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Jefferies Financial Group Inc. – ‘10-K’ for 11/30/20 – ‘EX-101.LAB’

On:  Thursday, 1/28/21, at 9:37pm ET   ·   As of:  1/29/21   ·   For:  11/30/20   ·   Accession #:  96223-21-9   ·   File #:  1-05721

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  As Of               Filer                 Filing    For·On·As Docs:Size

 1/29/21  Jefferies Financial Group Inc.    10-K       11/30/20  192:38M

Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   4.43M 
 2: EX-4.2      EX-4.2 Description of Securities Registered         HTML     54K 
 3: EX-10.5     EX-10.5 2003 Incentive Comp Plan, as Amended        HTML    153K 
 4: EX-21       Ex-21; Subsidiaries of the Registrant               HTML     58K 
 5: EX-23.1     Ex-23.1; Consent of Deloitte & Touche LLP           HTML     50K 
 6: EX-23.2     Ex-23.2; Consent of Grant Thornton LLP              HTML     50K 
 7: EX-31.1     EX-31.1 Richard B. Handler                          HTML     55K 
 8: EX-31.2     EX-31.2 Teresa S. Gendron                           HTML     55K 
 9: EX-32.1     EX-32.1 Richard B. Handler                          HTML     52K 
10: EX-32.2     EX-32.2 Teresa S. Gendron                           HTML     52K 
17: R1          Cover                                               HTML    114K 
18: R2          Consolidated Statements of Financial Condition      HTML    156K 
19: R3          Consolidated Statements of Financial Condition      HTML     75K 
                (Parenthetical)                                                  
20: R4          Consolidated Statements of Operations               HTML    193K 
21: R5          Consolidated Statements of Operations               HTML     56K 
                (Parenthetical)                                                  
22: R6          Consolidated Statements of Comprehensive Income     HTML    127K 
                (Loss)                                                           
23: R7          Consolidated Statements of Comprehensive Income     HTML     95K 
                (Loss) (Parenthetical)                                           
24: R8          Consolidated Statements of Cash Flows               HTML    207K 
25: R9          Consolidated Statements of Cash Flows Cash          HTML     60K 
                (Parenthetical)                                                  
26: R10         Consolidated Statements of Changes in Equity        HTML    141K 
27: R11         Consolidated Statements of Changes in Equity        HTML     56K 
                (Parenthetical)                                                  
28: R12         Nature of Operations                                HTML     66K 
29: R13         Significant Accounting Policies                     HTML    122K 
30: R14         Accounting Developments                             HTML     70K 
31: R15         Fair Value Disclosures                              HTML    792K 
32: R16         Derivative Financial Instruments                    HTML    265K 
33: R17         Collateralized Transactions                         HTML    173K 
34: R18         Securitization Activities                           HTML     75K 
35: R19         Variable Interest Entities                          HTML    129K 
36: R20         Loans to and Investments in Associated Companies    HTML    203K 
37: R21         Intangible Assets, Net and Goodwill                 HTML     79K 
38: R22         Short-Term Borrowings                               HTML     70K 
39: R23         Long-Term Debt                                      HTML     96K 
40: R24         Leases                                              HTML    110K 
41: R25         Mezzanine Equity                                    HTML     55K 
42: R26         Compensation Plans                                  HTML    137K 
43: R27         Accumulated Other Comprehensive Income (Loss)       HTML     81K 
44: R28         Pension Plans and Postretirement Benefits           HTML    122K 
45: R29         Revenues from Contracts with Customers              HTML    226K 
46: R30         Income Taxes                                        HTML    171K 
47: R31         Other Results of Operations Information             HTML     68K 
48: R32         Common Shares and Earnings Per Common Share         HTML     82K 
49: R33         Commitments, Contingencies and Guarantees           HTML    107K 
50: R34         Net Capital Requirements                            HTML     54K 
51: R35         Other Fair Value Information                        HTML     65K 
52: R36         Related Party Transactions                          HTML     59K 
53: R37         Discontinued Operations                             HTML     69K 
54: R38         Segment Information                                 HTML    130K 
55: R39         Selected Quarterly Financial Data (Unaudited)       HTML    114K 
56: R40         Schedule I - Condensed Financial Information of     HTML    263K 
                Registrant                                                       
57: R41         Significant Accounting Policies (Policy)            HTML    185K 
58: R42         Significant Accounting Policies (Tables)            HTML     70K 
59: R43         Fair Value Disclosures (Tables)                     HTML    733K 
60: R44         Derivative Financial Instruments (Tables)           HTML    272K 
61: R45         Collateralized Transactions (Tables)                HTML    223K 
62: R46         Securitization Activities (Tables)                  HTML     72K 
63: R47         Variable Interest Entities (Tables)                 HTML    112K 
64: R48         Loans to and Investments in Associated Companies    HTML    184K 
                (Tables)                                                         
65: R49         Intangible Assets, Net and Goodwill (Tables)        HTML     76K 
66: R50         Short-Term Borrowings (Tables)                      HTML     71K 
67: R51         Long-Term Debt (Tables)                             HTML     89K 
68: R52         Leases (Tables)                                     HTML     81K 
69: R53         Compensation Plans (Tables)                         HTML    125K 
70: R54         Accumulated Other Comprehensive Income (Loss)       HTML     80K 
                (Tables)                                                         
71: R55         Pension Plans and Postretirement Benefits (Tables)  HTML    142K 
72: R56         Revenues from Contracts with Customers (Tables)     HTML    206K 
73: R57         Income Taxes (Tables)                               HTML    172K 
74: R58         Other Results of Operations Information (Tables)    HTML     66K 
75: R59         Common Shares and Earnings Per Common Share         HTML     79K 
                (Tables)                                                         
76: R60         Commitments, Contingencies and Guarantees (Tables)  HTML     97K 
77: R61         Other Fair Value Information (Tables)               HTML     65K 
78: R62         Discontinued Operations (Tables)                    HTML     68K 
79: R63         Segment Information (Tables)                        HTML    123K 
80: R64         Selected Quarterly Financial Data (Unaudited)       HTML    114K 
                (Tables)                                                         
81: R65         Schedule I - Condensed Financial Information of     HTML     70K 
                Registrant (Tables)                                              
82: R66         Nature of Operations (Details)                      HTML    188K 
83: R67         Significant Accounting Policies - Narrative         HTML    121K 
                (Details)                                                        
84: R68         Significant Accounting Policies - Supplemental      HTML     55K 
                Cash Flow Information (Details)                                  
85: R69         Accounting Developments (Details)                   HTML     84K 
86: R70         Fair Value Disclosures - Schedule of Assets and     HTML    201K 
                Liabilities Measured on Recurring Basis at Fair                  
                Value (Details)                                                  
87: R71         Fair Value Disclosures - Investments at Fair Value  HTML    112K 
                (Details)                                                        
88: R72         Fair Value Disclosures - Investment in FXCM         HTML     56K 
                (Details)                                                        
89: R73         Fair Value Disclosures - Nonrecurring Fair Value    HTML    106K 
                Measurements (Details)                                           
90: R74         Fair Value Disclosures - Level 3 Rollforwards       HTML    188K 
                (Details)                                                        
91: R75         Fair Value Disclosures - Analysis of Level 3        HTML    108K 
                Assets and Liabilities Narrative (Details)                       
92: R76         Fair Value Disclosures - Quantitative Information   HTML    525K 
                about Significant Unobservable Inputs Used in                    
                Level 3 Fair Value Measurements (Details)                        
93: R77         Fair Value Disclosures - Summary of Gains (Losses)  HTML     70K 
                Due to Changes In Instrument Specific Credit Risk                
                For Loans and Other Receivables and Loan                         
                Commitments Measured at Fair Value Under Fair                    
                Value Option (Details)                                           
94: R78         Fair Value Disclosures - Summary of Amount by       HTML     61K 
                Which Contractual Principal Exceeds Fair Value for               
                Loans and Other Receivables Measured at Fair Value               
                Under Fair Value Option (Details)                                
95: R79         Fair Value Disclosures - Fair Value Option          HTML     70K 
                Election Narrative (Details)                                     
96: R80         Fair Value Disclosures - Financial Instruments Not  HTML     56K 
                Measured at Fair Value (Details)                                 
97: R81         Derivative Financial Instruments Derivative         HTML    125K 
                Financial Instruments - Fair Value And Related                   
                Number Of Derivative Contracts (Details)                         
98: R82         Derivative Financial Instruments - Unrealized and   HTML     78K 
                Realized Gains (Losses) on Derivative Contracts                  
                (Details)                                                        
99: R83         Derivative Financial Instruments - Remaining        HTML    117K 
                Contract Maturity of Fair Value of OTC Derivative                
                Assets and Liabilities (Details)                                 
100: R84         Derivative Financial Instruments - Counterparty     HTML     60K  
                Credit Quality with Respect to Fair Value of OTC                 
                Derivatives Assets (Details)                                     
101: R85         Derivative Financial Instruments - Credit Related   HTML     66K  
                Derivative Contracts (Details)                                   
102: R86         Derivative Financial Instruments - Contingent       HTML     59K  
                Features (Details)                                               
103: R87         Collateralized Transactions - Collateral Pledged    HTML     86K  
                (Details)                                                        
104: R88         Collateralized Transactions - Contractual Maturity  HTML     76K  
                (Details)                                                        
105: R89         Collateralized Transactions - Narrative (Details)   HTML     54K  
106: R90         Collateralized Transactions Collateralized          HTML    134K  
                Transactions - Offsetting of Securities Financing                
                Agreements (Details)                                             
107: R91         Securitization Activities - Activity Related to     HTML     56K  
                Securitizations Accounted for as Sales (Details)                 
108: R92         Securitization Activities - Summary of Retained     HTML     68K  
                Interests in SPEs (Details)                                      
109: R93         Variable Interest Entities - Schedule of            HTML    113K  
                Consolidated VIEs (Details)                                      
110: R94         Variable Interest Entities - Narrative (Details)    HTML    100K  
111: R95         Variable Interest Entities - Schedule of            HTML     85K  
                Nonconsolidated VIEs (Details)                                   
112: R96         Loans to and Investments in Associated Companies -  HTML    207K  
                Summary of Loans to and Investments in Associated                
                Companies (Details)                                              
113: R97         Loans to and Investments in Associated Companies -  HTML    101K  
                Jefferies Finance (Details)                                      
114: R98         Loans to and Investments in Associated Companies    HTML     63K  
                (Activity Related to Other Transactions with                     
                Jefferies Finance) (Details)                                     
115: R99         Loans to and Investments in Associated Companies -  HTML     66K  
                Berkadia (Details)                                               
116: R100        Loans to and Investments in Associated Companies -  HTML     87K  
                National Beef (Details)                                          
117: R101        Loans to and Investments in Associated Companies -  HTML     59K  
                FXCM (Details)                                                   
118: R102        Loans to and Investments in Associated Companies -  HTML     59K  
                Garcadia (Details)                                               
119: R103        Loans to and Investments in Associated Companies -  HTML     59K  
                Linkem (Details)                                                 
120: R104        Loans to and Investments in Associated Companies -  HTML     65K  
                HomeFed (Details)                                                
121: R105        Loans to and Investments in Associated Companies    HTML     71K  
                Loans to and Investments in Associated Companies -               
                Real Estate Associated Companies (Details)                       
122: R106        Loans to and Investments in Associated Companies -  HTML     75K  
                Golden Queen Mining Company (Details)                            
123: R107        Loans to and Investments in Associated Companies -  HTML    100K  
                Schedule of Summarized Data for Investments in                   
                Associated Companies (Details)                                   
124: R108        Intangible Assets, Net and Goodwill - Schedule of   HTML     82K  
                Intangible Assets and Goodwill (Details)                         
125: R109        Intangible Assets, Net and Goodwill - Narrative     HTML     53K  
                (Details)                                                        
126: R110        Intangible Assets, Net and Goodwill - Schedule of   HTML     62K  
                Estimated Aggregate Future Amortization Expense                  
                (Details)                                                        
127: R111        Short-Term Borrowings - Schedule of Short-Term      HTML     59K  
                Borrowings (Details)                                             
128: R112        Short-Term Borrowings - Additional Information      HTML     68K  
                (Details)                                                        
129: R113        Short-Term Borrowings - Schedule of Line of Credit  HTML     76K  
                Facilities (Details)                                             
130: R114        Long-Term Debt - Schedule of Debt (Details)         HTML    151K  
131: R115        Long-Term Debt - Narrative (Details)                HTML    129K  
132: R116        Long-Term Debt - Schedule of Annual Mandatory       HTML     63K  
                Redemptions of Long-term Debt (Details)                          
133: R117        Leases - Finance Lease ROU Assets (Details)         HTML     59K  
134: R118        Leases - Maturities of Lease Liabilities (Details)  HTML     76K  
135: R119        Leases - Lease Cost (Details)                       HTML     59K  
136: R120        Leases - Supplemental Information of Cash Flows     HTML     54K  
                (Details)                                                        
137: R121        Leases - Additional Information (Details)           HTML     52K  
138: R122        Leases - (Schedule of Future Minimum Annual Lease   HTML     72K  
                Payments) (Details)                                              
139: R123        Mezzanine Equity - Narrative (Details)              HTML     92K  
140: R124        Compensation Plans - Incentive Plan (Details)       HTML     71K  
141: R125        Compensation Plans - Activity of Restricted Stock   HTML     76K  
                (Details)                                                        
142: R126        Compensation Plans - Schedule of Activity in RSUs   HTML    102K  
                (Details)                                                        
143: R127        Compensation Plans - Senior Executive Compensation  HTML     99K  
                Plan (Details)                                                   
144: R128        Compensation Plans - Directors' Plan (Details)      HTML     61K  
145: R129        Compensation Plans - Other Compensation Plan        HTML     62K  
                (Details)                                                        
146: R130        Compensation Plans - Stock-Based Compensation       HTML     74K  
                Expense (Details)                                                
147: R131        Accumulated Other Comprehensive Income (Loss) -     HTML     76K  
                Summary of Accumulated Other Comprehensive Income,               
                Net of Taxes (Details)                                           
148: R132        Accumulated Other Comprehensive Income (Loss) -     HTML     95K  
                Schedule of Accumulated Other Comprehensive Income               
                Reclassifications (Details)                                      
149: R133        Accumulated Other Comprehensive Income (Loss) -     HTML     54K  
                Narrative (Details)                                              
150: R134        Pension Plans and Postretirement Benefits -         HTML     88K  
                Components of Defined Benefit Pension Plans                      
                (Details)                                                        
151: R135        Pension Plans and Postretirement Benefits -         HTML     87K  
                Narrative (Details)                                              
152: R136        Pension Plans and Postretirement Benefits -         HTML     83K  
                Components of Pension Expense (Details)                          
153: R137        Pension Plans and Postretirement Benefits -         HTML     65K  
                Schedule of Assumptions for Pensions Plan                        
                (Details)                                                        
154: R138        Pension Plans and Postretirement Benefits -         HTML     64K  
                Schedule of Expected Pension Benefit Payments                    
                (Details)                                                        
155: R139        Revenues from Contracts with Customers - Schedule   HTML     81K  
                of Components of Revenue (Details)                               
156: R140        Revenues from Contracts with Customers -            HTML    160K  
                Disaggregation of Revenue (Details)                              
157: R141        Revenues from Contracts with Customers - Narrative  HTML     66K  
                (Details)                                                        
158: R142        Income Taxes - Schedule of Provision (Benefit) for  HTML     81K  
                Income Taxes (Details)                                           
159: R143        Income Taxes - Components of Income from            HTML     61K  
                Continuing Operations before Income Taxes                        
                (Details)                                                        
160: R144        Income Taxes - Schedule of Reconciliation of        HTML    128K  
                Expected Statutory Federal Income Tax To Actual                  
                Income Tax Provision (Benefit) (Details)                         
161: R145        Income Taxes - Narrative (Details)                  HTML     75K  
162: R146        Income Taxes - Schedule of Reconciliation of        HTML     63K  
                Unrecognized Tax Benefits (Details)                              
163: R147        Income Taxes - Schedule of Principal Components of  HTML     82K  
                Deferred Taxes (Details)                                         
164: R148        Other Results of Operations Information (Details)   HTML    162K  
165: R149        Common Shares and Earnings Per Common Share -       HTML    116K  
                Earnings Per Share Computation (Details)                         
166: R150        Common Shares and Earnings Per Common Share -       HTML     82K  
                Narrative (Details)                                              
167: R151        Commitments, Contingencies and Guarantees -         HTML     87K  
                Schedule of Commitments (Details)                                
168: R152        Commitments, Contingencies and Guarantees -         HTML     86K  
                Narrative (Details)                                              
169: R153        Commitments, Contingencies and Guarantees -         HTML     70K  
                Summary of Notional Amounts Associated with                      
                Derivative Contracts (Details)                                   
170: R154        Net Capital Requirements (Details)                  HTML     55K  
171: R155        Other Fair Value Information (Details)              HTML     64K  
172: R156        Related Party Transactions (Details)                HTML     91K  
173: R157        Discontinued Operations - Narrative (Details)       HTML    120K  
174: R158        Discontinued Operations - Summary of Discontinued   HTML     89K  
                Operations (Details)                                             
175: R159        Segment Information - Narrative (Details)           HTML     80K  
176: R160        Segment Information - Schedule of Segment           HTML    118K  
                Reporting Information By Segment (Details)                       
