Jefferies Group, the investment bank owned by Leucadia National Corp., hired John Novak from Citigroup Inc. to be co-head of U.S. cash equities sales trading, according to a person with knowledge of the move.
Novak, 47, will start at New York-based Jefferies in September and share duties with Rhys Brooks, 44, said the person, who asked not to be identified because the hiring hasn’t been publicly announced. They’ll report to Matt Foulds, global head of equity distribution.
Jefferies has beefed up its equities-trading business over the past year, hiring at least five electronic sales traders from Barclays Plc. Earlier this year, Jefferies hired Ed Keen from UBS Group AG to run European equities, a person briefed on the matter said. Revenue from equities trading increased 29 percent to $228.2 million in the second quarter from a year earlier, the company reported last week.
Novak joined Citigroup in 2011 from JPMorgan Chase & Co., where he started in 1996 and eventually became head of U.S. cash equities sales trading, according to his LinkedIn profile. He graduated from Lehigh University in 1992, according to the profile.
Novak declined to comment, as did spokesmen for Jefferies and Citigroup.