The investment bank Jefferies Group held a Global Coronavirus Relief Charity Day on Wednesday, May 27, and, on the next day, announced that it will donate $9.25 million to more than 85 charities and relief efforts focused on those suffering from the COVID-19 virus.
The firm dedicated this effort to the memory of Mr. Peregrine “Peg” Broadbent, the chief financial officer (CFO) for Jefferies Group LLC, who died earlier this year from COVID-19-related complications. He was 56.
Through the firm’s charity day, the clients of Jefferies generated $7.65 million in donated net trading commissions, according to the firm. Jefferies also announced that the firm itself will “donate $1 million directly, and voluntary donations from Jefferies’ 3,822 employees totaled $600,000.”
The charity day fundraising tool place as the official death toll for the U.S. from the virus hit 100,243 — a milestone for a pandemic that has claimed the lives of 352,684 people worldwide, locked down much of the world, and put the brakes on many sectors of the global economy. The number of confirmed COVID-19 cases in the U.S. is at 1,704,335, according to authorities.
As noted earlier, this pandemic hit home for the firm.
Broadbent served for “more than a dozen years” as CFO and partner at the firm “and helped us build Jefferies from less than half its current size, and navigate through hard times and good times,” according to a joint statement from Rich Handler, CEO, and Brian Friedman, president of Jefferies Financial Group, issued in late March when Broadbent’s death was announced.
“All of us at Jefferies have been personally and deeply saddened by the loss of our friend and long-time colleague, Peg Broadbent, to the Coronavirus and we are very concerned about the terrible loss of life and global impact of this pandemic. We dedicate this Global Charity Day in honor of Peg and encourage Jefferies’ global employees and clients to join our efforts to help those in need,” according to the latest joint statement from Handler and Friedman.
Among the 85 charities to receive donations are: NYC Mayor’s Fund | Peg’s Cure: $150,000; All Hands and Hearts: $150,000; American Heart Association: $150,000; and the Bowery Mission: $150,000.
The full list of recipients can be found here: https://bit.ly/2XfnG8E
“The charities selected are both big and small and represent everything from food banks, child care services, assistance with PPE and other medical supplies, support for front line medical workers, assistance for afflicted military personnel, local teen centers, support for police and fire, workforce training and re-training and many other worthy areas that are most in need,” according to an official statement from the firm.
“Finally, all of us at Jefferies would like to thank all the dedicated professionals working tirelessly on the front line to help those in need. They are the true heroes whom we are honored to help in Peg’s name.”
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