177: R161        Segment Information - Schedule of Net Revenues by   HTML     65K  
                Geographic Region (Details)                                      
178: R162        Selected Quarterly Financial Data (Unaudited)       HTML    166K  
                (Details)                                                        
179: R163        Schedule I - Condensed Financial Information of     HTML    148K  
                Registrant - Condensed Statements of Financial                   
                Condition (Details)                                              
180: R164        Schedule I - Condensed Financial Information of     HTML     64K  
                Registrant - Condensed Statements of Financial                   
                Condition, Additional Information (Details)                      
181: R165        Schedule I - Condensed Financial Information of     HTML    184K  
                Registrant - Condensed Statements of Operations                  
                (Details)                                                        
182: R166        Schedule I - Condensed Financial Information of     HTML    137K  
                Registrant - Condensed Statements of Comprehensive               
                Income (Loss) (Details)                                          
183: R167        Schedule I - Condensed Financial Information of     HTML    105K  
                Registrant - Condensed Statements of Comprehensive               
                Income (Loss), Additional Information (Details)                  
184: R168        Schedule I - Condensed Financial Information of     HTML    156K  
                Registrant - Condensed Statements of Cash Flows                  
                (Details)                                                        
185: R169        Schedule I - Condensed Financial Information of     HTML     89K  
                Registrant - Cash Flows (Details)                                
186: R170        Schedule I - Condensed Financial Information of     HTML     61K  
                Registrant - Transactions with Subsidiaries                      
                (Details)                                                        
187: R171        Schedule I - Condensed Financial Information of     HTML     60K  
                Registrant - Commitments, Contingencies and                      
                Guarantees (Details)                                             
188: R172        Schedule I - Condensed Financial Information of     HTML     60K  
                Registrant - Restricted Net Assets (Details)                     
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<link:label id="lab_jef_SecuritiesSoldUnderAgreementsToRepurchaseNetAmountSubjectToReview_b73c16ad-272b-437d-9ed5-85dc8891cf38_verboseLabel_en-US" xlink:label="lab_jef_SecuritiesSoldUnderAgreementsToRepurchaseNetAmountSubjectToReview" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase agreement, net amount, subject to review </link:label>
<link:label id="lab_jef_SecuritiesSoldUnderAgreementsToRepurchaseNetAmountSubjectToReview_label_en-US" xlink:label="lab_jef_SecuritiesSoldUnderAgreementsToRepurchaseNetAmountSubjectToReview" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreements to Repurchase, Net Amount, Subject to Review </link:label>
<link:label id="lab_jef_SecuritiesSoldUnderAgreementsToRepurchaseNetAmountSubjectToReview_documentation_en-US" xlink:label="lab_jef_SecuritiesSoldUnderAgreementsToRepurchaseNetAmountSubjectToReview" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreements to Repurchase, Net Amount, Subject to Review </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SecuritiesSoldUnderAgreementsToRepurchaseNetAmountSubjectToReview" xlink:href="jef-20201130.xsd#jef_SecuritiesSoldUnderAgreementsToRepurchaseNetAmountSubjectToReview"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SecuritiesSoldUnderAgreementsToRepurchaseNetAmountSubjectToReview" xlink:to="lab_jef_SecuritiesSoldUnderAgreementsToRepurchaseNetAmountSubjectToReview" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SeniorSecuredTermLoanReceivablePrincipalOutstanding_55046ef3-c3d0-4aa9-9f3f-0149f91eaf8e_terseLabel_en-US" xlink:label="lab_jef_SeniorSecuredTermLoanReceivablePrincipalOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior secured term loan receivable </link:label>
<link:label id="lab_jef_SeniorSecuredTermLoanReceivablePrincipalOutstanding_label_en-US" xlink:label="lab_jef_SeniorSecuredTermLoanReceivablePrincipalOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Secured Term Loan Receivable, Principal Outstanding </link:label>
<link:label id="lab_jef_SeniorSecuredTermLoanReceivablePrincipalOutstanding_documentation_en-US" xlink:label="lab_jef_SeniorSecuredTermLoanReceivablePrincipalOutstanding" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Secured Term Loan Receivable, Principal Outstanding </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SeniorSecuredTermLoanReceivablePrincipalOutstanding" xlink:href="jef-20201130.xsd#jef_SeniorSecuredTermLoanReceivablePrincipalOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SeniorSecuredTermLoanReceivablePrincipalOutstanding" xlink:to="lab_jef_SeniorSecuredTermLoanReceivablePrincipalOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxes_9c5cdf58-33d0-46df-a4fc-57f66284ac78_negatedTerseLabel_en-US" xlink:label="lab_jef_RecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxes" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Recognition of accumulated other comprehensive income lodged taxes </link:label>
<link:label id="lab_jef_RecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxes_11609829-b392-4e6d-8dae-299d59a87182_terseLabel_en-US" xlink:label="lab_jef_RecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Recognition of accumulated other comprehensive income lodged taxes </link:label>
<link:label id="lab_jef_RecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxes_f5c350a4-01b3-409b-a7cf-1ff2360c3758_negatedLabel_en-US" xlink:label="lab_jef_RecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxes" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Recognition of accumulated other comprehensive income lodged taxes </link:label>
<link:label id="lab_jef_RecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxes_label_en-US" xlink:label="lab_jef_RecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Recognition Of Accumulated Other Comprehensive Income Lodged Taxes </link:label>
<link:label id="lab_jef_RecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxes_documentation_en-US" xlink:label="lab_jef_RecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Recognition Of Accumulated Other Comprehensive Income Lodged Taxes </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxes" xlink:href="jef-20201130.xsd#jef_RecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxes"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxes" xlink:to="lab_jef_RecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxes" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancialInstrumentsOwnedAtFairValue_f774a9ce-20ec-4a3f-9a56-7b7e07dbf937_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsOwnedAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial instruments owned, at fair value </link:label>
<link:label id="lab_us-gaap_FinancialInstrumentsOwnedAtFairValue_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsOwnedAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments, Owned, at Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentsOwnedAtFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancialInstrumentsOwnedAtFairValue"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear_dc52cc15-a618-4741-9ba5-d0da72ca0949_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated employer contributions in next fiscal year </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward_748e40a3-ab1a-4967-8d99-29ba10baf5d8_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in Benefit Obligation [Roll Forward] </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward"/>
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<link:label id="lab_srt_CondensedCashFlowStatementsCaptionsLineItems_2486bbb7-f374-428f-985a-a4fca559da89_terseLabel_en-US" xlink:label="lab_srt_CondensedCashFlowStatementsCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Cash Flow Statements, Captions [Line Items] </link:label>
<link:label id="lab_srt_CondensedCashFlowStatementsCaptionsLineItems_label_en-US" xlink:label="lab_srt_CondensedCashFlowStatementsCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Cash Flow Statements, Captions [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CondensedCashFlowStatementsCaptionsLineItems" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CondensedCashFlowStatementsCaptionsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CondensedCashFlowStatementsCaptionsLineItems" xlink:to="lab_srt_CondensedCashFlowStatementsCaptionsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_bc53bcf5-74e5-4ec8-8e3e-36d9a91bd12e_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlements </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInTradingSecurities_777d6192-776e-42c7-a09b-e4d2f794c7cf_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInTradingSecurities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial instruments owned, at fair value </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInTradingSecurities_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInTradingSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Debt Securities, Trading, and Equity Securities, FV-NI </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInTradingSecurities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInTradingSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInTradingSecurities" xlink:to="lab_us-gaap_IncreaseDecreaseInTradingSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_f0510a19-ace2-4d2d-a412-9e3d5ebe83b0_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party [Axis] </link:label>
<link:label id="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_label_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward_dcb23ece-2848-4dca-a33f-983f9b7290cd_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in Fair Value of Plan Assets [Roll Forward] </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward"/>
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<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities_6694696a-b276-423f-b6a1-f6124861b084_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax liabilities established in acquisition </link:label>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities"/>
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<link:label id="lab_jef_MaximumNumberOfSharesAvailableForGrant_62c7b4b0-4ab8-4641-a9f5-5d9aeb4ee0f5_terseLabel_en-US" xlink:label="lab_jef_MaximumNumberOfSharesAvailableForGrant" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum number of shares available for grant (in shares) </link:label>
<link:label id="lab_jef_MaximumNumberOfSharesAvailableForGrant_label_en-US" xlink:label="lab_jef_MaximumNumberOfSharesAvailableForGrant" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum number of shares available for grant </link:label>
<link:label id="lab_jef_MaximumNumberOfSharesAvailableForGrant_documentation_en-US" xlink:label="lab_jef_MaximumNumberOfSharesAvailableForGrant" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum number of shares available for grant </link:label>
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<link:label id="lab_jef_TotalLineOfCreditFacilityCommitmentUnderJointVenture_a59dd6a8-a022-4bbb-8815-cec18ecc32cb_terseLabel_en-US" xlink:label="lab_jef_TotalLineOfCreditFacilityCommitmentUnderJointVenture" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total line of credit facility commitment under joint venture </link:label>
<link:label id="lab_jef_TotalLineOfCreditFacilityCommitmentUnderJointVenture_label_en-US" xlink:label="lab_jef_TotalLineOfCreditFacilityCommitmentUnderJointVenture" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total line of credit facility commitment under joint venture </link:label>
<link:label id="lab_jef_TotalLineOfCreditFacilityCommitmentUnderJointVenture_documentation_en-US" xlink:label="lab_jef_TotalLineOfCreditFacilityCommitmentUnderJointVenture" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total line of credit facility commitment under joint venture. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_TotalLineOfCreditFacilityCommitmentUnderJointVenture" xlink:href="jef-20201130.xsd#jef_TotalLineOfCreditFacilityCommitmentUnderJointVenture"/>
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<link:label id="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnandTangibleDeployableEquityPercentageMinimum_ec03289b-a153-4316-8460-b8a2fcd4e9a5_terseLabel_en-US" xlink:label="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnandTangibleDeployableEquityPercentageMinimum" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance measurement benchmark, growth rate in TSR and ROTDE (less than) </link:label>
<link:label id="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnandTangibleDeployableEquityPercentageMinimum_label_en-US" xlink:label="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnandTangibleDeployableEquityPercentageMinimum" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annual Targeted Long-Term Compensation, Performance Measurement Benchmark, Growth Rate In Total Shareholder Return and Tangible Deployable Equity, Percentage, Minimum </link:label>
<link:label id="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnandTangibleDeployableEquityPercentageMinimum_documentation_en-US" xlink:label="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnandTangibleDeployableEquityPercentageMinimum" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annual Targeted Long-Term Compensation, Performance Measurement Benchmark, Growth Rate In Total Shareholder Return and Tangible Deployable Equity, Percentage, Minimum </link:label>
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<link:label id="lab_srt_CondensedIncomeStatementTable_9cd72811-5130-439e-9140-2e68764578cc_terseLabel_en-US" xlink:label="lab_srt_CondensedIncomeStatementTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Income Statement [Table] </link:label>
<link:label id="lab_srt_CondensedIncomeStatementTable_label_en-US" xlink:label="lab_srt_CondensedIncomeStatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Income Statement [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CondensedIncomeStatementTable" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CondensedIncomeStatementTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CondensedIncomeStatementTable" xlink:to="lab_srt_CondensedIncomeStatementTable" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationDistributionToShareholdersAmount_c055f8e5-cc29-480c-9d8a-36cbfffc133a_terseLabel_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationDistributionToShareholdersAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Spectrum Brands distribution </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationDistributionToShareholdersAmount_label_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationDistributionToShareholdersAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Distribution To Shareholders, Amount </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationDistributionToShareholdersAmount_documentation_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationDistributionToShareholdersAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Distribution To Shareholders, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EffectiveIncomeTaxRateReconciliationDistributionToShareholdersAmount" xlink:href="jef-20201130.xsd#jef_EffectiveIncomeTaxRateReconciliationDistributionToShareholdersAmount"/>
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<link:label id="lab_jef_FinancialInstrumentsOwnedMeasurementInput_b5313497-7da5-41ce-b523-2916b8ea5d6f_terseLabel_en-US" xlink:label="lab_jef_FinancialInstrumentsOwnedMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading assets, measurement input </link:label>
<link:label id="lab_jef_FinancialInstrumentsOwnedMeasurementInput_label_en-US" xlink:label="lab_jef_FinancialInstrumentsOwnedMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments Owned, Measurement Input </link:label>
<link:label id="lab_jef_FinancialInstrumentsOwnedMeasurementInput_documentation_en-US" xlink:label="lab_jef_FinancialInstrumentsOwnedMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments Owned, Measurement Input </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FinancialInstrumentsOwnedMeasurementInput" xlink:to="lab_jef_FinancialInstrumentsOwnedMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ExpectedDecreaseInUnrecognizedTaxBenefitRelatedToUncertainTaxPositionOverNext12Months_ca6b8aa1-a4b6-4c7e-b485-6c27b8d316c8_terseLabel_en-US" xlink:label="lab_jef_ExpectedDecreaseInUnrecognizedTaxBenefitRelatedToUncertainTaxPositionOverNext12Months" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected decrease in unrecognized tax benefit related to uncertain tax position over next 12 months </link:label>
<link:label id="lab_jef_ExpectedDecreaseInUnrecognizedTaxBenefitRelatedToUncertainTaxPositionOverNext12Months_label_en-US" xlink:label="lab_jef_ExpectedDecreaseInUnrecognizedTaxBenefitRelatedToUncertainTaxPositionOverNext12Months" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected decrease in unrecognized tax benefit related to uncertain tax position over next 12 months </link:label>
<link:label id="lab_jef_ExpectedDecreaseInUnrecognizedTaxBenefitRelatedToUncertainTaxPositionOverNext12Months_documentation_en-US" xlink:label="lab_jef_ExpectedDecreaseInUnrecognizedTaxBenefitRelatedToUncertainTaxPositionOverNext12Months" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected Decrease In Unrecognized Tax Benefit Related To Uncertain Tax Position Over Next 12 Months </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ExpectedDecreaseInUnrecognizedTaxBenefitRelatedToUncertainTaxPositionOverNext12Months" xlink:href="jef-20201130.xsd#jef_ExpectedDecreaseInUnrecognizedTaxBenefitRelatedToUncertainTaxPositionOverNext12Months"/>
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<link:label id="lab_jef_PotentialMaximumIncreaseToCommonSharesOutstandingFromRestrictedStockAndOtherShares_f585afe3-c3e3-41ae-a18c-e4ed272307ef_verboseLabel_en-US" xlink:label="lab_jef_PotentialMaximumIncreaseToCommonSharesOutstandingFromRestrictedStockAndOtherShares" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Potential maximum increase to common shares outstanding from restricted stock and other shares </link:label>
<link:label id="lab_jef_PotentialMaximumIncreaseToCommonSharesOutstandingFromRestrictedStockAndOtherShares_label_en-US" xlink:label="lab_jef_PotentialMaximumIncreaseToCommonSharesOutstandingFromRestrictedStockAndOtherShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Potential Maximum Increase To Common Shares Outstanding From Restricted Stock And Other Shares </link:label>
<link:label id="lab_jef_PotentialMaximumIncreaseToCommonSharesOutstandingFromRestrictedStockAndOtherShares_documentation_en-US" xlink:label="lab_jef_PotentialMaximumIncreaseToCommonSharesOutstandingFromRestrictedStockAndOtherShares" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Potential Maximum Increase to Common Shares Outstanding from Restricted Stock and Other Shares </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_PotentialMaximumIncreaseToCommonSharesOutstandingFromRestrictedStockAndOtherShares" xlink:href="jef-20201130.xsd#jef_PotentialMaximumIncreaseToCommonSharesOutstandingFromRestrictedStockAndOtherShares"/>
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<link:label id="lab_jef_StructuredNotesMember_a6a3758a-2d92-4f49-af11-e06c0257c5fd_terseLabel_en-US" xlink:label="lab_jef_StructuredNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Structured notes </link:label>
<link:label id="lab_jef_StructuredNotesMember_label_en-US" xlink:label="lab_jef_StructuredNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Structured Notes [Member] </link:label>
<link:label id="lab_jef_StructuredNotesMember_documentation_en-US" xlink:label="lab_jef_StructuredNotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Structured Notes [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_StructuredNotesMember" xlink:href="jef-20201130.xsd#jef_StructuredNotesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_StructuredNotesMember" xlink:to="lab_jef_StructuredNotesMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_RangeMember_be12f39d-50cc-4d97-bb92-42f0cdf62f0f_terseLabel_en-US" xlink:label="lab_srt_RangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Range [Domain] </link:label>
<link:label id="lab_srt_RangeMember_label_en-US" xlink:label="lab_srt_RangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statistical Measurement [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_RangeMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RangeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RangeMember" xlink:to="lab_srt_RangeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_45dd270f-2a97-4b22-81c1-e0194f94787b_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award [Line Items] </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_ace1a7bf-b929-4aac-9061-80710774210b_negatedLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Distributions to noncontrolling interests </link:label>
<link:label id="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_label_en-US" xlink:label="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders"/>
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<link:label id="lab_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_f3aec335-7749-428b-8962-7069b3b938ca_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans to and investments in associated companies </link:label>
<link:label id="lab_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_82660627-6de3-4879-a3a1-3e6fca347103_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in associated companies </link:label>
<link:label id="lab_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments to Acquire Interest in Subsidiaries and Affiliates </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:to="lab_us-gaap_PaymentsToAcquireInterestInSubsidiariesAndAffiliates" xlink:type="arc" order="1"/>
<link:label id="lab_jef_LongDurationRiskFreeRealRateofReturn_2314e028-ad24-42f6-8628-36aa0258fc32_terseLabel_en-US" xlink:label="lab_jef_LongDurationRiskFreeRealRateofReturn" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long duration risk free real rate of return </link:label>
<link:label id="lab_jef_LongDurationRiskFreeRealRateofReturn_label_en-US" xlink:label="lab_jef_LongDurationRiskFreeRealRateofReturn" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long Duration Risk Free Real Rate of Return </link:label>
