--Sumitomo Mitsui Financial Group is working on plans for a possible takeover of Jefferies, the Financial Times reported, citing sources.

--SMFG, whose Sumitomo Mitsui Banking Corp. subsidiary holds a minority stake in Jefferies, has tasked a small team to be ready to act if the U.S. investment bank's share price presents an opportunity, the report said, citing sources.

--Any move by SMFG isn't imminent, the people said. They added it is also uncertain whether Jefferies executives would be willing to sell at a depressed share price, according to the FT.

--Jefferies declined a FT request for comment. A spokesperson for SMFG told the FT: "Jefferies is our important partner. We decline to comment on hypothetical assumptions or rumors."

Full story: https://www.ft.com/content/06ada6ab-47bb-4387-bcdf-b9c38417e9b4?syn-25a6b1a6=1

Write to Kimberley Kao at kimberley.kao@wsj.com

(END) Dow Jones Newswires

March 24, 2026 04:24 ET (08:24 GMT)

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