Team Jefferies,
Every August, we use our monthly letter to share insights and ideas from our global summer interns and use it as an opportunity both to hear what’s on their minds and to personally reset and reflect. This year, we asked all 365 summer interns to share a message with all of us that we can ponder, consider, and carry with us for the month. This message can be about anything they see as important, such as their thoughts on the state of the world, market activity, or their experience being part of Team Jefferies. As they discovered, this is no easy feat, but our interns rose to the challenge.
The two of us and other Jefferies senior leaders read all 365 letters, and we choose winners completely objectively and without knowing the names of the authors. Selecting winners is never easy, as each and every submission is thoughtful, interesting and inspiring. However, we work diligently to choose winning letters that we believe will resonate with and inspire all of us, and these are what we share with all of you.
The six winners this year come from divisions across our firm globally: Equity Sales and Trading, Asset Management, Equity Research, and Investment Banking. We’re delighted to share the winning letters from Harsh Agarwal, Jasper Feldman, Claire Scarcella, Ava Arceri, Mandy Chang, and Iva Raturi.
Thank you to all our interns for your hard work this summer and the work you put into writing these letters. Your letters show how you all were able to embody Jefferies’ values and become part of Jefferies’ team and culture in just a short window. All interns should feel proud of your exceptional talent, dedication, and thoughtfulness. Thank you for being a part of Jefferies this summer! And to the rest of the firm, reading these letters is a great way for us to say thank you for the time that our interns spent with us. We also want to say thank you to each of you for mentoring them, sharing our culture and capabilities, and showing our future leaders what makes Jefferies so unique.
Rich and Brian
Harsh Agarwal
Division: Investment Banking Summer Associate Program – New York, Generalist
School: Northwestern University – Kellogg Graduate School of Management
Setting the Tone: Substance is the New Style
Jefferies moves fast. Models are turned overnight. Decks evolve by the hour. Pitches come in flurries. And yet, in the middle of all that speed, one theme has stood out consistently: style may get you noticed, but substance earns trust.
In just a few weeks here, I have seen that what sets Jefferies apart is not flash – it is follow through. The sharpest people are not the loudest in the room. They are the ones whose work speaks for itself. The people who, regardless of title, choose precision over posturing, facts over flourish, and clarity over complexity. And they do it under pressure, when it’s easier not to. That quiet pursuit of excellence? That’s the culture. And that’s the tone I believe we must continue to reinforce.
It starts with ownership. I have seen analysts double-checking every assumption as if their name were on the cover page. Associates framing feedback not just to edit slides, but to elevate thinking. VPs and SVPs redoing layouts to make sure the story lands cleanly. And Managing Directors taking time to explain why a “no” matters as much as a “yes.” The common thread: they all treat the work like it is theirs — because it is.
Ownership isn’t about hierarchy. It’s about intent. Whether you are leading the pitch or building the model, your fingerprints are on the outcome. And at Jefferies, outcomes matter.
That kind of accountability is rare. It creates an environment where we are not just asked to get things done, we are asked to get them right. To question, to tighten, to rethink — not out of defensiveness, but out of pride in the product. That mindset, I believe, is Jefferies’ edge. In an industry often obsessed with optics, we have built a reputation on depth. Clients feel it. Interns sense it. The market notices it.
But cultures like this don’t run on autopilot. They need to be reaffirmed — daily, deal by deal, decision by decision. Especially as we scale globally, embrace new sectors, and onboard new talent, we have a chance to double down on what makes us distinct.
Let’s continue to choose substance over shine, not just in what we say, but in what we send out the door. Let’s keep writing in bullet points when paragraphs would look fancier. Let’s keep flagging issues instead of hiding them. Let’s keep acting like owners — even when no one is watching. Especially when no one is watching.
At Jefferies, style isn’t about polish. It’s about precision. And substance isn’t optional—it’s the tone.
Jasper Feldman
Division: Investment Banking Summer Analyst – New York
School: University of Wisconsin – Madison
Jumping In
Starting your first day at Jefferies is a lot like walking into one of Rich Handler’s infamous trampoline workout classes. You’ve heard the stories—high energy, nonstop movement, and fast-paced. You show up unsure of what you’re doing, trying to look confident while hoping you don’t wipe out in front of everyone.
That was me on day one. I didn’t know anyone else interning here—not even the other intern from my school. And while the first week was packed with training sessions and welcome presentations, it still felt like I was bouncing solo on my own trampoline, trying to find rhythm in an unfamiliar room full of people who all seemed to be landing perfectly on beat.
To make matters more interesting, I got completely turned around trying to get to the office one morning and ended up on the wrong train headed downtown. I stood in the middle of the platform, sweating in a full suit, surrounded by New Yorkers who looked like they were born knowing exactly where to go. Eventually, I made it in—only a few minutes late—pretending I hadn’t just sprinted six blocks in loafers.
Then came one of my first real assignments. I was nervously clicking around in PowerPoint, trying to apply every shortcut I’d just learned in training. I spent hours building a single slide that, in hindsight, probably should’ve taken twenty minutes. Exhausted but relieved, I got up to grab a coffee, proud that I’d finally finished it. But when I came back to my desk, the file hadn’t saved properly. All that work—gone. Back to square one.