<link:label id="lab_jef_LongDurationRiskFreeRealRateofReturn_documentation_en-US" xlink:label="lab_jef_LongDurationRiskFreeRealRateofReturn" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long Duration Risk Free Real Rate of Return </link:label>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustment_fff42f4b-f8bb-491d-b01b-27d8a80f8e8e_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustment" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in unrealized instrument specific credit risk gains (losses), net of income tax provision (benefit) of $(16,374), $(4,509) and $8,978 </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustment_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, after Tax and Reclassification Adjustment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustment" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterTaxAndReclassificationAdjustment"/>
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<link:label id="lab_us-gaap_LaborAndRelatedExpense_7dd02643-bc1c-450b-af60-d0c4533c626f_terseLabel_en-US" xlink:label="lab_us-gaap_LaborAndRelatedExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Compensation and benefits </link:label>
<link:label id="lab_us-gaap_LaborAndRelatedExpense_label_en-US" xlink:label="lab_us-gaap_LaborAndRelatedExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Labor and Related Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LaborAndRelatedExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LaborAndRelatedExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LaborAndRelatedExpense" xlink:to="lab_us-gaap_LaborAndRelatedExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_4a79d80f-208c-4ad4-8a75-f107da4d04c0_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash provided by (used for) investing activities - continuing operations </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Investing Activities, Continuing Operations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:type="arc" order="1"/>
<link:label id="lab_dei_SecurityExchangeName_39877b0e-7ae9-4309-afb1-07dd9de791a3_terseLabel_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Security Exchange Name </link:label>
<link:label id="lab_dei_SecurityExchangeName_label_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Security Exchange Name </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityExchangeName"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SecurityExchangeName" xlink:to="lab_dei_SecurityExchangeName" xlink:type="arc" order="1"/>
<link:label id="lab_jef_CollateralizedFinancingTransactionsTextBlock_bc1ff637-d524-46a9-8578-23e6bb792938_terseLabel_en-US" xlink:label="lab_jef_CollateralizedFinancingTransactionsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Transactions </link:label>
<link:label id="lab_jef_CollateralizedFinancingTransactionsTextBlock_label_en-US" xlink:label="lab_jef_CollateralizedFinancingTransactionsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Financing Transactions [Text Block] </link:label>
<link:label id="lab_jef_CollateralizedFinancingTransactionsTextBlock_documentation_en-US" xlink:label="lab_jef_CollateralizedFinancingTransactionsTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized financing transactions. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_CollateralizedFinancingTransactionsTextBlock" xlink:href="jef-20201130.xsd#jef_CollateralizedFinancingTransactionsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_CollateralizedFinancingTransactionsTextBlock" xlink:to="lab_jef_CollateralizedFinancingTransactionsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_CashAndSecuritiesSegregatedAndOnDepositForRegulatoryPurposesOrDepositedWithClearingAndDepositoryOrganizations_740543c3-fe0a-4d57-9254-3f746421bf88_terseLabel_en-US" xlink:label="lab_jef_CashAndSecuritiesSegregatedAndOnDepositForRegulatoryPurposesOrDepositedWithClearingAndDepositoryOrganizations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and securities segregated and on deposit for regulatory purposes or deposited with clearing and depository organizations </link:label>
<link:label id="lab_jef_CashAndSecuritiesSegregatedAndOnDepositForRegulatoryPurposesOrDepositedWithClearingAndDepositoryOrganizations_label_en-US" xlink:label="lab_jef_CashAndSecuritiesSegregatedAndOnDepositForRegulatoryPurposesOrDepositedWithClearingAndDepositoryOrganizations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash And Securities Segregated And On Deposit For Regulatory Purposes Or Deposited With Clearing And Depository Organizations </link:label>
<link:label id="lab_jef_CashAndSecuritiesSegregatedAndOnDepositForRegulatoryPurposesOrDepositedWithClearingAndDepositoryOrganizations_documentation_en-US" xlink:label="lab_jef_CashAndSecuritiesSegregatedAndOnDepositForRegulatoryPurposesOrDepositedWithClearingAndDepositoryOrganizations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash And Securities Segregated And On Deposit For Regulatory Purposes Or Deposited With Clearing And Depository Organizations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_CashAndSecuritiesSegregatedAndOnDepositForRegulatoryPurposesOrDepositedWithClearingAndDepositoryOrganizations" xlink:href="jef-20201130.xsd#jef_CashAndSecuritiesSegregatedAndOnDepositForRegulatoryPurposesOrDepositedWithClearingAndDepositoryOrganizations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_CashAndSecuritiesSegregatedAndOnDepositForRegulatoryPurposesOrDepositedWithClearingAndDepositoryOrganizations" xlink:to="lab_jef_CashAndSecuritiesSegregatedAndOnDepositForRegulatoryPurposesOrDepositedWithClearingAndDepositoryOrganizations" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_af70e087-8869-455c-83b3-d37aa3cfb2fb_periodStartLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of plan assets, beginning of year </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_93073e56-455e-4729-8389-0c2f3ab9665e_periodEndLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of plan assets, end of year </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanFairValueOfPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EquityCommitments_89764339-cb32-4a4c-84f2-a1f560ba26d9_terseLabel_en-US" xlink:label="lab_jef_EquityCommitments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity commitments </link:label>
<link:label id="lab_jef_EquityCommitments_label_en-US" xlink:label="lab_jef_EquityCommitments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Commitments </link:label>
<link:label id="lab_jef_EquityCommitments_documentation_en-US" xlink:label="lab_jef_EquityCommitments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Committed equity capitalization. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EquityCommitments" xlink:href="jef-20201130.xsd#jef_EquityCommitments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EquityCommitments" xlink:to="lab_jef_EquityCommitments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherShortTermBorrowings_01c32921-8469-40b5-b8f0-5d51a19b0b89_terseLabel_en-US" xlink:label="lab_us-gaap_OtherShortTermBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term borrowings </link:label>
<link:label id="lab_us-gaap_OtherShortTermBorrowings_label_en-US" xlink:label="lab_us-gaap_OtherShortTermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Short-term Borrowings </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherShortTermBorrowings" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherShortTermBorrowings"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherShortTermBorrowings" xlink:to="lab_us-gaap_OtherShortTermBorrowings" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MaturityOvernightMember_d033a3a8-109f-4454-8610-e3c20e70da17_terseLabel_en-US" xlink:label="lab_us-gaap_MaturityOvernightMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Overnight and Continuous </link:label>
<link:label id="lab_us-gaap_MaturityOvernightMember_label_en-US" xlink:label="lab_us-gaap_MaturityOvernightMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maturity Overnight [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MaturityOvernightMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MaturityOvernightMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaturityOvernightMember" xlink:to="lab_us-gaap_MaturityOvernightMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditRiskContractMember_7c5a3648-5008-4ceb-844f-adfc7bb3d36e_terseLabel_en-US" xlink:label="lab_us-gaap_CreditRiskContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit contracts </link:label>
<link:label id="lab_us-gaap_CreditRiskContractMember_label_en-US" xlink:label="lab_us-gaap_CreditRiskContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Risk Contract [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditRiskContractMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditRiskContractMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditRiskContractMember" xlink:to="lab_us-gaap_CreditRiskContractMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember_21e1c3ef-46de-4d40-bd3b-d01749c9c53d_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount Reclassified from Accumulated Other Comprehensive Income (Loss) </link:label>
<link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember_label_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification out of Accumulated Other Comprehensive Income [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember" xlink:to="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_NearPrimeMember_c1040f9b-5f33-46d3-941b-4ae4c2f0a8df_terseLabel_en-US" xlink:label="lab_jef_NearPrimeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Near-prime </link:label>
<link:label id="lab_jef_NearPrimeMember_label_en-US" xlink:label="lab_jef_NearPrimeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Near-Prime [Member] </link:label>
<link:label id="lab_jef_NearPrimeMember_documentation_en-US" xlink:label="lab_jef_NearPrimeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Near-Prime [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_NearPrimeMember" xlink:href="jef-20201130.xsd#jef_NearPrimeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_NearPrimeMember" xlink:to="lab_jef_NearPrimeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanSettlementsPlanAssets_06416f3e-cff1-4a34-8d84-ab7e19869acb_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanSettlementsPlanAssets" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement payments </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanSettlementsPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanSettlementsPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Payment for Settlement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanSettlementsPlanAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanSettlementsPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanSettlementsPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanSettlementsPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_f954c065-0539-438b-9891-f079c70f2f8d_periodStartLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonvested balance, beginning of period (USD per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_771c23d9-e11a-4467-ba96-915b5df77ab6_periodEndLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonvested balance, end of period (USD per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EquityMethodInvestmentShareholderLoansToInvesteePrincipalOutstanding_c808465c-0854-4886-bef3-bd81a097b653_terseLabel_en-US" xlink:label="lab_jef_EquityMethodInvestmentShareholderLoansToInvesteePrincipalOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shareholder loans principal outstanding </link:label>
<link:label id="lab_jef_EquityMethodInvestmentShareholderLoansToInvesteePrincipalOutstanding_label_en-US" xlink:label="lab_jef_EquityMethodInvestmentShareholderLoansToInvesteePrincipalOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Shareholder Loans To Investee, Principal Outstanding </link:label>
<link:label id="lab_jef_EquityMethodInvestmentShareholderLoansToInvesteePrincipalOutstanding_documentation_en-US" xlink:label="lab_jef_EquityMethodInvestmentShareholderLoansToInvesteePrincipalOutstanding" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Shareholder Loans To Investee, Principal Outstanding </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EquityMethodInvestmentShareholderLoansToInvesteePrincipalOutstanding" xlink:href="jef-20201130.xsd#jef_EquityMethodInvestmentShareholderLoansToInvesteePrincipalOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EquityMethodInvestmentShareholderLoansToInvesteePrincipalOutstanding" xlink:to="lab_jef_EquityMethodInvestmentShareholderLoansToInvesteePrincipalOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableRateDomain_57276143-a377-4171-8660-f3ac5765155b_terseLabel_en-US" xlink:label="lab_us-gaap_VariableRateDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Rate [Domain] </link:label>
<link:label id="lab_us-gaap_VariableRateDomain_label_en-US" xlink:label="lab_us-gaap_VariableRateDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Rate [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableRateDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableRateDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateDomain" xlink:to="lab_us-gaap_VariableRateDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive_c98e4d0c-1cc2-4a83-ba4e-79cb5823ce20_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesBorrowedLiability_628f3e57-e92a-4fe7-b706-6a3bd22ca651_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedLiability" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Netting in Consolidated Statements of Financial Condition </link:label>
<link:label id="lab_us-gaap_SecuritiesBorrowedLiability_label_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed, Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesBorrowedLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesBorrowedLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesBorrowedLiability" xlink:to="lab_us-gaap_SecuritiesBorrowedLiability" xlink:type="arc" order="1"/>
<link:label id="lab_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_24fe0430-b736-49a5-893d-5cda355b2c05_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real Estate, Type of Property [Axis] </link:label>
<link:label id="lab_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real Estate, Type of Property [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis"/>
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<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_be391e12-ff9b-418a-965b-f1d22ee8b5e0_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Decrease in valuation allowance, percent </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance"/>
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<link:label id="lab_us-gaap_AssetsAbstract_cdf90c03-a7ad-461d-8dee-e97c0bb79dd0_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ASSETS </link:label>
<link:label id="lab_us-gaap_AssetsAbstract_label_en-US" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsAbstract" xlink:to="lab_us-gaap_AssetsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_2d48bf73-4968-4ab0-b5f9-d2827933bced_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="lab_us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_692a4829-508d-4967-b225-c667e9ed7577_terseLabel_en-US" xlink:label="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment, Name [Axis] </link:label>
<link:label id="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_label_en-US" xlink:label="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment, Name [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:to="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccountingPoliciesAbstract_ae35383b-c191-42ba-a28f-710c6340bc1f_terseLabel_en-US" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Policies [Abstract] </link:label>
<link:label id="lab_us-gaap_AccountingPoliciesAbstract_label_en-US" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Policies [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountingPoliciesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingPoliciesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountingPoliciesAbstract" xlink:to="lab_us-gaap_AccountingPoliciesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_PlanAssetsNumberofPortfolios_9ec9aa02-43f5-4b6d-9c46-95d5644746e7_terseLabel_en-US" xlink:label="lab_jef_PlanAssetsNumberofPortfolios" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of portfolios </link:label>
<link:label id="lab_jef_PlanAssetsNumberofPortfolios_label_en-US" xlink:label="lab_jef_PlanAssetsNumberofPortfolios" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan Assets, Number of Portfolios </link:label>
<link:label id="lab_jef_PlanAssetsNumberofPortfolios_documentation_en-US" xlink:label="lab_jef_PlanAssetsNumberofPortfolios" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan Assets, Number of Portfolios </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_PlanAssetsNumberofPortfolios" xlink:to="lab_jef_PlanAssetsNumberofPortfolios" xlink:type="arc" order="1"/>
<link:label id="lab_srt_SubsidiariesMember_1112c200-d456-40c7-a484-5669269e5d5a_terseLabel_en-US" xlink:label="lab_srt_SubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsidiaries </link:label>
<link:label id="lab_srt_SubsidiariesMember_label_en-US" xlink:label="lab_srt_SubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsidiaries [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_SubsidiariesMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_SubsidiariesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_SubsidiariesMember" xlink:to="lab_srt_SubsidiariesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeasePayments_106d243c-3bbe-4e6b-b7a0-c89d62ad8c2d_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasePayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash outflows - lease liabilities </link:label>
<link:label id="lab_us-gaap_OperatingLeasePayments_label_en-US" xlink:label="lab_us-gaap_OperatingLeasePayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Payments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasePayments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasePayments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasePayments" xlink:to="lab_us-gaap_OperatingLeasePayments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ComprehensiveIncomeNoteTextBlock_5f961766-7f8f-4a6e-ab0c-089d24bddb11_verboseLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) </link:label>
<link:label id="lab_us-gaap_ComprehensiveIncomeNoteTextBlock_label_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive Income (Loss) Note [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComprehensiveIncomeNoteTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:to="lab_us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_c21fabb0-ff2f-4764-b42b-367eb128a0d8_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Structured notes matures in 2023 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_df46951e-e7d2-4a86-ac8a-acecb4f143f2_verboseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, Year Three </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:type="arc" order="1"/>
<link:label id="lab_jef_IncreaseDecreaseinSecuritiesDepositedwithClearingandDepositoryOrganizations_e9d5a308-f4d8-4b37-bb44-4fa6458a70d2_negatedLabel_en-US" xlink:label="lab_jef_IncreaseDecreaseinSecuritiesDepositedwithClearingandDepositoryOrganizations" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities deposited with clearing and depository organizations </link:label>
<link:label id="lab_jef_IncreaseDecreaseinSecuritiesDepositedwithClearingandDepositoryOrganizations_label_en-US" xlink:label="lab_jef_IncreaseDecreaseinSecuritiesDepositedwithClearingandDepositoryOrganizations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Securities Deposited with Clearing and Depository Organizations </link:label>
<link:label id="lab_jef_IncreaseDecreaseinSecuritiesDepositedwithClearingandDepositoryOrganizations_documentation_en-US" xlink:label="lab_jef_IncreaseDecreaseinSecuritiesDepositedwithClearingandDepositoryOrganizations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase Decrease in Securities Deposited with Clearing and Depository Organizations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_IncreaseDecreaseinSecuritiesDepositedwithClearingandDepositoryOrganizations" xlink:href="jef-20201130.xsd#jef_IncreaseDecreaseinSecuritiesDepositedwithClearingandDepositoryOrganizations"/>
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<link:label id="lab_jef_DividendsOrDistributionsFromAssociatedCompanies_004e52b8-8010-4fee-94d6-16662eeb1229_terseLabel_en-US" xlink:label="lab_jef_DividendsOrDistributionsFromAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Distributions from associated companies </link:label>
<link:label id="lab_jef_DividendsOrDistributionsFromAssociatedCompanies_label_en-US" xlink:label="lab_jef_DividendsOrDistributionsFromAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends Or Distributions From Associated Companies </link:label>
<link:label id="lab_jef_DividendsOrDistributionsFromAssociatedCompanies_documentation_en-US" xlink:label="lab_jef_DividendsOrDistributionsFromAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends Or Distributions From Associated Companies </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DividendsOrDistributionsFromAssociatedCompanies" xlink:href="jef-20201130.xsd#jef_DividendsOrDistributionsFromAssociatedCompanies"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DividendsOrDistributionsFromAssociatedCompanies" xlink:to="lab_jef_DividendsOrDistributionsFromAssociatedCompanies" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_66e9fabb-1023-41fe-afa0-c1bc6b7c3e4e_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net unrealized foreign exchange gains (losses) arising during the period, net of income tax provision (benefit) of $11,392, $1,146 and $(11,089) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax"/>
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<link:label id="lab_us-gaap_FloorBrokerageExchangeAndClearanceFees_8b69a9a2-289e-4715-8cdc-67fff74464a3_terseLabel_en-US" xlink:label="lab_us-gaap_FloorBrokerageExchangeAndClearanceFees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Floor brokerage and clearing fees </link:label>
<link:label id="lab_us-gaap_FloorBrokerageExchangeAndClearanceFees_label_en-US" xlink:label="lab_us-gaap_FloorBrokerageExchangeAndClearanceFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Floor Brokerage, Exchange and Clearance Fees </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FloorBrokerageExchangeAndClearanceFees" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FloorBrokerageExchangeAndClearanceFees"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FloorBrokerageExchangeAndClearanceFees" xlink:to="lab_us-gaap_FloorBrokerageExchangeAndClearanceFees" xlink:type="arc" order="1"/>
<link:label id="lab_jef_MandatorilyRedeemablePreferredSharesCallablePricePerShare_f8a8bef2-eece-4c58-aff3-6e48fec61abf_terseLabel_en-US" xlink:label="lab_jef_MandatorilyRedeemablePreferredSharesCallablePricePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mandatorily redeemable preferred shares callable price per share (USD per share) </link:label>
<link:label id="lab_jef_MandatorilyRedeemablePreferredSharesCallablePricePerShare_label_en-US" xlink:label="lab_jef_MandatorilyRedeemablePreferredSharesCallablePricePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mandatorily redeemable preferred shares callable price per share </link:label>
