(Bloomberg) -- Jefferies Financial Group Inc. raked in $12.4 million from its trading business Wednesday, money that will be donated as part of the company's support for the people of Ukraine.
Including employee and company contributions, the investment bank raised more than $14 million, which will be distributed to 20 charities dedicated to Ukrainian humanitarian aid, according to a statement Thursday. New York-based Jefferies saw higher revenue in their trading unit as a result of the charity day, Chief Executive Officer Richard Handler said.
“It resonated with clients and instead of spreading commissions to different firms, they send them to us because they know that the net revenues are going to a cause that's important to their hearts and our hearts,” Handler said in an interview.
The bank is one of the only U.S. firms to directly support Ukraine with funds from its own business following Russia's assault on the country. The money comes from trading in its equities, fixed-income and foreign-exchange units. In addition, Jefferies employees donated more than $700,000 of their own funds and the company made a $1 million contribution.
Organizations receiving funds include Doctors Without Borders, International Committee of the Red Cross and UNICEF, which are getting $1 million each, according to the statement.
Read more: Jefferies to Donate Trading Revenue to Relief Effort in Ukraine
The donations are “a way of using our company, our platform and our relationships instead of making profits, which we do everyday,” Handler said. It was the largest charity fundraising day on record for the bank. It has held others, including a “Doing Good” Global Trading Day a year ago for Covid-19 relief efforts and other causes, which raised about $8.3 million.
“We are a for-profit company,” Handler said. “Part of being a for-profit public company is caring about the world around you. We want to stand for something.”
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