Jefferies’ Arnone Built a Muni Powerhouse as Others Scaled Back

In a year when banks across Wall Street scaled back their ambitions in municipal finance, Kym Arnone has Jefferies Financial Group Inc. on track for its best year in the business.

Her prowess has made the New York-based bank the fourth biggest player in the industry where states and cities raise money for major infrastructure projects. As other banks struggled to boost market share amid high interest rates, her team nabbed the largest muni deal of 2023 by eluding political firestorms surrounding Wall Street’s policies on guns and fossil fuels that stymied rivals.

Today, Arnone is the only woman to ...