Jonathan Hoffman Explained

Jonathan K. Hoffman
Birth Date:17 October 1972
Birth Place:Philadelphia, Pennsylvania, U.S.
Education:University of Pennsylvania

Jonathan Hoffman (born October 17, 1972) is an American investment banker and bond trader. Hoffman has worked as a high-profile trader for both Lehman Brothers and Barclays.[1] [2]

Early life and education

Hoffman was born and raised in Philadelphia, Pennsylvania. His family owned and ran a candy business, Frankford Candy, which is one of the largest manufacturers of chocolate rabbits in the United States.[3] He is the youngest of five children.

Hoffman graduated from Jack M. Barrack Hebrew Academy in 1990 and the University of Pennsylvania in 1994.[4] He expected to attend the Wharton School of Business for his M.B.A, but instead took a job at Lehman Brothers.[5]

Career

Hoffman began working on Wall Street, at Lehman Brothers, in 1994. He expected to eventually enter his family's candy business, but soon became successful in trading government bonds.[6] [7]

He describes his trading strategy as having "quite a bit of gut in it" because he pays little attention to factors including economic growth rates and monetary policies.[8] [9]

In 2001, Hoffman moved to Palm Beach, Florida and began to work out of Lehman Brother's Miami office. From 2005 to 2008, Hoffman earned more than $140 million in bonuses and in 2008 became the firm's highest paid employee.[10] He served as the Head of Global Rates at Lehman Brothers.[11] [12] [13] [14]

Following Lehman Brother's bankruptcy in 2008, Hoffman worked at Barclay's from 2009 to 2013. He brought in more $1.1 billion during his time there, but left following greater federal regulations of the stock market.[15] [16] [17]

After leaving Barclay's, he took time off for two years before beginning to trade stocks from his home.

Since 2017, Hoffman has worked for ExodusPoint, a hedge fund.[18] [19]

Personal life

Hoffman currently lives in Wynnewood, Pennsylvania with his wife, Dr. Meredith Hoffman, and three children.

In 2016, Hoffman sued the estate of Lehman Brothers seeking $83 million in unpaid bonuses. Lehman Brothers was originally ordered to pay Hoffman $7.7 million, but U.S. District Judge Lorna Schofield later overruled that verdict, which was later reinstated by the Second Circuit Court of Appeals.[20] [21] [22] [23]

Notes and References

  1. Web site: Chu . Ben . Jonathan Hoffman: The former Lehman Brothers banker who is still . The Independent . 28 May 2015 . 27 Aug 2023.
  2. Web site: Butler . Sarah . Barclays paid star trader £170m in five years following financial crisis . the Guardian . 24 May 2015 . 27 Aug 2023.
  3. News: 7 years after Lehman failed, this trader still wants his $83 million bonus. The Washington Post. March 13, 2020.
  4. Web site: Jack M. Barrack Hebrew Academy Annual Report 2019-2020. Barrack Hebrew Academy. March 13, 2020.
  5. Web site: Star . For the Arizona Daily . Jonathan Hoffman: Corruption of the English language . Arizona Daily Star . 5 Jul 2023 . 27 Aug 2023.
  6. Web site: Trader Wrestles With Lehman Estate Over Big Bonus. The Wall Street Journal. March 13, 2020.
  7. Web site: Lehman Brothers dead, but trader keeps fight alive for $83 million bonus. Chicago Tribune. March 13, 2020.
  8. Web site: New Bankruptcy Documents Reveal Outsize Pay at Lehman Before Collapse. The New York Times. April 27, 2012 . March 13, 2020.
  9. Web site: The multimillionaire men of Lehman. https://web.archive.org/web/20120501044839/http://blogs.reuters.com/felix-salmon/2012/04/30/the-multimillionaire-men-of-lehman/. dead. May 1, 2012. Reuters. March 13, 2020.
  10. News: Barclays paid star trader £170m in five years following financial crisis. The Guardian. May 24, 2015 . March 13, 2020 . Butler . Sarah .
  11. Web site: Morning Coffee: Enormous profits of arrogant 35 year-old trader. Hiring mistake at Credit Suisse. efinanicalcareers. March 13, 2020.
  12. Web site: Former Trader Says Taped Conversations Show Lehman Owes Him Bonus. The Wall Street Journal. March 13, 2020.
  13. News: Revealed: how Barclays paid trader £170m. The Times. March 13, 2020 . Donnellan . Aimee .
  14. Web site: Lehman Brothers monthly risk meeting – package dated 5/31/05, meeting held 6/16/05. Stanford University. March 13, 2020.
  15. Web site: Lehman Bros. elite stood to get $700 million. Los Angeles Times. April 27, 2012 . March 13, 2020.
  16. News: Lehman 'Double Dip' Trader Denied Bulk of $83 Million Bonus. The Wall Street Journal. July 27, 2017 . March 13, 2020 . Scurria . Andrew .
  17. Web site: Lehman Bros. Bankruptcy Still on the Hook for Part of Bonus. Bloomberg News. March 13, 2020.
  18. Web site: What's new in financial services today?. Options Group. March 13, 2020.
  19. News: Michael Gelband to Launch Biggest Hedge Fund Startup Ever. Bloomberg News. May 21, 2018 . March 13, 2020.
  20. News: Ex-Lehman trader loses bid for $83 million 'windfall' bonus : judge. Reuters. July 6, 2016 . March 13, 2020.
  21. Web site: Former Lehman Trader Loses Bid for a 'Double-Dip' Bonus of $83 Million. The Wall Street Journal. March 13, 2020.
  22. Web site: Ex-Lehman trader loses bid for $83 million 'windfall' bonus – judge. Yahoo Finance. March 13, 2020.
  23. Web site: Ex-Lehman trader loses appeal of $83 million bonus. MarketWatch. March 13, 2020.

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