and allow for people to feel motivated, prepared, and eager to immediately hit the ground running in our fiscal 2025.
4. We hope (and are determined to make happen) that December is a hugely successful business month for all of us at Jefferies because we all recognize that it is always easier to end strong if you start strong.
5. We hope (and will continue to work tirelessly to ensure) that we maintain the same culture of integrity, transparency, humility, collaboration, entrepreneurship, and relentless drive that has enabled us so far.
6. We wish great success for our important long-term strategic partners (SMBC, Mass Mutual, and Berkshire Hathaway) and intend to do everything in our power to bring the full force of Jefferies to assist them as we strive to achieve our joint goals.
7. We hope (and it’s really the only way we ever operate) that we will always build our brand at Jefferies by being the firm that only prioritizes and does what is best for our clients, and our wish is that our clients continue to appreciate our ever-increasing capabilities and long-term commitment to them.
8. We hope (and are fully devoted) to further enhancing our strong commitment to building an important firm with purpose.
9. We hope, wish, and pray for an end to the horrific wars that have engulfed too many regions around the world and caused such pain, suffering, and loss of life to so many.
10. We hope (and will do our part to see to it) that the U.S. will come together and focus on the many priorities that unite us versus the very few that divide us. 
11. We hope each of you gets a chance to truly unplug for enough of the holidays so that you can totally unwind, enjoy precious time with your loved ones, and get fully re-energized to storm the hill with the two of us in 2025. 
12. We wish, hope, and pray for the health and happiness of the families and loved ones of each of you, our partners at the home we all call Jefferies… and the same for all our clients, stakeholders, supporters, and friends.

Wishing you all the best for this holiday season,

Rich and Brian