Bill Derrough, a leading banker for corporate restructurings and debt transactions, is leaving Moelis after 17 years at the boutique investment bank to join Jefferies, according to people familiar with the matter.

At Jefferies, Derrough will serve as chairman of the firm’s global restructuring practice, the people also said. His departure from Moelis follows the recent decision by Ken Moelis to step down as chief executive from his namesake firm later this year.