Financial news

Jefferies CFO dies of coronavirus complications

By  | 

Via Financial Times

Jefferies chief financial officer Peg Broadbent has become the first senior Wall Street figure known to have died from coronavirus complications. He was 56. 

The New York-based investment bank announced his death on Sunday morning and named Teri Gendron, chief financial officer of Jefferies Financial Group, as his interim successor. 

“We are heartbroken and grieve that our friend and colleague, Peg Broadbent, has passed away from coronavirus complications,” Jefferies’ chief executive Rich Handler and president Brian Friedman said in a joint statement. 

They added that for more than a dozen years Broadbent had been “our CFO and partner, and helped us build Jefferies from less than half its current size, and navigate through hard times and good times”. 

Broadbent joined Jefferies’ New York office as CFO in 2007 after a 16-year career at Morgan Stanley, where he rose to become head of institutional controllers for fixed income, equity and investment banking, managing more than 1,000 people. 

“Part of what made Peg the great partner he was to all of us was his core humanity,” Mr Handler and Mr Friedman wrote. “No matter what the occasion, his decency, calmness and dry wit were always there, always making things better. We will miss him terribly.” 

Colm Kelleher, who stepped down as Morgan Stanley’s president last year and remains a senior adviser to the bank, described the news as “a terrible tragedy”. “Peg was at Morgan Stanley for a large part of his career. He was very smart and will be much missed. Our thoughts go to his family.” 

READ ALSO  NYSE reopens trading floor after two-month Covid shutdown

Vikram Pandit, the former Citigroup chief executive who spent 22 years at Morgan Stanley, described Broadbent as “a great colleague and friend,” adding that he was “honored to have had a chance to work with him. My deepest condolences go out to his family and friends.”

Broadbent, who was in good health prior to his coronavirus diagnosis, is survived by his wife Hayley, a former Morgan Stanley executive, their young children Sebastian and Peg, and his older children Anna, Sophie and Charlie.

Broadbent grew up in London and Dorset before earning a BSc from the University of Exeter and becoming a chartered accountant. He began his career at Coopers & Lybrand, a predecessor firm of PwC, before joining Morgan Stanley in 1991. 

The news comes just two days after Jefferies reported its highest quarterly revenue, of $1.17bn for the three months ended February 20. Mr Handler said the result proved the bank “entered this period of duress in the healthiest position in our history”. 

Print Friendly, PDF & Email

Latest from finanz.dk