<link:label id="lab_jef_MandatorilyRedeemablePreferredSharesCallablePricePerShare_documentation_en-US" xlink:label="lab_jef_MandatorilyRedeemablePreferredSharesCallablePricePerShare" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mandatorily redeemable preferred shares callable price per share </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_MandatorilyRedeemablePreferredSharesCallablePricePerShare" xlink:href="jef-20201130.xsd#jef_MandatorilyRedeemablePreferredSharesCallablePricePerShare"/>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax_5c45162c-b8ba-435b-bdf3-f74ff3b13ca0_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net unrealized gains (losses) on cash flow hedges arising during the period, net of income tax provision (benefit) of $0, $0 and $552 </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransfersAndServicingOfFinancialAssetsPolicyTextBlock_b50fcf18-f918-4f53-a578-98f04923ee9b_terseLabel_en-US" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialAssetsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securitization Activities </link:label>
<link:label id="lab_us-gaap_TransfersAndServicingOfFinancialAssetsPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialAssetsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers and Servicing of Financial Assets, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransfersAndServicingOfFinancialAssetsPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TransfersAndServicingOfFinancialAssetsPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransfersAndServicingOfFinancialAssetsPolicyTextBlock" xlink:to="lab_us-gaap_TransfersAndServicingOfFinancialAssetsPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_8c3e8184-53a7-4dae-a865-1209d05d8ec2_terseLabel_en-US" xlink:label="lab_us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated useful lives for intangibles acquired </link:label>
<link:label id="lab_us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_label_en-US" xlink:label="lab_us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Acquired Finite-lived Intangible Assets, Weighted Average Useful Life </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife" xlink:to="lab_us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerDilutedShare_24f498c8-af9d-46a0-9fc8-03075018130e_terseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerDilutedShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on disposal of discontinued operations (USD per share) </link:label>
<link:label id="lab_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerDilutedShare_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerDilutedShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Diluted Share </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerDilutedShare" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerDilutedShare"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerDilutedShare" xlink:to="lab_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerDilutedShare" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_15f245dd-d91e-406d-afbd-334ef41b9a1c_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SecuritiesReceivedAsCollateralMember_252d8032-4a6e-4629-b9bc-9afec3009b12_terseLabel_en-US" xlink:label="lab_jef_SecuritiesReceivedAsCollateralMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities received as collateral, at fair value </link:label>
<link:label id="lab_jef_SecuritiesReceivedAsCollateralMember_label_en-US" xlink:label="lab_jef_SecuritiesReceivedAsCollateralMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Received As Collateral [Member] </link:label>
<link:label id="lab_jef_SecuritiesReceivedAsCollateralMember_documentation_en-US" xlink:label="lab_jef_SecuritiesReceivedAsCollateralMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Received As Collateral [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SecuritiesReceivedAsCollateralMember" xlink:href="jef-20201130.xsd#jef_SecuritiesReceivedAsCollateralMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SecuritiesReceivedAsCollateralMember" xlink:to="lab_jef_SecuritiesReceivedAsCollateralMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_6b765eff-8f27-44a1-bd7a-0f65288c58da_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year Four </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ExchangeTradedDerivativeLiabilitiesAndOtherCreditAgreements_888821a1-cf27-4d3a-8f7f-c12e34bc8437_terseLabel_en-US" xlink:label="lab_jef_ExchangeTradedDerivativeLiabilitiesAndOtherCreditAgreements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exchange traded derivative liabilities and other credit agreements </link:label>
<link:label id="lab_jef_ExchangeTradedDerivativeLiabilitiesAndOtherCreditAgreements_label_en-US" xlink:label="lab_jef_ExchangeTradedDerivativeLiabilitiesAndOtherCreditAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exchange traded derivative liabilities and other credit agreements </link:label>
<link:label id="lab_jef_ExchangeTradedDerivativeLiabilitiesAndOtherCreditAgreements_documentation_en-US" xlink:label="lab_jef_ExchangeTradedDerivativeLiabilitiesAndOtherCreditAgreements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exchange traded derivative liabilities and other credit agreements </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ExchangeTradedDerivativeLiabilitiesAndOtherCreditAgreements" xlink:href="jef-20201130.xsd#jef_ExchangeTradedDerivativeLiabilitiesAndOtherCreditAgreements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ExchangeTradedDerivativeLiabilitiesAndOtherCreditAgreements" xlink:to="lab_jef_ExchangeTradedDerivativeLiabilitiesAndOtherCreditAgreements" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_0955dc3f-fac2-40ea-a194-3117408bdbd3_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Assets And Liabilities Measured On Recurring Basis At Fair Value </link:label>
<link:label id="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_65b1a107-8453-4ff3-9278-dafcb1cb797d_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total unrecognized compensation costs related to nonvested share-based compensation plans </link:label>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_label_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized"/>
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<link:label id="lab_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems_5d3c28ac-7ee9-467c-96c8-8abde0faae74_terseLabel_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> New Accounting Pronouncements or Change in Accounting Principle [Line Items] </link:label>
<link:label id="lab_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems_label_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> New Accounting Pronouncements or Change in Accounting Principle [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:to="lab_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SeniorExecutivesMember_f64aad4c-7359-44a0-956b-ab1ad3e7d7c5_terseLabel_en-US" xlink:label="lab_jef_SeniorExecutivesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Executives </link:label>
<link:label id="lab_jef_SeniorExecutivesMember_label_en-US" xlink:label="lab_jef_SeniorExecutivesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Executives [Member] </link:label>
<link:label id="lab_jef_SeniorExecutivesMember_documentation_en-US" xlink:label="lab_jef_SeniorExecutivesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Executives [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SeniorExecutivesMember" xlink:href="jef-20201130.xsd#jef_SeniorExecutivesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SeniorExecutivesMember" xlink:to="lab_jef_SeniorExecutivesMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_NetCapitalRequirementsTable_aa2fab03-7745-4572-8dfc-1696d5e2d37c_terseLabel_en-US" xlink:label="lab_jef_NetCapitalRequirementsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Capital Requirements [Table] </link:label>
<link:label id="lab_jef_NetCapitalRequirementsTable_label_en-US" xlink:label="lab_jef_NetCapitalRequirementsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Capital Requirements [Table] </link:label>
<link:label id="lab_jef_NetCapitalRequirementsTable_documentation_en-US" xlink:label="lab_jef_NetCapitalRequirementsTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Capital Requirements [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_NetCapitalRequirementsTable" xlink:href="jef-20201130.xsd#jef_NetCapitalRequirementsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_NetCapitalRequirementsTable" xlink:to="lab_jef_NetCapitalRequirementsTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit_a9dcc5d2-d678-44b2-be9c-513f29df12e6_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. state and local </link:label>
<link:label id="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current State and Local Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CurrentStateAndLocalTaxExpenseBenefit"/>
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<link:label id="lab_us-gaap_GuaranteeObligationsMaximumExposure_9aad57c3-f2d0-408a-8081-9c53460884a2_totalLabel_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsMaximumExposure" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Notional/ Maximum Payout </link:label>
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<link:label id="lab_jef_FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatusAndOr90DaysOrGreaterPastDue_b23e029f-ab72-465d-b60d-b31da1016419_terseLabel_en-US" xlink:label="lab_jef_FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatusAndOr90DaysOrGreaterPastDue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and other receivables on nonaccrual status and/or 90 days or greater past due </link:label>
<link:label id="lab_jef_FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatusAndOr90DaysOrGreaterPastDue_label_en-US" xlink:label="lab_jef_FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatusAndOr90DaysOrGreaterPastDue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Loans Held As Assets, Aggregate Amount In Nonaccrual Status And/Or 90 Days Or Greater Past Due </link:label>
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<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_4452a8c4-d956-4a8f-b984-039d94e2a2ce_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (loss) from continuing operations (USD per share) </link:label>
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<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations, Per Diluted Share </link:label>
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<link:label id="lab_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue_5e290e55-5607-4fc7-8bf9-112931af3c31_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total financial instruments sold, not yet purchased, at fair value </link:label>
<link:label id="lab_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments Sold, Not yet Purchased, at Fair Value </link:label>
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<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationChangeInUnrecognizedTaxBenefitsRelatedToPriorPeriodsAmount_f636fc3a-8cf6-4f75-9e46-7f7e2e1617f8_terseLabel_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationChangeInUnrecognizedTaxBenefitsRelatedToPriorPeriodsAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in unrecognized tax benefits related to prior years </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationChangeInUnrecognizedTaxBenefitsRelatedToPriorPeriodsAmount_label_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationChangeInUnrecognizedTaxBenefitsRelatedToPriorPeriodsAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Change In Unrecognized Tax Benefits Related To Prior Periods, Amount </link:label>
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<link:loc xlink:type="locator" xlink:label="loc_jef_EffectiveIncomeTaxRateReconciliationChangeInUnrecognizedTaxBenefitsRelatedToPriorPeriodsAmount" xlink:href="jef-20201130.xsd#jef_EffectiveIncomeTaxRateReconciliationChangeInUnrecognizedTaxBenefitsRelatedToPriorPeriodsAmount"/>
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<link:label id="lab_jef_OtcDerivativeAssetsIncludedInFinancialInstrumentsOwned_586d5ce0-b0f7-4a2b-a484-0f8b80ca00b3_totalLabel_en-US" xlink:label="lab_jef_OtcDerivativeAssetsIncludedInFinancialInstrumentsOwned" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total OTC derivative assets included in Financial instruments owned, at fair value </link:label>
<link:label id="lab_jef_OtcDerivativeAssetsIncludedInFinancialInstrumentsOwned_label_en-US" xlink:label="lab_jef_OtcDerivativeAssetsIncludedInFinancialInstrumentsOwned" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Otc Derivative Assets Included In Financial Instruments Owned </link:label>
<link:label id="lab_jef_OtcDerivativeAssetsIncludedInFinancialInstrumentsOwned_documentation_en-US" xlink:label="lab_jef_OtcDerivativeAssetsIncludedInFinancialInstrumentsOwned" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OTC Derivative Assets Included In Financial Instruments Owned. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtcDerivativeAssetsIncludedInFinancialInstrumentsOwned" xlink:href="jef-20201130.xsd#jef_OtcDerivativeAssetsIncludedInFinancialInstrumentsOwned"/>
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<link:label id="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare_1e3ceff6-74e9-4485-ad8f-2ef19f7f30e3_terseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income from discontinued operations (USD per share) </link:label>
<link:label id="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare"/>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_98973975-0ff3-4b72-943e-90188a8e0ba4_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other comprehensive income (loss): </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Net of Tax [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract"/>
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<link:label id="lab_us-gaap_DerivativeLiabilityMeasurementInput_dfbf24d6-0f86-4991-b500-f77095ae6113_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative liability, measurement input </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityMeasurementInput_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilityMeasurementInput" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLiabilityMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilityMeasurementInput" xlink:to="lab_us-gaap_DerivativeLiabilityMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockParOrStatedValuePerShare_37e95ea2-1ac8-4579-9448-4933ea7052f3_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common shares, par value (USD per share) </link:label>
<link:label id="lab_us-gaap_CommonStockParOrStatedValuePerShare_label_en-US" xlink:label="lab_us-gaap_CommonStockParOrStatedValuePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Par or Stated Value Per Share </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare"/>
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<link:label id="lab_us-gaap_DeferredIncomeTaxAssetsNet_c235e1eb-687e-4db7-95f2-ee0d4e566f34_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxAssetsNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net deferred tax asset </link:label>
<link:label id="lab_us-gaap_DeferredIncomeTaxAssetsNet_83d4f0e8-4a8a-4c95-8f92-3e7c3e21e50b_verboseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxAssetsNet" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax asset, net </link:label>
<link:label id="lab_us-gaap_DeferredIncomeTaxAssetsNet_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxAssetsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Tax Assets, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxAssetsNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredIncomeTaxAssetsNet"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree_2c940bed-8bed-4d5f-a213-28e8f91ab11b_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year Three </link:label>
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<link:label id="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDistributedInPeriodWeightedAverageExercisePrice_7abff6ad-13c5-470a-86cd-10478e390009_terseLabel_en-US" xlink:label="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDistributedInPeriodWeightedAverageExercisePrice" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Distribution of underlying shares (USD per share) </link:label>
<link:label id="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDistributedInPeriodWeightedAverageExercisePrice_label_en-US" xlink:label="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDistributedInPeriodWeightedAverageExercisePrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement by Share-Based Payment Award Equity Instruments Other than Options Distributed in Period, Weighted-Average Exercise Price </link:label>
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<link:label id="lab_jef_LendingTransactionsMember_24764e1a-6658-4f82-bee9-804f74ceda3d_terseLabel_en-US" xlink:label="lab_jef_LendingTransactionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lending transactions </link:label>
<link:label id="lab_jef_LendingTransactionsMember_label_en-US" xlink:label="lab_jef_LendingTransactionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lending Transactions [Member] </link:label>
<link:label id="lab_jef_LendingTransactionsMember_documentation_en-US" xlink:label="lab_jef_LendingTransactionsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lending Transactions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_LendingTransactionsMember" xlink:href="jef-20201130.xsd#jef_LendingTransactionsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_LendingTransactionsMember" xlink:to="lab_jef_LendingTransactionsMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EquityinEarningsofSubsidiariesContinuingandDiscontinuedOperations_14a88b35-756d-4c0c-bcb6-822763e6e74d_negatedTerseLabel_en-US" xlink:label="lab_jef_EquityinEarningsofSubsidiariesContinuingandDiscontinuedOperations" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity in earnings of subsidiaries, including equity in earnings of discontinued operations </link:label>
<link:label id="lab_jef_EquityinEarningsofSubsidiariesContinuingandDiscontinuedOperations_label_en-US" xlink:label="lab_jef_EquityinEarningsofSubsidiariesContinuingandDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity in Earnings of Subsidiaries, Continuing and Discontinued Operations </link:label>
<link:label id="lab_jef_EquityinEarningsofSubsidiariesContinuingandDiscontinuedOperations_documentation_en-US" xlink:label="lab_jef_EquityinEarningsofSubsidiariesContinuingandDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity in Earnings of Subsidiaries, Continuing and Discontinued Operations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EquityinEarningsofSubsidiariesContinuingandDiscontinuedOperations" xlink:href="jef-20201130.xsd#jef_EquityinEarningsofSubsidiariesContinuingandDiscontinuedOperations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EquityinEarningsofSubsidiariesContinuingandDiscontinuedOperations" xlink:to="lab_jef_EquityinEarningsofSubsidiariesContinuingandDiscontinuedOperations" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AlternativeInvestment_3e3ff3b1-d890-434b-bdcb-a09921c90ae1_verboseLabel_en-US" xlink:label="lab_us-gaap_AlternativeInvestment" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Alternative investments </link:label>
<link:label id="lab_us-gaap_AlternativeInvestment_f278fedb-8f2d-4f22-ab25-247782721e58_terseLabel_en-US" xlink:label="lab_us-gaap_AlternativeInvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value </link:label>
<link:label id="lab_us-gaap_AlternativeInvestment_label_en-US" xlink:label="lab_us-gaap_AlternativeInvestment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Alternative Investment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AlternativeInvestment" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AlternativeInvestment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AlternativeInvestment" xlink:to="lab_us-gaap_AlternativeInvestment" xlink:type="arc" order="1"/>
<link:label id="lab_jef_A54MadisonCapitalLLCMember_daa276a8-8095-4acf-96b6-84da8889cea8_terseLabel_en-US" xlink:label="lab_jef_A54MadisonCapitalLLCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 54 Madison </link:label>
<link:label id="lab_jef_A54MadisonCapitalLLCMember_label_en-US" xlink:label="lab_jef_A54MadisonCapitalLLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 54 Madison Capital, LLC [Member] </link:label>
<link:label id="lab_jef_A54MadisonCapitalLLCMember_documentation_en-US" xlink:label="lab_jef_A54MadisonCapitalLLCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 54 Madison Capital, LLC [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_A54MadisonCapitalLLCMember" xlink:href="jef-20201130.xsd#jef_A54MadisonCapitalLLCMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_A54MadisonCapitalLLCMember" xlink:to="lab_jef_A54MadisonCapitalLLCMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OfficersandEmployeesMember_3e4e7fb7-c66c-461d-a5e6-fc7bcf2da3f1_terseLabel_en-US" xlink:label="lab_jef_OfficersandEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Officers and employees </link:label>
<link:label id="lab_jef_OfficersandEmployeesMember_label_en-US" xlink:label="lab_jef_OfficersandEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Officers and Employees [Member] </link:label>
<link:label id="lab_jef_OfficersandEmployeesMember_documentation_en-US" xlink:label="lab_jef_OfficersandEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Officers and Employees [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OfficersandEmployeesMember" xlink:href="jef-20201130.xsd#jef_OfficersandEmployeesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OfficersandEmployeesMember" xlink:to="lab_jef_OfficersandEmployeesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset_8df928fd-a275-414c-8f15-33d260a2f954_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts offset in consolidated statement of financial condition, assets </link:label>
<link:label id="lab_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Collateral, Obligation to Return Cash, Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset" xlink:to="lab_us-gaap_DerivativeAssetCollateralObligationToReturnCashOffset" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EquityCommitment_4dadfaf9-501d-44bb-950a-a71bad0ea67e_terseLabel_en-US" xlink:label="lab_jef_EquityCommitment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity commitment </link:label>
<link:label id="lab_jef_EquityCommitment_label_en-US" xlink:label="lab_jef_EquityCommitment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Commitment </link:label>
<link:label id="lab_jef_EquityCommitment_documentation_en-US" xlink:label="lab_jef_EquityCommitment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity commitment. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EquityCommitment" xlink:href="jef-20201130.xsd#jef_EquityCommitment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EquityCommitment" xlink:to="lab_jef_EquityCommitment" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTable_ea72efe5-52a3-409b-b0ef-5dac87e6398a_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Option, Disclosures [Table] </link:label>
<link:label id="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTable_label_en-US" xlink:label="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Option, Disclosures [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionQuantitativeDisclosuresTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOptionQuantitativeDisclosuresTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionQuantitativeDisclosuresTable" xlink:to="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_dbe59003-168d-4ba6-9d1b-bcc90f63e609_terseLabel_en-US" xlink:label="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash </link:label>
