Matthew Larson
Jefferies Financial GroupAbout Matthew Larson
Matthew S. Larson, 52, is Executive Vice President, Chief Financial Officer, and Principal Financial Officer of Jefferies Financial Group (since March 2023), previously CFO of Jefferies Group (Aug 2020–Nov 2022), with earlier senior finance roles at Barclays and Goldman Sachs; he is a CPA and holds a B.S. in Finance from Idaho State University . During his CFO tenure, Jefferies delivered FY2024 net revenues of $7.03B (+50% YoY), pre-tax earnings of $1.01B (+184% YoY), diluted EPS of $2.96 (+169% YoY), ROTE 10.9%, and absolute TSR of 128.9%, ranking #1 vs peers on 1- and 3-year TSR .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Jefferies Financial Group | EVP, CFO & PFO | Mar 2023–present | Oversight of finance, accounting, operations, support infrastructure; partner to executives in FY2024 capital raises and performance execution |
| Jefferies Financial Group (post-merger) | EVP, Co-CFO & PFO | Nov 2022–Mar 2023 | Transitioned finance leadership following merger of Jefferies Group into Jefferies |
| Jefferies Group | CFO | Aug 2020–Nov 2022 | Led Group finance; set foundation for subsequent integration and CFO role |
| Barclays Americas; Barclays PLC Global Markets | CFO | 2017–2020 | Regional and global markets finance leadership |
| Barclays Investment Bank | Managing Director, America’s Controller | 2014–2017 | Led Americas controllership; finance controls and reporting |
| Goldman Sachs | Managing Director, Finance Division | Not disclosed | Senior finance roles; controls and divisional finance leadership |
External Roles
- No public company directorships or external board roles disclosed for Mr. Larson in the latest proxy .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 1,000,000 | 1,000,000 | 1,000,000 |
| Annual Bonus ($) | 2,000,000 | 2,000,000 | 2,500,000 |
| All Other Compensation ($) | 5,072 | 5,581 | 5,784 |
| Total ($) | 3,005,072 | 3,005,581 | 3,505,784 |
Notes:
- All Other Compensation includes contributions to the Profit Sharing Plan ($5,784 in FY2024) .
Performance Compensation
| Component | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Cash Bonus (FY2024) | Company and individual performance assessed under four pillars (Financial Performance, Capital Allocation, Business Strength, Leadership/Culture) | Program weights: 65%/10%/10%/15% (program-wide) | Not disclosed for CFO | Exceeded expectations per Compensation Committee; CFO contribution to finance, operations, support infrastructure | $2,500,000 (cash) | Cash; no equity vesting |
| Long-term Equity (FY2024 cycle) | RSUs/PSUs | n/a | n/a | n/a | None granted to CFO in FY2024; grants were to CEO/President | n/a |
Program context:
- For CEO/President, equity comprises RSUs (3-year cliff) and PSUs tied to three-year ROTE thresholds (7.5%/10%/15% for 75%/100%/150% payout caps) . CFO’s incentive compensation consists solely of a year-end cash bonus .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Common Shares) | “—” shares; less than 0.1% of class |
| Vested vs. Unvested Equity | No outstanding equity awards are reported for CFO in FY2024; no RSUs/PSUs/options listed |
| Options (Exercisable/Unexercisable) | None reported |
| Shares Pledged/Collateral | No pledging disclosed for CFO; company prohibits hedging; margin pledging observed for CEO/President in ownership table, not for CFO |
| Stock Ownership Guidelines | Minimum holding periods policy applies to named executive officers (50% of after-tax shares for other NEOs), but CFO had no equity grants in FY2024 |
Employment Terms
| Term | Provision |
|---|---|
| Employment Agreement | None; named executive officers do not have employment agreements |
| Severance Policy | Jefferies policy: one-half month’s salary per year of service, capped at 6 months; up to 12 months if age + years of service ≥ 60 |
| Change-of-Control | No single-trigger/change-in-control agreements; no automatic acceleration of equity vesting on change in control |
| Estimated Termination Payments (11/30/2024) | Involuntary Termination: $177,846; Involuntary Termination following Change-in-Control: $177,846 (severance only; no equity) |
| Clawback Policy | NYSE-compliant clawback on cash/equity incentive compensation for restatements; applies to current/former executive officers |
| Anti-Hedging | Hedging, short selling, options, and derivative transactions prohibited for directors/executives/employees |
| Deferred Compensation | Named executive officers do not participate in the separate Jefferies deferred compensation plan; CFO has no reported deferred comp |
| Pension | No pension participation reported for CFO (legacy plan participation pertains to CEO) |
| Perquisites | Not specifically disclosed for CFO; All Other Compensation reflects $5,784 PSP contribution in FY2024 |
Investment Implications
- Alignment and selling pressure: CFO’s compensation is predominantly cash with no FY2024 equity grants and de minimis share ownership, implying low insider selling pressure but limited direct equity alignment; monitoring future grant practices is prudent if alignment becomes a focus .
- Retention risk: Severance economics are modest and there is no change-in-control acceleration, which reduces “golden parachute” risk but also provides fewer long-term retention hooks than equity vesting would; retention relies on role, culture, and annual bonus outcomes .
- Governance and risk controls: Strong clawback and anti-hedging policies reduce adverse incentive risk; absence of tax gross-ups and CIC acceleration is shareholder-friendly .
- Performance backdrop: The finance function under Larson’s tenure supported a year of exceptional performance (TSR +128.9%, net revenues +50% YoY, ROTE 10.9%), validating operational execution; continued delivery on ROTE above 10% is a key program metric and an indicator of sustainable incentive payouts firm-wide .
- Trading signals: With minimal personal holdings, Larson’s transactions are unlikely to be material indicators; instead, watch firm-level compensation decisions (e.g., resumption of equity grants to NEOs), capital allocation actions, and TSR/ROTE trajectory as drivers of sentiment .