Jefferies Financial Welcomes Toru Nakashima to Board

By Bobby Samwell • Monday, August 12 07:58 • Permanent Link

In a recent development, Jefferies Financial Group, Inc. (NYSE: JEF) has welcomed Toru Nakashima, President and Group CEO of Sumitomo Mitsui Financial Group, Inc. (NYSE: SMFG), to its board of directors. This appointment, effective from August 12, 2024, represents a significant move in strengthening the strategic alliance between Jefferies and the SMBC Group.

Sumitomo Mitsui Banking Corporation (SMBC) has been increasing its economic ownership in Jefferies, with the recent increase bringing its ownership to 10.9%. This increase entitles SMBC to nominate an individual for the board of directors, and they have chosen Mr. Nakashima for the position.

Mr. Nakashima brings extensive experience to the board, having started his career in 1986 at the Sumitomo Bank, Limited. He has held various key positions within SMFG and SMBC, culminating in his appointment as President and Group Chief Executive Officer of SMFG in November 2023.

Jefferies' CEO, Rich Handler, and President, Brian Friedman, expressed their enthusiasm for Mr. Nakashima's appointment, emphasizing the value of his experience, insight, and relationships to Jefferies. They are eager to leverage the strategic alliance with SMBC to bring added value to their clients and stakeholders.

Mr. Nakashima also expressed confidence in the strengthened alliance with Jefferies, highlighting the meaningful opportunities that have arisen from the strategic alliance in the past few years.

Jefferies Financial Group, Inc. is a global, full-service investment banking and capital markets firm with a presence in 21 countries, offering a range of services including advisory, sales and trading, research, and wealth and asset management.

This appointment marks a significant milestone in the ongoing partnership between Jefferies and SMFG, signaling a commitment to leveraging their combined expertise and resources for the benefit of their global clients. Today the company's shares have moved -0.2% to a price of $55.21. Check out the company's full 8-K submission here.

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