<link:label id="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_label_en-US" xlink:label="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="lab_us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxAmount_0edc2f66-7311-434f-93a8-8eabef4e0bcc_terseLabel_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Base erosion and anti-abuse tax (BEAT) </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxAmount_4b8df23b-f4ed-42d9-9222-308af9858dae_verboseLabel_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for BEAT </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxAmount_label_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Base Erosion And Anti-Abuse Tax, Amount </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxAmount_documentation_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Base Erosion And Anti-Abuse Tax, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxAmount" xlink:href="jef-20201130.xsd#jef_EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxAmount" xlink:to="lab_jef_EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MaterialReconcilingItemsMember_ef2d0474-8de5-4892-a0da-6fedc7f48b17_terseLabel_en-US" xlink:label="lab_us-gaap_MaterialReconcilingItemsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation Adjustments </link:label>
<link:label id="lab_us-gaap_MaterialReconcilingItemsMember_label_en-US" xlink:label="lab_us-gaap_MaterialReconcilingItemsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reconciling Items [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MaterialReconcilingItemsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MaterialReconcilingItemsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaterialReconcilingItemsMember" xlink:to="lab_us-gaap_MaterialReconcilingItemsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerBasicShare_19e2fb3a-e20b-4a63-a522-150d65b5d2ae_verboseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerBasicShare" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on disposal of discontinued operations (USD per share) </link:label>
<link:label id="lab_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerBasicShare_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerBasicShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Basic Share </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerBasicShare" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerBasicShare"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerBasicShare" xlink:to="lab_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerBasicShare" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RegistrationPaymentArrangementLineItems_ff592508-5d97-46a9-95c0-58869f84cf08_terseLabel_en-US" xlink:label="lab_us-gaap_RegistrationPaymentArrangementLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Registration Payment Arrangement [Line Items] </link:label>
<link:label id="lab_us-gaap_RegistrationPaymentArrangementLineItems_label_en-US" xlink:label="lab_us-gaap_RegistrationPaymentArrangementLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Registration Payment Arrangement [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegistrationPaymentArrangementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RegistrationPaymentArrangementLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegistrationPaymentArrangementLineItems" xlink:to="lab_us-gaap_RegistrationPaymentArrangementLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationPaymentForSettlement_09bac2c3-20ae-4ec7-b723-58c0fa1d44a7_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationPaymentForSettlement" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement payments </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationPaymentForSettlement_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationPaymentForSettlement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Payment for Settlement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanBenefitObligationPaymentForSettlement" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanBenefitObligationPaymentForSettlement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanBenefitObligationPaymentForSettlement" xlink:to="lab_us-gaap_DefinedBenefitPlanBenefitObligationPaymentForSettlement" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeMember_cbae56bf-3e52-492a-9efa-b18c11e0ff82_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives </link:label>
<link:label id="lab_us-gaap_DerivativeMember_label_en-US" xlink:label="lab_us-gaap_DerivativeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeMember" xlink:to="lab_us-gaap_DerivativeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementFrequencyDomain_90d8eb50-882a-4e42-9b8d-b650e82ab996_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementFrequencyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement Frequency [Domain] </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementFrequencyDomain_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementFrequencyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Frequency [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementFrequencyDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementFrequencyDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementFrequencyDomain" xlink:to="lab_us-gaap_FairValueMeasurementFrequencyDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities_5a501ce5-0f4c-4d2b-8297-626e21bb2169_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from sale of investments classified as available-for-sale </link:label>
<link:label id="lab_us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Sale of Available-for-sale Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities" xlink:to="lab_us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_f21d53f8-bcc6-4ce8-b303-4e1d3bf5e622_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income from continuing operations </link:label>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_016032ea-d4f0-496f-9909-4b585c4c548d_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income from continuing operations </link:label>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DeferredTaxAssetsInvestmentsInAssociatedCompanies_e0ba0887-305d-439b-9c55-3d412c2fdd61_terseLabel_en-US" xlink:label="lab_jef_DeferredTaxAssetsInvestmentsInAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in associated companies </link:label>
<link:label id="lab_jef_DeferredTaxAssetsInvestmentsInAssociatedCompanies_label_en-US" xlink:label="lab_jef_DeferredTaxAssetsInvestmentsInAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets Investments in Associated Companies </link:label>
<link:label id="lab_jef_DeferredTaxAssetsInvestmentsInAssociatedCompanies_documentation_en-US" xlink:label="lab_jef_DeferredTaxAssetsInvestmentsInAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets Investments in Associated Companies </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DeferredTaxAssetsInvestmentsInAssociatedCompanies" xlink:href="jef-20201130.xsd#jef_DeferredTaxAssetsInvestmentsInAssociatedCompanies"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DeferredTaxAssetsInvestmentsInAssociatedCompanies" xlink:to="lab_jef_DeferredTaxAssetsInvestmentsInAssociatedCompanies" xlink:type="arc" order="1"/>
<link:label id="lab_jef_PrivateEquityRelatedFundsMember_cd1b4bd6-163d-46e6-8b5d-22f4bb3bf857_terseLabel_en-US" xlink:label="lab_jef_PrivateEquityRelatedFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Private Equity Related Funds </link:label>
<link:label id="lab_jef_PrivateEquityRelatedFundsMember_label_en-US" xlink:label="lab_jef_PrivateEquityRelatedFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Private Equity Related Funds [Member] </link:label>
<link:label id="lab_jef_PrivateEquityRelatedFundsMember_documentation_en-US" xlink:label="lab_jef_PrivateEquityRelatedFundsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Private Equity Related Funds </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_PrivateEquityRelatedFundsMember" xlink:href="jef-20201130.xsd#jef_PrivateEquityRelatedFundsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_PrivateEquityRelatedFundsMember" xlink:to="lab_jef_PrivateEquityRelatedFundsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ConcentrationRiskPercentage1_6e32c642-5333-441e-9d94-be0c78ddd900_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskPercentage1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration risk, percentage </link:label>
<link:label id="lab_us-gaap_ConcentrationRiskPercentage1_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskPercentage1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskPercentage1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskPercentage1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskPercentage1" xlink:to="lab_us-gaap_ConcentrationRiskPercentage1" xlink:type="arc" order="1"/>
<link:label id="lab_jef_JefferiesCapitalPartnersLlcAndPrivateEquityFundsMember_aa44fc09-4e53-4f8f-a854-42735291923c_terseLabel_en-US" xlink:label="lab_jef_JefferiesCapitalPartnersLlcAndPrivateEquityFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jefferies Capital Partners LLC and Its Private Equity Funds </link:label>
<link:label id="lab_jef_JefferiesCapitalPartnersLlcAndPrivateEquityFundsMember_label_en-US" xlink:label="lab_jef_JefferiesCapitalPartnersLlcAndPrivateEquityFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jefferies Capital Partners Llc And Private Equity Funds [Member] </link:label>
<link:label id="lab_jef_JefferiesCapitalPartnersLlcAndPrivateEquityFundsMember_documentation_en-US" xlink:label="lab_jef_JefferiesCapitalPartnersLlcAndPrivateEquityFundsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jefferies Capital Partners LLC and Private Equity Funds [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_JefferiesCapitalPartnersLlcAndPrivateEquityFundsMember" xlink:href="jef-20201130.xsd#jef_JefferiesCapitalPartnersLlcAndPrivateEquityFundsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_JefferiesCapitalPartnersLlcAndPrivateEquityFundsMember" xlink:to="lab_jef_JefferiesCapitalPartnersLlcAndPrivateEquityFundsMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_MortgageBackedVehiclesAgencyMember_baa4e53b-008c-4fbb-a277-b81a739dcb1b_terseLabel_en-US" xlink:label="lab_jef_MortgageBackedVehiclesAgencyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Agency mortgage-backed securities </link:label>
<link:label id="lab_jef_MortgageBackedVehiclesAgencyMember_label_en-US" xlink:label="lab_jef_MortgageBackedVehiclesAgencyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage Backed Vehicles Agency [Member] </link:label>
<link:label id="lab_jef_MortgageBackedVehiclesAgencyMember_documentation_en-US" xlink:label="lab_jef_MortgageBackedVehiclesAgencyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage-backed vehicles - Agency. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_MortgageBackedVehiclesAgencyMember" xlink:href="jef-20201130.xsd#jef_MortgageBackedVehiclesAgencyMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_MortgageBackedVehiclesAgencyMember" xlink:to="lab_jef_MortgageBackedVehiclesAgencyMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_CollateralizedFinancingsMeasurementInput_65a33292-4243-40e5-9d54-ff4549e8e0b5_terseLabel_en-US" xlink:label="lab_jef_CollateralizedFinancingsMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Financings, Measurement Input </link:label>
<link:label id="lab_jef_CollateralizedFinancingsMeasurementInput_label_en-US" xlink:label="lab_jef_CollateralizedFinancingsMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Financings, Measurement Input </link:label>
<link:label id="lab_jef_CollateralizedFinancingsMeasurementInput_documentation_en-US" xlink:label="lab_jef_CollateralizedFinancingsMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Financings, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_CollateralizedFinancingsMeasurementInput" xlink:href="jef-20201130.xsd#jef_CollateralizedFinancingsMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_CollateralizedFinancingsMeasurementInput" xlink:to="lab_jef_CollateralizedFinancingsMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementLineItems_cc531705-8cb7-45d5-bc84-f135d9613d8d_terseLabel_en-US" xlink:label="lab_us-gaap_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement [Line Items] </link:label>
<link:label id="lab_us-gaap_StatementLineItems_label_en-US" xlink:label="lab_us-gaap_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementLineItems" xlink:to="lab_us-gaap_StatementLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ClassOfStockDomain_9aae254e-9d0f-4db2-91ac-dac9ae11d0a6_terseLabel_en-US" xlink:label="lab_us-gaap_ClassOfStockDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Domain] </link:label>
<link:label id="lab_us-gaap_ClassOfStockDomain_label_en-US" xlink:label="lab_us-gaap_ClassOfStockDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ClassOfStockDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfStockDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ClassOfStockDomain" xlink:to="lab_us-gaap_ClassOfStockDomain" xlink:type="arc" order="1"/>
<link:label id="lab_jef_LineOfCreditCommitmentToAssociatedCompaniesFundedPortion_4eb224bf-1569-4d1b-aae3-b57ee18d1002_terseLabel_en-US" xlink:label="lab_jef_LineOfCreditCommitmentToAssociatedCompaniesFundedPortion" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Funded portion of line of credit commitment </link:label>
<link:label id="lab_jef_LineOfCreditCommitmentToAssociatedCompaniesFundedPortion_6eaf0e47-4528-4ad3-bb0d-5cad5343b743_verboseLabel_en-US" xlink:label="lab_jef_LineOfCreditCommitmentToAssociatedCompaniesFundedPortion" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of credit commitment to associated companies, funded portion </link:label>
<link:label id="lab_jef_LineOfCreditCommitmentToAssociatedCompaniesFundedPortion_label_en-US" xlink:label="lab_jef_LineOfCreditCommitmentToAssociatedCompaniesFundedPortion" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Commitment to Associated Companies, Funded Portion. </link:label>
<link:label id="lab_jef_LineOfCreditCommitmentToAssociatedCompaniesFundedPortion_documentation_en-US" xlink:label="lab_jef_LineOfCreditCommitmentToAssociatedCompaniesFundedPortion" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Commitment to Associated Companies, Funded Portion. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_LineOfCreditCommitmentToAssociatedCompaniesFundedPortion" xlink:href="jef-20201130.xsd#jef_LineOfCreditCommitmentToAssociatedCompaniesFundedPortion"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_LineOfCreditCommitmentToAssociatedCompaniesFundedPortion" xlink:to="lab_jef_LineOfCreditCommitmentToAssociatedCompaniesFundedPortion" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesReceivedAsCollateral_c4961e55-4e8c-4da6-bf75-8c48672cbb68_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesReceivedAsCollateral" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities received as collateral, at fair value </link:label>
<link:label id="lab_us-gaap_SecuritiesReceivedAsCollateral_label_en-US" xlink:label="lab_us-gaap_SecuritiesReceivedAsCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Received as Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesReceivedAsCollateral" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesReceivedAsCollateral"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesReceivedAsCollateral" xlink:to="lab_us-gaap_SecuritiesReceivedAsCollateral" xlink:type="arc" order="1"/>
<link:label id="lab_jef_InvestmentBankingAndCapitalMarketsSegmentMember_7e013b99-ddcb-405e-96b1-aacdd321a4cf_terseLabel_en-US" xlink:label="lab_jef_InvestmentBankingAndCapitalMarketsSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking and Capital Markets </link:label>
<link:label id="lab_jef_InvestmentBankingAndCapitalMarketsSegmentMember_label_en-US" xlink:label="lab_jef_InvestmentBankingAndCapitalMarketsSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking And Capital Markets Segment [Member] </link:label>
<link:label id="lab_jef_InvestmentBankingAndCapitalMarketsSegmentMember_documentation_en-US" xlink:label="lab_jef_InvestmentBankingAndCapitalMarketsSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking And Capital Markets Segment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_InvestmentBankingAndCapitalMarketsSegmentMember" xlink:href="jef-20201130.xsd#jef_InvestmentBankingAndCapitalMarketsSegmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_InvestmentBankingAndCapitalMarketsSegmentMember" xlink:to="lab_jef_InvestmentBankingAndCapitalMarketsSegmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQualityBbPlusOrLower_7ae384af-9334-4654-8116-fc63f767ff84_terseLabel_en-US" xlink:label="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQualityBbPlusOrLower" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> BB+ or lower </link:label>
<link:label id="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQualityBbPlusOrLower_label_en-US" xlink:label="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQualityBbPlusOrLower" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of OTC derivatives assets, counterparty credit quality BB plus or lower </link:label>
<link:label id="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQualityBbPlusOrLower_documentation_en-US" xlink:label="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQualityBbPlusOrLower" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of OTC derivatives assets, counterparty credit quality BB or lower. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQualityBbPlusOrLower" xlink:href="jef-20201130.xsd#jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQualityBbPlusOrLower"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQualityBbPlusOrLower" xlink:to="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQualityBbPlusOrLower" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputTypeDomain_92b304c0-cc65-43c0-819c-82a639d6ceec_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input Type [Domain] </link:label>
<link:label id="lab_us-gaap_MeasurementInputTypeDomain_label_en-US" xlink:label="lab_us-gaap_MeasurementInputTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MeasurementInputTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputTypeDomain" xlink:to="lab_us-gaap_MeasurementInputTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementTable_311e314c-8442-4bf6-86ec-dd1a6b43bbe9_terseLabel_en-US" xlink:label="lab_us-gaap_StatementTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement [Table] </link:label>
<link:label id="lab_us-gaap_StatementTable_label_en-US" xlink:label="lab_us-gaap_StatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement [Table] </link:label>
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<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits_0507f00a-efeb-4510-af4f-84417fbe42e7_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Compensation and benefits </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits"/>
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<link:label id="lab_jef_CashAndSecuritiesSegregatedAndOnDepositForRegulatoryPurposesOrDepositedWithClearingAndDepositoryOrganizationsPolicyTextBlock_84471893-2472-4176-909b-2b5bb6cb28a2_terseLabel_en-US" xlink:label="lab_jef_CashAndSecuritiesSegregatedAndOnDepositForRegulatoryPurposesOrDepositedWithClearingAndDepositoryOrganizationsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Securities Segregated and on Deposit for Regulatory Purposes or Deposited With Clearing and Depository Organizations </link:label>
<link:label id="lab_jef_CashAndSecuritiesSegregatedAndOnDepositForRegulatoryPurposesOrDepositedWithClearingAndDepositoryOrganizationsPolicyTextBlock_label_en-US" xlink:label="lab_jef_CashAndSecuritiesSegregatedAndOnDepositForRegulatoryPurposesOrDepositedWithClearingAndDepositoryOrganizationsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash And Securities Segregated And On Deposit For Regulatory Purposes Or Deposited With Clearing And Depository Organizations Policy [Text Block] </link:label>
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<link:label id="lab_us-gaap_ObligationToReturnSecuritiesReceivedAsCollateral_2282422d-baad-475e-86fa-45a9e90bc2a2_terseLabel_en-US" xlink:label="lab_us-gaap_ObligationToReturnSecuritiesReceivedAsCollateral" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Obligation to return securities received as collateral, at fair value </link:label>
<link:label id="lab_us-gaap_ObligationToReturnSecuritiesReceivedAsCollateral_f777e514-688d-4718-926d-e7816fb0ad86_verboseLabel_en-US" xlink:label="lab_us-gaap_ObligationToReturnSecuritiesReceivedAsCollateral" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Obligation to Return Securities Received as Collateral, at Fair Value </link:label>
<link:label id="lab_us-gaap_ObligationToReturnSecuritiesReceivedAsCollateral_label_en-US" xlink:label="lab_us-gaap_ObligationToReturnSecuritiesReceivedAsCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Obligation to Return Securities Received as Collateral </link:label>
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<link:label id="lab_us-gaap_DefinedBenefitPlanInterestCost_13189c92-f01a-469d-adbe-de039b39d53a_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanInterestCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest cost </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanInterestCost_2845fe6f-329d-49f1-8f3e-4a0f92518693_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanInterestCost" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest cost </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanInterestCost_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanInterestCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Interest Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanInterestCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanInterestCost"/>
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<link:label id="lab_srt_RangeAxis_6203e40f-b891-49e1-b997-00265263b106_terseLabel_en-US" xlink:label="lab_srt_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Range [Axis] </link:label>
<link:label id="lab_srt_RangeAxis_label_en-US" xlink:label="lab_srt_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statistical Measurement [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_RangeAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RangeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RangeAxis" xlink:to="lab_srt_RangeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EquitylinkedNotesMember_2c5331df-f304-4820-abd7-abb67bd9dcb8_terseLabel_en-US" xlink:label="lab_jef_EquitylinkedNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity-linked notes </link:label>
<link:label id="lab_jef_EquitylinkedNotesMember_label_en-US" xlink:label="lab_jef_EquitylinkedNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity-linked Notes [Member] </link:label>
