Jefferies Group hired Tim Brennan, who ran high-yield debt trading for Credit Suisse Group AG in the Americas, according to people with knowledge of the matter.
Brennan is co-head of high-yield bond trading with Tim Sullivan, who was appointed to lead that unit last year, said one of the people, who asked not to be identified discussing personnel.
The fixed-income division that Brennan is joining has been in a slump this year. Chief Executive Officer Richard Handler has blamed distressed-debt trading, which isn’t part of the group Brennan and Sullivan will run, the person said. On Thursday, the investment bank owned by Leucadia National Corp. said it lost $18.2 million in fixed-income trading in the three months ended Aug. 31, compared with $195 million in revenue a year earlier.
Brennan left Credit Suisse in March. He worked there since 2000 when the Zurich-based lender acquired investment bank Donaldson, Lufkin, & Jenrette, where he was a vice president in the leveraged-finance group.