But little by little, things started to shift. Just like in that trampoline class, you start learning how to move with control. You realize that everyone else is focused on staying balanced themselves—not judging how high you’re jumping. You meet people, have real conversations, and begin to feel part of the energy rather than overwhelmed by it.
And the metaphor holds. Every desk is like a mini trampoline—your own space to learn, push yourself, and occasionally stumble. The pace is fast, and there’s definitely a learning curve, but there’s also a momentum that carries you forward. At Jefferies, you’re surrounded by people who want to see you find your rhythm—not just bounce around aimlessly.
The same way Rich doesn’t slow down the class for anyone, the culture here doesn’t either. But I’ve come to learn that it’s not about perfect form—it’s about showing up, putting in the work, and being willing to keep jumping, even when it’s uncomfortable.
By the end of the first week, I wasn’t just surviving—I was having fun. A little sore, maybe, but excited to be in the room. And grateful to be bouncing alongside 100+ other interns, all figuring it out just like me.
You don’t have to be a professional trampolinist to sign up for the class—because getting lost, trying something new, and bouncing through the awkward moments is exactly how you start.
Claire Scarcella
Division: Investment Banking Summer Analyst—New York
School: Wake Forest University
For over a decade, gymnastics played a central role in my life –spending countless hours in the gym perfecting routines, learning new skills, chasing precision, and pushing myself to improve. Gymnastics taught me that success doesn’t come from natural talent alone, but also discipline, the ability to “get up,” and relentless focus on the details. Every meet was a mental test: to control my breathing, to recover mid beam routine when one wrong foot placement caused me to land on the floor rather than the beam, and to do it all with a smile.
In my gymnastics career, smiling wasn’t just for the judges—it was a tool for me. A smile spurs a chemical reaction in the brain, releasing certain hormones including dopamine and serotonin. The mere act of smiling can lift your mood, lower stress, boost your immune system and possibly prolong your life. To be honest, I’m not sure how true it all is, but even if a smile doesn’t help you, I am positive it helps those around you.
This summer, as an investment banking analyst, I found myself drawing on the lessons I learned over the years in gymnastics. Like gymnastics investment banking requires consistency, preparation, and the ability to perform under a pressure–filled environment. Each deliverable felt like its own gymnastics event—floor, beam, vault, and bars. Some projects, like a floor routine, felt natural and expressive; a place where I could really shine. Other projects, like bars, were a constant struggle to stay in rhythm, requiring every ounce of focus just to stay afloat. The same focus I applied to sticking the landing on beam, I now apply to making sure my work is accurate, polished, and reviewed. Like with gymnastics, I came to understand that mistakes in practice were less important than how I responded to and learned from them. And I took real pride in meeting feedback with a smile.
Here are 5 conclusions I made so far this summer:
You don’t start with a backflip.
Every gymnast begins with the basics—mastering the fundamentals is what makes the grand finale possible.
Bend so you don’t break.
Flexibility is your greatest strength—being able to adapt and reprioritize with grace is what helps you excel under pressure.
Falling off the beam in practice is better than in competition.
Mistakes in practice are gifts—they’re where constructive criticism and self-correction leads to growth and perfection.
Smile.
Why not?
It’s all about the team.
Individual success is built on collective strength—when the team thrives, everyone wins.
I don’t think I can stress the importance of number five more. This morning alone my fellow intern spent an hour helping me with a task that she had no gain in, my desk mates and I spent the morning laughing about our weekend activities, and we collectively made it our mission to cheer up another intern who had a rough work night. The key to success is having people around you can share it with. I saw it in the gym celebrating and crying with my team, and I see it now with my fellow interns, some of whom I am positive will be lifelong friends.
Ava Arceri
Division: Asset Management Summer Analyst – New York
School: Stanford University
The Culture We Choose
Culture is not inherited, it’s constructed. On a team, in a firm, or across an industry, culture is a result of the small, repeated decisions we make when we believe no one is watching. As a Division I athlete, I’ve been exposed to a culture that did more than merely request talent. It requested accountability, grit, and an obsession to improve. That environment shaped my understanding of culture as something we create through our habits, our energy, and the way we show up for each other each day.
Finance, like sport, is about performance. It involves precision, speed, and the capacity to make tough decisions under stress. But what distinguishes a company or a team from the rest isn’t the amount of effort individuals puts in—it’s how they collaborate. It’s whether people own not only their role, but also the benchmark by which they live each day in front of those around them. That is where culture lives: in the shared commitment to something more important than us.
At Jefferies, I’ve seen how culture isn’t just a buzzword—it’s embedded in how people write, communicate, think, and solve. From my first day at Jefferies, I’ve felt something distinct about its culture: people genuinely care. Whether it’s someone asking how my day is going, taking time to explain a concept, or simply sharing their own story, there’s a feeling that I’m not just an intern here—I’m a teammate, and I belong. And while Jefferies instills a certain pace and intensity, the individuals do not let work come at the cost of humanity. It is the way we can still make space for questions, invite conversation, and listen, that make this firm unique. People are curious about what brought me here and the different things I’m learning. This all doesn’t just make me feel welcome, it makes me want to give more, learn more, and contribute more.