<link:label id="lab_jef_EquitylinkedNotesMember_documentation_en-US" xlink:label="lab_jef_EquitylinkedNotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity-linked Notes [Member] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EquitylinkedNotesMember" xlink:to="lab_jef_EquitylinkedNotesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityFundsMember_309ea98e-0576-4767-a06b-5f16346d0f63_terseLabel_en-US" xlink:label="lab_us-gaap_EquityFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Funds </link:label>
<link:label id="lab_us-gaap_EquityFundsMember_label_en-US" xlink:label="lab_us-gaap_EquityFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Funds [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityFundsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityFundsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityFundsMember" xlink:to="lab_us-gaap_EquityFundsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset_0600eabe-d5ca-477e-9fb0-f5f3586c8d52_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts offset in consolidated statement of financial condition, liabilities </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Collateral, Right to Reclaim Cash, Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset" xlink:to="lab_us-gaap_DerivativeLiabilityCollateralRightToReclaimCashOffset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement_be05fd2a-807f-4cab-9969-36931ca102e4_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase Agreements </link:label>
<link:label id="lab_us-gaap_FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement_6f295599-ab51-47f1-938a-f722f47c91df_verboseLabel_en-US" xlink:label="lab_us-gaap_FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase agreements </link:label>
<link:label id="lab_us-gaap_FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Assets Sold under Agreements to Repurchase, Gross Including Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancialAssetsSoldUnderAgreementsToRepurchaseGrossIncludingNotSubjectToMasterNettingArrangement"/>
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<link:label id="lab_jef_PrincipalTransactionsRevenueMember_1b3299a0-5f2f-475f-8aca-4750f615de45_terseLabel_en-US" xlink:label="lab_jef_PrincipalTransactionsRevenueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Principal transactions </link:label>
<link:label id="lab_jef_PrincipalTransactionsRevenueMember_label_en-US" xlink:label="lab_jef_PrincipalTransactionsRevenueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Principal Transactions Revenue [Member] </link:label>
<link:label id="lab_jef_PrincipalTransactionsRevenueMember_documentation_en-US" xlink:label="lab_jef_PrincipalTransactionsRevenueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Principal Transactions Revenue [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_PrincipalTransactionsRevenueMember" xlink:href="jef-20201130.xsd#jef_PrincipalTransactionsRevenueMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_PrincipalTransactionsRevenueMember" xlink:to="lab_jef_PrincipalTransactionsRevenueMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCreditsForeign_b5772f4f-e8b7-46ec-8aa3-7b93aba1d496_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCreditsForeign" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign tax credits, percent </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCreditsForeign_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCreditsForeign" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCreditsForeign" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationTaxCreditsForeign"/>
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<link:label id="lab_us-gaap_FairValueMeasurementsNonrecurringMember_f4f57edf-5e5c-44d8-b1ef-33143ae4820f_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsNonrecurringMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonrecurring </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementsNonrecurringMember_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsNonrecurringMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Nonrecurring [Member] </link:label>
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<link:label id="lab_srt_WeightedAverageMember_521a31f5-c7dd-4faa-8359-f0354a0f9741_terseLabel_en-US" xlink:label="lab_srt_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average </link:label>
<link:label id="lab_srt_WeightedAverageMember_label_en-US" xlink:label="lab_srt_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_WeightedAverageMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_WeightedAverageMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_WeightedAverageMember" xlink:to="lab_srt_WeightedAverageMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfZeroToTwelveMonths_cfd75099-63c3-4a00-b030-5d072274c21a_terseLabel_en-US" xlink:label="lab_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfZeroToTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 0-12 Months </link:label>
<link:label id="lab_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfZeroToTwelveMonths_label_en-US" xlink:label="lab_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfZeroToTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Otc Derivative Liabilities Having Maturity Period Of Zero To Twelve Months </link:label>
<link:label id="lab_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfZeroToTwelveMonths_documentation_en-US" xlink:label="lab_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfZeroToTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OTC derivative liabilities having maturity period of zero to twelve months. </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfZeroToTwelveMonths" xlink:to="lab_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfZeroToTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_jef_WeightedAverageNumberOfSharesRestrictedStockUnits_0b945ad3-33e9-453a-a0bb-7814b7a791b5_terseLabel_en-US" xlink:label="lab_jef_WeightedAverageNumberOfSharesRestrictedStockUnits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average RSUs outstanding with no future service required (in shares) </link:label>
<link:label id="lab_jef_WeightedAverageNumberOfSharesRestrictedStockUnits_label_en-US" xlink:label="lab_jef_WeightedAverageNumberOfSharesRestrictedStockUnits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number Of Shares, Restricted Stock Units </link:label>
<link:label id="lab_jef_WeightedAverageNumberOfSharesRestrictedStockUnits_documentation_en-US" xlink:label="lab_jef_WeightedAverageNumberOfSharesRestrictedStockUnits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number Of Shares, Restricted Stock Units </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_WeightedAverageNumberOfSharesRestrictedStockUnits" xlink:href="jef-20201130.xsd#jef_WeightedAverageNumberOfSharesRestrictedStockUnits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_WeightedAverageNumberOfSharesRestrictedStockUnits" xlink:to="lab_jef_WeightedAverageNumberOfSharesRestrictedStockUnits" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntitySmallBusiness_bf81ad79-d1c2-47c7-b297-255993fdebb6_terseLabel_en-US" xlink:label="lab_dei_EntitySmallBusiness" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Small Business </link:label>
<link:label id="lab_dei_EntitySmallBusiness_label_en-US" xlink:label="lab_dei_EntitySmallBusiness" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Small Business </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntitySmallBusiness" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntitySmallBusiness"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntitySmallBusiness" xlink:to="lab_dei_EntitySmallBusiness" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ConsolidationPolicyTextBlock_0a30ae54-a7fb-4b0a-a1a4-ef39a25f3b81_terseLabel_en-US" xlink:label="lab_us-gaap_ConsolidationPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation </link:label>
<link:label id="lab_us-gaap_ConsolidationPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_ConsolidationPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConsolidationPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConsolidationPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConsolidationPolicyTextBlock" xlink:to="lab_us-gaap_ConsolidationPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_IncomeLossesRelatedtoAssociatedCompanies_97d73c20-f2e4-49d6-9ad2-389e77d1e612_negatedLabel_en-US" xlink:label="lab_jef_IncomeLossesRelatedtoAssociatedCompanies" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> (Income) loss related to associated companies </link:label>
<link:label id="lab_jef_IncomeLossesRelatedtoAssociatedCompanies_label_en-US" xlink:label="lab_jef_IncomeLossesRelatedtoAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Losses) Related to Associated Companies </link:label>
<link:label id="lab_jef_IncomeLossesRelatedtoAssociatedCompanies_documentation_en-US" xlink:label="lab_jef_IncomeLossesRelatedtoAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Losses) Related to Associated Companies </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_IncomeLossesRelatedtoAssociatedCompanies" xlink:href="jef-20201130.xsd#jef_IncomeLossesRelatedtoAssociatedCompanies"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_IncomeLossesRelatedtoAssociatedCompanies" xlink:to="lab_jef_IncomeLossesRelatedtoAssociatedCompanies" xlink:type="arc" order="1"/>
<link:label id="lab_jef_VariousPublicCompaniesMember_ef21a01b-7b4a-472a-87c3-15c605dfd722_terseLabel_en-US" xlink:label="lab_jef_VariousPublicCompaniesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Various public companies </link:label>
<link:label id="lab_jef_VariousPublicCompaniesMember_label_en-US" xlink:label="lab_jef_VariousPublicCompaniesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Various Public Companies [Member] </link:label>
<link:label id="lab_jef_VariousPublicCompaniesMember_documentation_en-US" xlink:label="lab_jef_VariousPublicCompaniesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Various Public Companies </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_VariousPublicCompaniesMember" xlink:href="jef-20201130.xsd#jef_VariousPublicCompaniesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_VariousPublicCompaniesMember" xlink:to="lab_jef_VariousPublicCompaniesMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ProceedsOnNewSecuritizations_3d5dfa3b-4cc8-4837-a463-1e38f2bb196f_terseLabel_en-US" xlink:label="lab_jef_ProceedsOnNewSecuritizations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds on new securitizations </link:label>
<link:label id="lab_jef_ProceedsOnNewSecuritizations_label_en-US" xlink:label="lab_jef_ProceedsOnNewSecuritizations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds On New Securitizations </link:label>
<link:label id="lab_jef_ProceedsOnNewSecuritizations_documentation_en-US" xlink:label="lab_jef_ProceedsOnNewSecuritizations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds On New Securitizations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ProceedsOnNewSecuritizations" xlink:href="jef-20201130.xsd#jef_ProceedsOnNewSecuritizations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ProceedsOnNewSecuritizations" xlink:to="lab_jef_ProceedsOnNewSecuritizations" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_7a7da29f-2689-49c2-8db7-8bdcccc2d616_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy and NAV [Domain] </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy and NAV [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue_86e2799e-6797-490e-9b88-921f05d09df6_totalLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total revenues </link:label>
<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue_label_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Including Discontinued Operation, Revenue </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:to="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtcDerivativeAssetsAbstract_71d4b55e-62e3-435e-bbfd-9c8b45d71e56_terseLabel_en-US" xlink:label="lab_jef_OtcDerivativeAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OTC Derivative Assets </link:label>
<link:label id="lab_jef_OtcDerivativeAssetsAbstract_label_en-US" xlink:label="lab_jef_OtcDerivativeAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Otc Derivative Assets [Abstract] </link:label>
<link:label id="lab_jef_OtcDerivativeAssetsAbstract_documentation_en-US" xlink:label="lab_jef_OtcDerivativeAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Otc Derivative Assets [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtcDerivativeAssetsAbstract" xlink:href="jef-20201130.xsd#jef_OtcDerivativeAssetsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtcDerivativeAssetsAbstract" xlink:to="lab_jef_OtcDerivativeAssetsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations_1716336d-94b2-4733-86f8-dcacbebec222_terseLabel_en-US" xlink:label="lab_us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash provided by financing activities - discontinued operations </link:label>
<link:label id="lab_us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations_label_en-US" xlink:label="lab_us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Provided by (Used in) Financing Activities, Discontinued Operations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" xlink:to="lab_us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesSoldNotYetPurchasedMember_fdf3ae9e-151c-41f4-b26c-f5797ed37c51_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldNotYetPurchasedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial instruments sold, not yet purchased, at fair value </link:label>
<link:label id="lab_us-gaap_SecuritiesSoldNotYetPurchasedMember_label_en-US" xlink:label="lab_us-gaap_SecuritiesSoldNotYetPurchasedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold, Not yet Purchased [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldNotYetPurchasedMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesSoldNotYetPurchasedMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesSoldNotYetPurchasedMember" xlink:to="lab_us-gaap_SecuritiesSoldNotYetPurchasedMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_AmendmentFlag_e3c6523b-53c9-4e87-b84d-eff231597088_terseLabel_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amendment Flag </link:label>
<link:label id="lab_dei_AmendmentFlag_label_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amendment Flag </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_AmendmentFlag" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentFlag"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" xlink:type="arc" order="1"/>
<link:label id="lab_jef_NonCashFinancingPurchaseOfCommonSharesForTreasurySettledAfterCurrentPeriodEndDate_baaedb54-304f-47bb-9b2e-0519055a738e_terseLabel_en-US" xlink:label="lab_jef_NonCashFinancingPurchaseOfCommonSharesForTreasurySettledAfterCurrentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchase of common shares for treasury settled subsequent to year end </link:label>
<link:label id="lab_jef_NonCashFinancingPurchaseOfCommonSharesForTreasurySettledAfterCurrentPeriodEndDate_label_en-US" xlink:label="lab_jef_NonCashFinancingPurchaseOfCommonSharesForTreasurySettledAfterCurrentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-cash Financing Purchase of Common Shares for Treasury Settled After Current Period-end Date </link:label>
<link:label id="lab_jef_NonCashFinancingPurchaseOfCommonSharesForTreasurySettledAfterCurrentPeriodEndDate_documentation_en-US" xlink:label="lab_jef_NonCashFinancingPurchaseOfCommonSharesForTreasurySettledAfterCurrentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-cash Financing Purchase of Common Shares for Treasury Settled After Current Period-end Date </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_NonCashFinancingPurchaseOfCommonSharesForTreasurySettledAfterCurrentPeriodEndDate" xlink:href="jef-20201130.xsd#jef_NonCashFinancingPurchaseOfCommonSharesForTreasurySettledAfterCurrentPeriodEndDate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_NonCashFinancingPurchaseOfCommonSharesForTreasurySettledAfterCurrentPeriodEndDate" xlink:to="lab_jef_NonCashFinancingPurchaseOfCommonSharesForTreasurySettledAfterCurrentPeriodEndDate" xlink:type="arc" order="1"/>
<link:label id="lab_jef_PreferredStockEffectiveDividendRatePercentage_4c1321b6-475b-4ee2-b94e-a6b43685bfa4_terseLabel_en-US" xlink:label="lab_jef_PreferredStockEffectiveDividendRatePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock, effective dividend rate, percentage </link:label>
<link:label id="lab_jef_PreferredStockEffectiveDividendRatePercentage_label_en-US" xlink:label="lab_jef_PreferredStockEffectiveDividendRatePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Effective Dividend Rate, Percentage </link:label>
<link:label id="lab_jef_PreferredStockEffectiveDividendRatePercentage_documentation_en-US" xlink:label="lab_jef_PreferredStockEffectiveDividendRatePercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Effective Dividend Rate, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_PreferredStockEffectiveDividendRatePercentage" xlink:href="jef-20201130.xsd#jef_PreferredStockEffectiveDividendRatePercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_PreferredStockEffectiveDividendRatePercentage" xlink:to="lab_jef_PreferredStockEffectiveDividendRatePercentage" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_75c386a8-8c0f-427a-b970-7fc9a44a5f35_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Major Class Name [Domain] </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Major Class Name [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EquityValuation_39b734ed-71d7-4290-8426-a6ca6afe82f8_terseLabel_en-US" xlink:label="lab_jef_EquityValuation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity valuation </link:label>
<link:label id="lab_jef_EquityValuation_b7069a5d-3f7d-48db-b232-9578c8d22de6_netLabel_en-US" xlink:label="lab_jef_EquityValuation" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity valuation </link:label>
<link:label id="lab_jef_EquityValuation_label_en-US" xlink:label="lab_jef_EquityValuation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Valuation </link:label>
<link:label id="lab_jef_EquityValuation_documentation_en-US" xlink:label="lab_jef_EquityValuation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Valuation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EquityValuation" xlink:href="jef-20201130.xsd#jef_EquityValuation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EquityValuation" xlink:to="lab_jef_EquityValuation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_2eea71fd-7bdc-4ae8-a641-faaded3da7ef_periodStartLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Beginning Balance </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_eb3fc5f9-eaa3-468b-b9be-e91a713afc87_periodEndLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ending Balance </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DeferredIncomeTaxExpenseBenefitIncludingDiscontinuedOperations_c6585870-0173-4a6c-827f-f6a2890b4bc5_verboseLabel_en-US" xlink:label="lab_jef_DeferredIncomeTaxExpenseBenefitIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred income tax provision </link:label>
<link:label id="lab_jef_DeferredIncomeTaxExpenseBenefitIncludingDiscontinuedOperations_de759920-8049-48a5-a530-f77ab21d43a3_terseLabel_en-US" xlink:label="lab_jef_DeferredIncomeTaxExpenseBenefitIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred income tax provision (benefit) </link:label>
<link:label id="lab_jef_DeferredIncomeTaxExpenseBenefitIncludingDiscontinuedOperations_label_en-US" xlink:label="lab_jef_DeferredIncomeTaxExpenseBenefitIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Tax Expense (Benefit), Including Discontinued Operations </link:label>
<link:label id="lab_jef_DeferredIncomeTaxExpenseBenefitIncludingDiscontinuedOperations_documentation_en-US" xlink:label="lab_jef_DeferredIncomeTaxExpenseBenefitIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Tax Expense (Benefit), Including Discontinued Operations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DeferredIncomeTaxExpenseBenefitIncludingDiscontinuedOperations" xlink:href="jef-20201130.xsd#jef_DeferredIncomeTaxExpenseBenefitIncludingDiscontinuedOperations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DeferredIncomeTaxExpenseBenefitIncludingDiscontinuedOperations" xlink:to="lab_jef_DeferredIncomeTaxExpenseBenefitIncludingDiscontinuedOperations" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_ff55d607-1470-4ad3-b43c-0b58561f55ee_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock available for grant (in shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax_feae5303-fc67-4b50-83ec-02438aaa517e_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: reclassification adjustment for cash flow hedges (gains) losses included in net income, net of income tax provision (benefit) of $0, $161 and $0 </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DerivativeContractsMeetingDefinitionofAGuarantee_7099955d-6c79-4def-9cfe-2f7db23b4f84_terseLabel_en-US" xlink:label="lab_jef_DerivativeContractsMeetingDefinitionofAGuarantee" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of derivative contracts meeting the definition of a guarantee </link:label>
<link:label id="lab_jef_DerivativeContractsMeetingDefinitionofAGuarantee_label_en-US" xlink:label="lab_jef_DerivativeContractsMeetingDefinitionofAGuarantee" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Contracts Meeting Definition of A Guarantee </link:label>
<link:label id="lab_jef_DerivativeContractsMeetingDefinitionofAGuarantee_documentation_en-US" xlink:label="lab_jef_DerivativeContractsMeetingDefinitionofAGuarantee" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Contracts Meeting Definition of A Guarantee </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DerivativeContractsMeetingDefinitionofAGuarantee" xlink:href="jef-20201130.xsd#jef_DerivativeContractsMeetingDefinitionofAGuarantee"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DerivativeContractsMeetingDefinitionofAGuarantee" xlink:to="lab_jef_DerivativeContractsMeetingDefinitionofAGuarantee" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueByMeasurementFrequencyAxis_703d05ba-1bdc-48dd-92bc-32cc8c7e24ff_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Frequency [Axis] </link:label>
<link:label id="lab_us-gaap_FairValueByMeasurementFrequencyAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Frequency [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueByMeasurementFrequencyAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:to="lab_us-gaap_FairValueByMeasurementFrequencyAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RevenueOtherSources_d256d11c-052a-41cc-bfa1-3bfad4dfcff7_terseLabel_en-US" xlink:label="lab_jef_RevenueOtherSources" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other sources of revenue: </link:label>
<link:label id="lab_jef_RevenueOtherSources_label_en-US" xlink:label="lab_jef_RevenueOtherSources" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue, Other Sources </link:label>
<link:label id="lab_jef_RevenueOtherSources_documentation_en-US" xlink:label="lab_jef_RevenueOtherSources" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue, Other Sources </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RevenueOtherSources" xlink:href="jef-20201130.xsd#jef_RevenueOtherSources"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RevenueOtherSources" xlink:to="lab_jef_RevenueOtherSources" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_f4bb0194-762e-489f-b370-c6231c7db70d_terseLabel_en-US" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments [Domain] </link:label>
