Soft Dollars Out At W&D As Group Contemplates Refocus On Execution


Jefferies & Co. has shut down the soft dollar "conversion" operation of its W&D brokerage subsidiary with the intention of refocusing on execution services. The move, entailing the layoff of several employees, took effect on June 1 and may in part have been the result of lower order flow than expected from Jefferies' other operations, including its Investment Technology Group (ITG).

Jefferies runs a small soft-dollar group that operates separately from W&D--which Jefferies owns through a

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