The best teams execute while supporting each other, challenging ideas, and raising the bar every day. That mindset mirrors the best locker rooms I’ve been part of. Environments where no one settles, where responsibility is not a burden but a badge of honor, and where success is determined not solely by outcomes, but by the process and effort that goes into them.
My reflection for this letter isn’t a message—it’s a question: What are we building as our culture every day in what we do? Are we competing honestly? Are we leading others while striving to be our best? Are we opening space for others to bring their best—and being challenged to do even better? Culture is not passive. It doesn’t trickle down. It’s made in moments, in conversations, in the standards we set for ourselves and the shortcuts we refuse to take. Whether on the field or in the office, culture will be our legacy, and we all have a hand in writing it.
Mandy Chang
Division: Equity Research Summer Intern – London
School: Imperial College Business School
Becoming the Person I Admire
Coming from Taiwan, a small but beautiful island that often gets mistaken for Thailand, I arrived in the UK 4 years ago as a wide-eyed girl without the understanding in the finance industry. Back then, I had never heard of a ‘spring week’, struggled to write a CV, and had countless Hirevue without receiving a single reply. I found it so hard to fit in and constantly questioned whether I truly belonged here. Each morning, I would stand in front of the mirror and tell myself, ‘Mandy, you can make it. Have faith.’ However, beneath there was fear. I used to think working at such a prestigious bank was something completely out of reach for me.
The night before my first day of the internship, all those doubts came flooding back. However, the moment I walked through the door to Jefferies, those insecurities disappeared. From day one, I felt seen, heard, and supported. What stood out to me the most was not just the technical brilliance of people but the culture. People are given with the autonomy and genuinely wanting to hear my opinion. They are open, passionate, and encouraging new perspectives, even from the junior levels.
Associates and senior team members always involve us in real conversations, give context to every task, and welcome us into every event, training, etc. I was surprised when my work was not only taken seriously but can actually bring value to the team, making me feel belonging. During every event outside of work, interns are never sidelined, making me feel a part of the big family. I realised that being different, being from Taiwan and having an unconventional journey, was not something needed to be hidden but something that give me a unique voice.
In just 3 weeks, I have improved my critical thinking, effective communication, and most importantly, how to believe in myself. I no longer see this industry as unreachable. I know that with the right mindset, support, and willingness to learn, I can thrive in it. The internship has not just taught me about finance but changed how I see myself.
One piece of advice has always stayed with me, something my Managing Director once told me: “In this industry, it’s kindness, not just competency, that carries you the furthest.” At Jefferies, I saw that come to life. Beyond the impressive knowledge and sharp thinking, what stood out most to me was the passion, humility, and generosity of the people around me. The willingness to support one another, to uplift interns, to be grateful to people around us are not just inspiring, but it has become a standard I now hold myself to.
Iva Raturi
Division: Equities Sales & Trading Summer Program – London
School: London Business School
Trading Expectations – and Exceeding Them at Jefferies
Markets move fast. So do I. There is a singular moment, instants before the London opening bell, when everything is still; and then, in a heartbeat, everything shifts. That pulse, that edge-of chaos clarity, is what I live for.
As a young woman stepping onto the trading floor, I have been told at times how to blend in: to be risk-averse, more cautious, and less assertive. But when I look at Jefferies, I see a place that does not ask me to take up less space, it challenges me to own it. To speak up, lean in, and lead with confidence. It is a firm that does not expect conformity: it values character.
Sales and Trading is where I feel most alive. It is the only environment that fuses my instinctive feel for markets with my analytical edge, a space where curiosity meets decisiveness, and intensity is not just welcomed, it is required. I thrive on pace and I think in quick pivots, in patterns emerging from noise. Here, the entrepreneurial spirit triggers the market ring bell every morning at eight o’clock sharp. At Jefferies, I love the high-stakes conversations where every second counts, how everyone is five steps ahead and still accelerating, because that is how I think too. And I want to do it here, with people who do not just tolerate difference, but thrive on it.
Ever since I started my internship here, I saw a trading floor that pulses with more than market data. It pulses with energy, ownership, and trust. It’s a place where individuality is not just tolerated but celebrated. Where cognitive diversity is encouraged, which is what I have realized after meeting my mentor who is an inspiringly powerful advocate of J-ABLE. Where being sharp, bold, and unapologetically different is not a footnote, it is a true competitive edge. This is not just a firm that encourages authenticity, but trades on it.
Worldwide, just about eighteen percent of Sales and Trading hires are women. That number is not just a statement, it is a reflection of legacy, a system that for long moved in one direction. But Jefferies, with its flat hierarchical spirit and culture of early responsibility, offers something different to me and other interns: not just a seat at the table, but the encouragement to reshape it. Here, I see that difference is not just accepted, it is powerful. But more importantly, I know that my voice, perspective, and presence already have value. At Jefferies, even as an intern, I see the chance to change the conversation. So yes, let’s “trade” expectations and exceed them!