<link:label id="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_label_en-US" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:to="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets_e291dfcd-267a-4f33-b95d-22c7e41c55f9_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected return on plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Return (Loss) on Plan Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount_7b77bd44-c67e-4867-9032-296d18c65e40_verboseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum Exposure to Loss </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:to="lab_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OffsettingAssetsTableTextBlock_9b3f8f02-bbfe-4474-86e2-55efa06ae008_terseLabel_en-US" xlink:label="lab_us-gaap_OffsettingAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Offsetting Assets </link:label>
<link:label id="lab_us-gaap_OffsettingAssetsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_OffsettingAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Assets [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffsettingAssetsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OffsettingAssetsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffsettingAssetsTableTextBlock" xlink:to="lab_us-gaap_OffsettingAssetsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueDisclosureItemAmountsDomain_6e94a440-076b-4b31-8647-b96e61baa42d_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurement [Domain] </link:label>
<link:label id="lab_us-gaap_FairValueDisclosureItemAmountsDomain_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurement [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueDisclosureItemAmountsDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:to="lab_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:type="arc" order="1"/>
<link:label id="lab_jef_NumberOfSeparateTaxLots_65a9d687-2ba7-4b8a-b13e-b590f2f70456_terseLabel_en-US" xlink:label="lab_jef_NumberOfSeparateTaxLots" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of separate tax lots </link:label>
<link:label id="lab_jef_NumberOfSeparateTaxLots_label_en-US" xlink:label="lab_jef_NumberOfSeparateTaxLots" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number Of Separate Tax Lots </link:label>
<link:label id="lab_jef_NumberOfSeparateTaxLots_documentation_en-US" xlink:label="lab_jef_NumberOfSeparateTaxLots" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number Of Separate Tax Lots </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_NumberOfSeparateTaxLots" xlink:href="jef-20201130.xsd#jef_NumberOfSeparateTaxLots"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_NumberOfSeparateTaxLots" xlink:to="lab_jef_NumberOfSeparateTaxLots" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ForwardStartingReposMember_5f6aabf0-6a3a-4c43-aeda-e21cfa7351fb_terseLabel_en-US" xlink:label="lab_jef_ForwardStartingReposMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward starting repos </link:label>
<link:label id="lab_jef_ForwardStartingReposMember_label_en-US" xlink:label="lab_jef_ForwardStartingReposMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward Starting Repos [Member] </link:label>
<link:label id="lab_jef_ForwardStartingReposMember_documentation_en-US" xlink:label="lab_jef_ForwardStartingReposMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward Starting Repos [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ForwardStartingReposMember" xlink:href="jef-20201130.xsd#jef_ForwardStartingReposMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ForwardStartingReposMember" xlink:to="lab_jef_ForwardStartingReposMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_GoldenQueenMiningCompanyLLCMember_15e38bc9-fca8-49ec-a62e-78255fb4d625_verboseLabel_en-US" xlink:label="lab_jef_GoldenQueenMiningCompanyLLCMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Golden Queen </link:label>
<link:label id="lab_jef_GoldenQueenMiningCompanyLLCMember_label_en-US" xlink:label="lab_jef_GoldenQueenMiningCompanyLLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Golden Queen Mining Company, LLC [Member] </link:label>
<link:label id="lab_jef_GoldenQueenMiningCompanyLLCMember_documentation_en-US" xlink:label="lab_jef_GoldenQueenMiningCompanyLLCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Golden Queen Mining Company, LLC [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_GoldenQueenMiningCompanyLLCMember" xlink:href="jef-20201130.xsd#jef_GoldenQueenMiningCompanyLLCMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_GoldenQueenMiningCompanyLLCMember" xlink:to="lab_jef_GoldenQueenMiningCompanyLLCMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableInterestEntityMeasureOfActivityAbstract_d52c839a-b5d6-46f9-8f42-eedb3d843206_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityMeasureOfActivityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Measure of Activity [Abstract] </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityMeasureOfActivityAbstract_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityMeasureOfActivityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Measure of Activity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityMeasureOfActivityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableInterestEntityMeasureOfActivityAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityMeasureOfActivityAbstract" xlink:to="lab_us-gaap_VariableInterestEntityMeasureOfActivityAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_Depreciationandamortizationofrealestatepropertyequipmentandleaseholdimprovements_c2dc6f25-8872-4c10-a076-409667e53557_terseLabel_en-US" xlink:label="lab_jef_Depreciationandamortizationofrealestatepropertyequipmentandleaseholdimprovements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depreciation and amortization of real estate, property, equipment and leasehold improvements </link:label>
<link:label id="lab_jef_Depreciationandamortizationofrealestatepropertyequipmentandleaseholdimprovements_label_en-US" xlink:label="lab_jef_Depreciationandamortizationofrealestatepropertyequipmentandleaseholdimprovements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depreciation and amortization of real estate property equipment and leasehold improvements </link:label>
<link:label id="lab_jef_Depreciationandamortizationofrealestatepropertyequipmentandleaseholdimprovements_documentation_en-US" xlink:label="lab_jef_Depreciationandamortizationofrealestatepropertyequipmentandleaseholdimprovements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depreciation and amortization of real estate, property, equipment and leasehold improvements. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_Depreciationandamortizationofrealestatepropertyequipmentandleaseholdimprovements" xlink:href="jef-20201130.xsd#jef_Depreciationandamortizationofrealestatepropertyequipmentandleaseholdimprovements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_Depreciationandamortizationofrealestatepropertyequipmentandleaseholdimprovements" xlink:to="lab_jef_Depreciationandamortizationofrealestatepropertyequipmentandleaseholdimprovements" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtherPayablesExpenseAccrualsAndOtherLiabilities_556db52f-4ac8-4f1c-9677-91c7731cd5d9_terseLabel_en-US" xlink:label="lab_jef_OtherPayablesExpenseAccrualsAndOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other payables, expense accruals and other liabilities </link:label>
<link:label id="lab_jef_OtherPayablesExpenseAccrualsAndOtherLiabilities_label_en-US" xlink:label="lab_jef_OtherPayablesExpenseAccrualsAndOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Payables, Expense Accruals And Other Liabilities </link:label>
<link:label id="lab_jef_OtherPayablesExpenseAccrualsAndOtherLiabilities_documentation_en-US" xlink:label="lab_jef_OtherPayablesExpenseAccrualsAndOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Payables, Expense Accruals And Other Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtherPayablesExpenseAccrualsAndOtherLiabilities" xlink:href="jef-20201130.xsd#jef_OtherPayablesExpenseAccrualsAndOtherLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtherPayablesExpenseAccrualsAndOtherLiabilities" xlink:to="lab_jef_OtherPayablesExpenseAccrualsAndOtherLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_jef_InvestmentsRedeemablePriorWrittenNoticePeriodDomain_39d99cf6-67cb-404a-9e67-ef702d1a62a8_terseLabel_en-US" xlink:label="lab_jef_InvestmentsRedeemablePriorWrittenNoticePeriodDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments Redeemable Prior Written Notice Period [Domain] </link:label>
<link:label id="lab_jef_InvestmentsRedeemablePriorWrittenNoticePeriodDomain_label_en-US" xlink:label="lab_jef_InvestmentsRedeemablePriorWrittenNoticePeriodDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments Redeemable Prior Written Notice Period [Domain] </link:label>
<link:label id="lab_jef_InvestmentsRedeemablePriorWrittenNoticePeriodDomain_documentation_en-US" xlink:label="lab_jef_InvestmentsRedeemablePriorWrittenNoticePeriodDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments Redeemable Prior Written Notice Period [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_InvestmentsRedeemablePriorWrittenNoticePeriodDomain" xlink:href="jef-20201130.xsd#jef_InvestmentsRedeemablePriorWrittenNoticePeriodDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_InvestmentsRedeemablePriorWrittenNoticePeriodDomain" xlink:to="lab_jef_InvestmentsRedeemablePriorWrittenNoticePeriodDomain" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationBusinessAcquisitionPercent_d38f4099-e2e9-4250-a7b8-4492edd918eb_terseLabel_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationBusinessAcquisitionPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Acquisition of HomeFed, precent </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationBusinessAcquisitionPercent_label_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationBusinessAcquisitionPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Business Acquisition, Percent </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationBusinessAcquisitionPercent_documentation_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationBusinessAcquisitionPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Business Acquisition, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EffectiveIncomeTaxRateReconciliationBusinessAcquisitionPercent" xlink:href="jef-20201130.xsd#jef_EffectiveIncomeTaxRateReconciliationBusinessAcquisitionPercent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EffectiveIncomeTaxRateReconciliationBusinessAcquisitionPercent" xlink:to="lab_jef_EffectiveIncomeTaxRateReconciliationBusinessAcquisitionPercent" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ForwardStartingReverseReposMember_ce81a95f-5846-4d2b-9b44-b3bb00275046_terseLabel_en-US" xlink:label="lab_jef_ForwardStartingReverseReposMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward starting reverse repos </link:label>
<link:label id="lab_jef_ForwardStartingReverseReposMember_label_en-US" xlink:label="lab_jef_ForwardStartingReverseReposMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward Starting Reverse Repos [Member] </link:label>
<link:label id="lab_jef_ForwardStartingReverseReposMember_documentation_en-US" xlink:label="lab_jef_ForwardStartingReverseReposMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward Starting Reverse Repos [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ForwardStartingReverseReposMember" xlink:href="jef-20201130.xsd#jef_ForwardStartingReverseReposMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ForwardStartingReverseReposMember" xlink:to="lab_jef_ForwardStartingReverseReposMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock_a0099f31-0313-44f8-8471-89fb56c11882_terseLabel_en-US" xlink:label="lab_jef_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary Of Changes In Fair Value Of Financial Assets And Liabilities Classified As Level 3 </link:label>
<link:label id="lab_jef_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock_label_en-US" xlink:label="lab_jef_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Table Text Block] </link:label>
<link:label id="lab_jef_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock_documentation_en-US" xlink:label="lab_jef_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of beginning Level 3 assets and liabilities to ending Level 3 assets and liabilities (specifically disaggregating purchases, sales, settlements, issuances, transfers to Level 3 and transfers out of Level 3). </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock" xlink:href="jef-20201130.xsd#jef_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock" xlink:to="lab_jef_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommitmentsAndContingenciesPolicyTextBlock_59f0090a-8c03-4140-8956-9f83189257f2_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contingencies </link:label>
<link:label id="lab_us-gaap_CommitmentsAndContingenciesPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingenciesPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:to="lab_us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis_0f61822b-d97e-499e-89a0-50a5e6ccfcb0_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Lived Tangible Asset [Axis] </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Lived Tangible Asset [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ProceedsFromSaleOfEquityMethodInvestmentsIncludingDistributions_b247a8cf-6672-40e6-a60d-1004a426f094_verboseLabel_en-US" xlink:label="lab_jef_ProceedsFromSaleOfEquityMethodInvestmentsIncludingDistributions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash received from sale of subsidiary </link:label>
<link:label id="lab_jef_ProceedsFromSaleOfEquityMethodInvestmentsIncludingDistributions_09bed71d-55d7-4371-8818-e9f9c79e02d8_terseLabel_en-US" xlink:label="lab_jef_ProceedsFromSaleOfEquityMethodInvestmentsIncludingDistributions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from sale of associated companies, including distributions </link:label>
<link:label id="lab_jef_ProceedsFromSaleOfEquityMethodInvestmentsIncludingDistributions_label_en-US" xlink:label="lab_jef_ProceedsFromSaleOfEquityMethodInvestmentsIncludingDistributions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds From Sale Of Equity Method Investments, Including Distributions </link:label>
<link:label id="lab_jef_ProceedsFromSaleOfEquityMethodInvestmentsIncludingDistributions_documentation_en-US" xlink:label="lab_jef_ProceedsFromSaleOfEquityMethodInvestmentsIncludingDistributions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds From Sale Of Equity Method Investments, Including Distributions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ProceedsFromSaleOfEquityMethodInvestmentsIncludingDistributions" xlink:href="jef-20201130.xsd#jef_ProceedsFromSaleOfEquityMethodInvestmentsIncludingDistributions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ProceedsFromSaleOfEquityMethodInvestmentsIncludingDistributions" xlink:to="lab_jef_ProceedsFromSaleOfEquityMethodInvestmentsIncludingDistributions" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions_7c2f1be7-a4c7-4fe8-8252-c6f7b43aaf4b_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Issuance of shares for HomeFed acquisition </link:label>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Issued During Period, Value, Acquisitions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueAcquisitions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax_379fd9cd-bdb8-4cda-acb6-34bc902b4a51_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: reclassification adjustment for foreign exchange (gains) losses included in net income, net of income tax provision (benefit) of $0, $(52) and $(16) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShortTermDebtMember_26a119ba-ec73-48cb-8d95-6896f1eecbcd_terseLabel_en-US" xlink:label="lab_us-gaap_ShortTermDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term borrowings </link:label>
<link:label id="lab_us-gaap_ShortTermDebtMember_label_en-US" xlink:label="lab_us-gaap_ShortTermDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Debt [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortTermDebtMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShortTermDebtMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortTermDebtMember" xlink:to="lab_us-gaap_ShortTermDebtMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_CurrentExpectedInflationRate_bdca9245-7cb2-4f6f-9d2c-1eb7418f34c7_terseLabel_en-US" xlink:label="lab_jef_CurrentExpectedInflationRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current expected inflation rate </link:label>
<link:label id="lab_jef_CurrentExpectedInflationRate_label_en-US" xlink:label="lab_jef_CurrentExpectedInflationRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Expected Inflation Rate </link:label>
<link:label id="lab_jef_CurrentExpectedInflationRate_documentation_en-US" xlink:label="lab_jef_CurrentExpectedInflationRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Expected Inflation Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_CurrentExpectedInflationRate" xlink:href="jef-20201130.xsd#jef_CurrentExpectedInflationRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_CurrentExpectedInflationRate" xlink:to="lab_jef_CurrentExpectedInflationRate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember_77d2d4fe-5655-4226-9d87-08a8e76b1009_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net unrealized gains on cash flow hedges, net of income tax provision (benefit) of $0 and $161 </link:label>
<link:label id="lab_us-gaap_AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember" xlink:to="lab_us-gaap_AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_2daf012e-2c52-41ee-a287-f6c2bf5215dd_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year Two </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:type="arc" order="1"/>
<link:label id="lab_jef_NonExchangeTradedWarrantsMember_069f3f3f-e460-42a4-beba-a4080217bd1a_terseLabel_en-US" xlink:label="lab_jef_NonExchangeTradedWarrantsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-exchange-traded warrants </link:label>
<link:label id="lab_jef_NonExchangeTradedWarrantsMember_label_en-US" xlink:label="lab_jef_NonExchangeTradedWarrantsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-Exchange Traded Warrants [Member] </link:label>
<link:label id="lab_jef_NonExchangeTradedWarrantsMember_documentation_en-US" xlink:label="lab_jef_NonExchangeTradedWarrantsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-Exchange Traded Warrants </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_NonExchangeTradedWarrantsMember" xlink:href="jef-20201130.xsd#jef_NonExchangeTradedWarrantsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_NonExchangeTradedWarrantsMember" xlink:to="lab_jef_NonExchangeTradedWarrantsMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SharebasedCompensationArrangementbySharebasedPaymentAwardNumberofSharesIssuableuponSettlementofRSUs_41e4f795-6eb7-4928-9cf6-87aa68a45407_terseLabel_en-US" xlink:label="lab_jef_SharebasedCompensationArrangementbySharebasedPaymentAwardNumberofSharesIssuableuponSettlementofRSUs" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares issuable upon settlement of deferred shares (in shares) </link:label>
<link:label id="lab_jef_SharebasedCompensationArrangementbySharebasedPaymentAwardNumberofSharesIssuableuponSettlementofRSUs_label_en-US" xlink:label="lab_jef_SharebasedCompensationArrangementbySharebasedPaymentAwardNumberofSharesIssuableuponSettlementofRSUs" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Issuable upon Settlement of RSUs </link:label>
<link:label id="lab_jef_SharebasedCompensationArrangementbySharebasedPaymentAwardNumberofSharesIssuableuponSettlementofRSUs_documentation_en-US" xlink:label="lab_jef_SharebasedCompensationArrangementbySharebasedPaymentAwardNumberofSharesIssuableuponSettlementofRSUs" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Issuable upon Settlement of RSUs </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SharebasedCompensationArrangementbySharebasedPaymentAwardNumberofSharesIssuableuponSettlementofRSUs" xlink:href="jef-20201130.xsd#jef_SharebasedCompensationArrangementbySharebasedPaymentAwardNumberofSharesIssuableuponSettlementofRSUs"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SharebasedCompensationArrangementbySharebasedPaymentAwardNumberofSharesIssuableuponSettlementofRSUs" xlink:to="lab_jef_SharebasedCompensationArrangementbySharebasedPaymentAwardNumberofSharesIssuableuponSettlementofRSUs" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_fe432677-75c9-4088-8f5a-675f8a0c73fd_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash flows from financing activities: </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Financing Activities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EquityCommitmentsMember_8b6dc6a3-6c20-4bb3-97da-5b091b9ca423_terseLabel_en-US" xlink:label="lab_jef_EquityCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity commitments </link:label>
<link:label id="lab_jef_EquityCommitmentsMember_label_en-US" xlink:label="lab_jef_EquityCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Commitments [Member] </link:label>
<link:label id="lab_jef_EquityCommitmentsMember_documentation_en-US" xlink:label="lab_jef_EquityCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity commitments. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EquityCommitmentsMember" xlink:href="jef-20201130.xsd#jef_EquityCommitmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EquityCommitmentsMember" xlink:to="lab_jef_EquityCommitmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities_91779dba-5012-4f19-9829-ba0a59987e55_negatedNetLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities" xlink:role="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available collateral </link:label>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities_label_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities" xlink:to="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_jef_HRGGroupSpectrumBrandsHoldingsInc.Member_9e7a13f3-dc74-4e66-a05c-98d3fea3aa68_terseLabel_en-US" xlink:label="lab_jef_HRGGroupSpectrumBrandsHoldingsInc.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HRG Group/Spectrum Brands </link:label>
<link:label id="lab_jef_HRGGroupSpectrumBrandsHoldingsInc.Member_label_en-US" xlink:label="lab_jef_HRGGroupSpectrumBrandsHoldingsInc.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HRG Group/Spectrum Brands Holdings, Inc. [Member] </link:label>
<link:label id="lab_jef_HRGGroupSpectrumBrandsHoldingsInc.Member_documentation_en-US" xlink:label="lab_jef_HRGGroupSpectrumBrandsHoldingsInc.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HRG Group/Spectrum Brands Holdings, Inc. [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_HRGGroupSpectrumBrandsHoldingsInc.Member" xlink:href="jef-20201130.xsd#jef_HRGGroupSpectrumBrandsHoldingsInc.Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_HRGGroupSpectrumBrandsHoldingsInc.Member" xlink:to="lab_jef_HRGGroupSpectrumBrandsHoldingsInc.Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ForeignExchangeContractMember_117a5610-8f18-4a60-8852-50ae0ff5e1ca_terseLabel_en-US" xlink:label="lab_us-gaap_ForeignExchangeContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign exchange contracts </link:label>
