Pros
1) Can be a junior person and, if you prove you can handle it, can run transactions from start to finish. 2) Jefferies is about hustle, people work very hard, and crave competing and winning (a theme that has been and continues to be noticed across Wall Street). 3) CEO is a very passionate guy and attends a ton of I-banking pitches with clients.... many firms claim "senior level support" to clients and transactions, but its a known fact that a CEO of a trillion dollar bank with massive businesses across the world can't possibly stand by that kind of a commitment; Jefferies CEO and #2's ability to stand behind clients with their time, energy, and deal-making skill is a real advantage for Jefferies. 4) With a large capital base supporting the growing I-bank, it is now safe(r) from the market sensitive risks that hurt the company following a somewhat baseless and poorly thought-out research report a few years back. 5) Not a bank holding company... this is a big marketing point for Jefferies, but it is nonetheless an advantage. Regulatory bodies across the world are restricting the type of business banks can participate in (i.e., high yield debt). Bank holding companies are being forced by their credit committees to turn down good clients that are levered up above regulatory standards. Jefferies is picking up this business.
Cons
1) As mentioned in the Pros column, bankers work hard. It is not for everybody. Good junior bankers here tend to be very efficient (or quickly learn to be) and commit a great deal of time and bandwidth to the job. Not necessarily a con depending on the person, but it is certainly a reality for some 2) As a more efficient firm (not speaking to comp) sometimes the resources larger BHC firms enjoy are not available to junior bankers at Jefferies. We get more than we need to do our job, but occasionally you notice a shortfall (i.e., no access to certain research reports). Again, not really a big con, but costs on non-comp items are managed closely.