<link:label id="lab_us-gaap_ForeignExchangeContractMember_label_en-US" xlink:label="lab_us-gaap_ForeignExchangeContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Exchange Contract [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignExchangeContractMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ForeignExchangeContractMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignExchangeContractMember" xlink:to="lab_us-gaap_ForeignExchangeContractMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OilAndGasPropertiesMember_1743078a-34f1-4d79-befe-154ca89aa8b9_terseLabel_en-US" xlink:label="lab_us-gaap_OilAndGasPropertiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Oil and gas properties </link:label>
<link:label id="lab_us-gaap_OilAndGasPropertiesMember_label_en-US" xlink:label="lab_us-gaap_OilAndGasPropertiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Oil and Gas Properties [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OilAndGasPropertiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OilAndGasPropertiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OilAndGasPropertiesMember" xlink:to="lab_us-gaap_OilAndGasPropertiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LeaseCostTableTextBlock_ec0c6c75-13b7-4c3e-a238-ca7bf2621537_terseLabel_en-US" xlink:label="lab_us-gaap_LeaseCostTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease, Cost </link:label>
<link:label id="lab_us-gaap_LeaseCostTableTextBlock_label_en-US" xlink:label="lab_us-gaap_LeaseCostTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease, Cost [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeaseCostTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LeaseCostTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeaseCostTableTextBlock" xlink:to="lab_us-gaap_LeaseCostTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DerivativeHedgingRelationshipEffectivePercentage_681e3be7-0b45-499a-afc1-44a926046db4_terseLabel_en-US" xlink:label="lab_jef_DerivativeHedgingRelationshipEffectivePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative hedging relationship effective percentage </link:label>
<link:label id="lab_jef_DerivativeHedgingRelationshipEffectivePercentage_label_en-US" xlink:label="lab_jef_DerivativeHedgingRelationshipEffectivePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Hedging Relationship Effective Percentage </link:label>
<link:label id="lab_jef_DerivativeHedgingRelationshipEffectivePercentage_documentation_en-US" xlink:label="lab_jef_DerivativeHedgingRelationshipEffectivePercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Hedging Relationship Effective Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DerivativeHedgingRelationshipEffectivePercentage" xlink:href="jef-20201130.xsd#jef_DerivativeHedgingRelationshipEffectivePercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DerivativeHedgingRelationshipEffectivePercentage" xlink:to="lab_jef_DerivativeHedgingRelationshipEffectivePercentage" xlink:type="arc" order="1"/>
<link:label id="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnandTangibleDeployableEquityPercentage_0926b645-ed42-4375-8029-f611a51d7ab1_terseLabel_en-US" xlink:label="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnandTangibleDeployableEquityPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance measurement benchmark, growth rate in TSR and ROTDE </link:label>
<link:label id="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnandTangibleDeployableEquityPercentage_label_en-US" xlink:label="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnandTangibleDeployableEquityPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annual Targeted Long-Term Compensation, Performance Measurement Benchmark, Growth Rate In Total Shareholder Return and Tangible Deployable Equity, Percentage </link:label>
<link:label id="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnandTangibleDeployableEquityPercentage_documentation_en-US" xlink:label="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnandTangibleDeployableEquityPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annual Targeted Long-Term Compensation, Performance Measurement Benchmark, Growth Rate In Total Shareholder Return and Tangible Deployable Equity, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnandTangibleDeployableEquityPercentage" xlink:href="jef-20201130.xsd#jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnandTangibleDeployableEquityPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnandTangibleDeployableEquityPercentage" xlink:to="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnandTangibleDeployableEquityPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_e208288c-20b7-4fe9-8e9d-558c61df2da6_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year Three </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:type="arc" order="1"/>
<link:label id="lab_jef_GainsOnSaleRevaluationOfAssociatedCompanies_e9c1cf0d-1074-4c17-ae0c-213c27d3febc_negatedLabel_en-US" xlink:label="lab_jef_GainsOnSaleRevaluationOfAssociatedCompanies" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains on sale/revaluation of associated companies </link:label>
<link:label id="lab_jef_GainsOnSaleRevaluationOfAssociatedCompanies_label_en-US" xlink:label="lab_jef_GainsOnSaleRevaluationOfAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains On Sale/Revaluation Of Associated Companies </link:label>
<link:label id="lab_jef_GainsOnSaleRevaluationOfAssociatedCompanies_documentation_en-US" xlink:label="lab_jef_GainsOnSaleRevaluationOfAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains On Sale/Revaluation Of Associated Companies </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_GainsOnSaleRevaluationOfAssociatedCompanies" xlink:href="jef-20201130.xsd#jef_GainsOnSaleRevaluationOfAssociatedCompanies"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_GainsOnSaleRevaluationOfAssociatedCompanies" xlink:to="lab_jef_GainsOnSaleRevaluationOfAssociatedCompanies" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PlanNameAxis_5f545d6a-7ef3-482c-9447-6cd747557f45_terseLabel_en-US" xlink:label="lab_us-gaap_PlanNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan Name [Axis] </link:label>
<link:label id="lab_us-gaap_PlanNameAxis_label_en-US" xlink:label="lab_us-gaap_PlanNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan Name [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PlanNameAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PlanNameAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PlanNameAxis" xlink:to="lab_us-gaap_PlanNameAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BankLoanObligationsMember_a355469a-7975-416b-a194-044f00b9d280_terseLabel_en-US" xlink:label="lab_us-gaap_BankLoanObligationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jefferies Group Secured Bank Loan </link:label>
<link:label id="lab_us-gaap_BankLoanObligationsMember_label_en-US" xlink:label="lab_us-gaap_BankLoanObligationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank Loan Obligations [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BankLoanObligationsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BankLoanObligationsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BankLoanObligationsMember" xlink:to="lab_us-gaap_BankLoanObligationsMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_JCPEntitiesMember_3cf391b0-a541-4b9b-afb0-aa52060169b5_terseLabel_en-US" xlink:label="lab_jef_JCPEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> JCP Entities </link:label>
<link:label id="lab_jef_JCPEntitiesMember_label_en-US" xlink:label="lab_jef_JCPEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> JCP Entities [Member] </link:label>
<link:label id="lab_jef_JCPEntitiesMember_documentation_en-US" xlink:label="lab_jef_JCPEntitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> JCP Entities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_JCPEntitiesMember" xlink:href="jef-20201130.xsd#jef_JCPEntitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_JCPEntitiesMember" xlink:to="lab_jef_JCPEntitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RealEstateAssociatedCompaniesMember_74eb3ce9-3f96-4f1c-8015-935b0311a4d3_terseLabel_en-US" xlink:label="lab_jef_RealEstateAssociatedCompaniesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real estate associated companies </link:label>
<link:label id="lab_jef_RealEstateAssociatedCompaniesMember_label_en-US" xlink:label="lab_jef_RealEstateAssociatedCompaniesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real Estate Associated Companies [Member] </link:label>
<link:label id="lab_jef_RealEstateAssociatedCompaniesMember_documentation_en-US" xlink:label="lab_jef_RealEstateAssociatedCompaniesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real Estate Associated Companies [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RealEstateAssociatedCompaniesMember" xlink:href="jef-20201130.xsd#jef_RealEstateAssociatedCompaniesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RealEstateAssociatedCompaniesMember" xlink:to="lab_jef_RealEstateAssociatedCompaniesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperations_0252c1f4-6378-4799-b905-b4b17da7e6e5_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income from continuing operations, net of taxes </link:label>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperations_00a9373e-5215-48ab-b012-408f61ed04e2_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income from continuing operations </link:label>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperations_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperations" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromContinuingOperations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperations" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperations" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_Assets_dfcb6ab0-6b03-470c-aede-646a216f0c81_totalLabel_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total assets </link:label>
<link:label id="lab_us-gaap_Assets_398d4161-0fb9-46e8-89a0-0e7081a0e8e4_terseLabel_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets </link:label>
<link:label id="lab_us-gaap_Assets_ad088d53-3fd8-4161-8a2b-91486c4c228d_verboseLabel_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Identifiable assets employed: </link:label>
<link:label id="lab_us-gaap_Assets_label_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Assets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Assets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Assets" xlink:to="lab_us-gaap_Assets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_853e9c3a-e4f5-47b6-9bcf-16bd529b9438_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party Transactions </link:label>
<link:label id="lab_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party Transactions Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="lab_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_srt_BrokersAndDealersAbstract_f16b10fb-6ce3-45c6-85ef-d2bbafa66a67_terseLabel_en-US" xlink:label="lab_srt_BrokersAndDealersAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Brokers and Dealers [Abstract] </link:label>
<link:label id="lab_srt_BrokersAndDealersAbstract_label_en-US" xlink:label="lab_srt_BrokersAndDealersAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Brokers and Dealers [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_BrokersAndDealersAbstract" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_BrokersAndDealersAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_BrokersAndDealersAbstract" xlink:to="lab_srt_BrokersAndDealersAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_BusinessCombinationPreTaxGainLoss_51dec51b-5b42-46ad-b2a3-46a360114038_terseLabel_en-US" xlink:label="lab_jef_BusinessCombinationPreTaxGainLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pre-tax gain recognized on acquisition </link:label>
<link:label id="lab_jef_BusinessCombinationPreTaxGainLoss_edd2ff93-640d-4806-a7e0-7a2a349d076d_verboseLabel_en-US" xlink:label="lab_jef_BusinessCombinationPreTaxGainLoss" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on revaluation of our interest in HomeFed </link:label>
<link:label id="lab_jef_BusinessCombinationPreTaxGainLoss_label_en-US" xlink:label="lab_jef_BusinessCombinationPreTaxGainLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Pre-Tax Gain (Loss) </link:label>
<link:label id="lab_jef_BusinessCombinationPreTaxGainLoss_documentation_en-US" xlink:label="lab_jef_BusinessCombinationPreTaxGainLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Pre-Tax Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_BusinessCombinationPreTaxGainLoss" xlink:href="jef-20201130.xsd#jef_BusinessCombinationPreTaxGainLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_BusinessCombinationPreTaxGainLoss" xlink:to="lab_jef_BusinessCombinationPreTaxGainLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues_8ad39045-78f4-4df2-b7ae-accc301395aa_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Issuances </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries_f322f690-ec9c-408d-bb11-739f09736b71_terseLabel_en-US" xlink:label="lab_us-gaap_AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets that may be restricted to the payment of cash dividends and advances </link:label>
<link:label id="lab_us-gaap_AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries_label_en-US" xlink:label="lab_us-gaap_AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of Restricted Net Assets for Consolidated and Unconsolidated Subsidiaries </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries" xlink:to="lab_us-gaap_AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_jef_MeasurementInputTransactionLevelMember_6ba702a2-b799-4e1a-9253-156ff9e41fac_terseLabel_en-US" xlink:label="lab_jef_MeasurementInputTransactionLevelMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transaction level </link:label>
<link:label id="lab_jef_MeasurementInputTransactionLevelMember_label_en-US" xlink:label="lab_jef_MeasurementInputTransactionLevelMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Transaction Level [Member] </link:label>
<link:label id="lab_jef_MeasurementInputTransactionLevelMember_documentation_en-US" xlink:label="lab_jef_MeasurementInputTransactionLevelMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Transaction Level [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_MeasurementInputTransactionLevelMember" xlink:href="jef-20201130.xsd#jef_MeasurementInputTransactionLevelMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_MeasurementInputTransactionLevelMember" xlink:to="lab_jef_MeasurementInputTransactionLevelMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CorporateMember_3b868eba-ef3c-4370-a5bb-2d09046b562c_terseLabel_en-US" xlink:label="lab_us-gaap_CorporateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate </link:label>
<link:label id="lab_us-gaap_CorporateMember_label_en-US" xlink:label="lab_us-gaap_CorporateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Segment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CorporateMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CorporateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CorporateMember" xlink:to="lab_us-gaap_CorporateMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_f1a72635-5128-44bd-b947-8539045383b7_periodStartLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonvested balance, beginning of period (shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_e668cf43-ead8-48dc-a9ce-4af7eefbe6f4_periodEndLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonvested balance, end of period (shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetirementPlanSponsorLocationAxis_cb473fbf-b8ee-4691-aaaf-78cb0694b018_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanSponsorLocationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Sponsor Location [Axis] </link:label>
<link:label id="lab_us-gaap_RetirementPlanSponsorLocationAxis_label_en-US" xlink:label="lab_us-gaap_RetirementPlanSponsorLocationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Sponsor Location [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanSponsorLocationAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetirementPlanSponsorLocationAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanSponsorLocationAxis" xlink:to="lab_us-gaap_RetirementPlanSponsorLocationAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_CmbsSecuritizationAssets_aab4efdb-bb9b-425e-aeda-60fe08c5f32f_terseLabel_en-US" xlink:label="lab_jef_CmbsSecuritizationAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. government agency commercial mortgage-backed securities </link:label>
<link:label id="lab_jef_CmbsSecuritizationAssets_label_en-US" xlink:label="lab_jef_CmbsSecuritizationAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cmbs Securitization Assets </link:label>
<link:label id="lab_jef_CmbsSecuritizationAssets_documentation_en-US" xlink:label="lab_jef_CmbsSecuritizationAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents unpaid principal amount of assets in commercial mortgage backed securitization vehicles at the balance sheet date. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_CmbsSecuritizationAssets" xlink:href="jef-20201130.xsd#jef_CmbsSecuritizationAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_CmbsSecuritizationAssets" xlink:to="lab_jef_CmbsSecuritizationAssets" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RateofReturnPremiumforCorporateCreditRisk_d4fbe446-f06a-463f-8eb0-17483bf00de7_terseLabel_en-US" xlink:label="lab_jef_RateofReturnPremiumforCorporateCreditRisk" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Return premium for corporate credit risk </link:label>
<link:label id="lab_jef_RateofReturnPremiumforCorporateCreditRisk_label_en-US" xlink:label="lab_jef_RateofReturnPremiumforCorporateCreditRisk" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate of Return Premium for Corporate Credit Risk </link:label>
<link:label id="lab_jef_RateofReturnPremiumforCorporateCreditRisk_documentation_en-US" xlink:label="lab_jef_RateofReturnPremiumforCorporateCreditRisk" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate of Return Premium for Corporate Credit Risk </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RateofReturnPremiumforCorporateCreditRisk" xlink:href="jef-20201130.xsd#jef_RateofReturnPremiumforCorporateCreditRisk"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RateofReturnPremiumforCorporateCreditRisk" xlink:to="lab_jef_RateofReturnPremiumforCorporateCreditRisk" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodTax_abe2009c-e3a8-41e3-8ca2-423dfc867157_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net unrealized gains (losses) on instrument specific credit risk arising during the period, income tax provision (benefit) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Unrealized Gain (Loss) Arising During Period, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodTax" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SecuritizedVehiclesMember_8a4752d5-8829-47db-be93-ac6443662bc5_terseLabel_en-US" xlink:label="lab_jef_SecuritizedVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securitized vehicles </link:label>
<link:label id="lab_jef_SecuritizedVehiclesMember_label_en-US" xlink:label="lab_jef_SecuritizedVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securitized Vehicles [Member] </link:label>
<link:label id="lab_jef_SecuritizedVehiclesMember_documentation_en-US" xlink:label="lab_jef_SecuritizedVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securitized Vehicles </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SecuritizedVehiclesMember" xlink:href="jef-20201130.xsd#jef_SecuritizedVehiclesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SecuritizedVehiclesMember" xlink:to="lab_jef_SecuritizedVehiclesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal_70be5902-a3ce-4bcf-b39d-5c816c59a8cb_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on sale of subsidiaries and associated companies </link:label>
<link:label id="lab_us-gaap_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal_6861837a-4765-40c3-8d0b-ee16b79ff674_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on sale of Garcadia </link:label>
<link:label id="lab_us-gaap_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal_label_en-US" xlink:label="lab_us-gaap_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:to="lab_us-gaap_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SubsequentEventTypeAxis_b864692b-e843-4957-90cb-3560b8c2faf2_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event Type [Axis] </link:label>
<link:label id="lab_us-gaap_SubsequentEventTypeAxis_label_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTypeAxis" xlink:to="lab_us-gaap_SubsequentEventTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_e5638c51-df5b-44a1-bb32-efd9543b28cd_terseLabel_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Antidilutive Securities [Axis] </link:label>
<link:label id="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_label_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Antidilutive Securities [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis" xlink:to="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ConsumerandOtherLoansSecuritizationAssets_de408bf1-8a5f-42dd-90a9-c82fb4bda53f_terseLabel_en-US" xlink:label="lab_jef_ConsumerandOtherLoansSecuritizationAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consumer and other loans </link:label>
<link:label id="lab_jef_ConsumerandOtherLoansSecuritizationAssets_label_en-US" xlink:label="lab_jef_ConsumerandOtherLoansSecuritizationAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consumer and Other Loans Securitization Assets </link:label>
<link:label id="lab_jef_ConsumerandOtherLoansSecuritizationAssets_documentation_en-US" xlink:label="lab_jef_ConsumerandOtherLoansSecuritizationAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consumer and Other Loans Securitization Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ConsumerandOtherLoansSecuritizationAssets" xlink:href="jef-20201130.xsd#jef_ConsumerandOtherLoansSecuritizationAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ConsumerandOtherLoansSecuritizationAssets" xlink:to="lab_jef_ConsumerandOtherLoansSecuritizationAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract_label_en-US" xlink:label="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments, Debt and Equity Securities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:to="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateReturnOnTangibleDeployableEquityPercentage_763c0e34-2d1a-4d25-8cb6-b1352e35b00e_terseLabel_en-US" xlink:label="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateReturnOnTangibleDeployableEquityPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance measurement benchmark, growth rate in ROTDE </link:label>
<link:label id="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateReturnOnTangibleDeployableEquityPercentage_label_en-US" xlink:label="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateReturnOnTangibleDeployableEquityPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annual Targeted Long-Term Compensation, Performance Measurement Benchmark, Growth Rate Return On Tangible Deployable Equity, Percentage </link:label>
<link:label id="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateReturnOnTangibleDeployableEquityPercentage_documentation_en-US" xlink:label="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateReturnOnTangibleDeployableEquityPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annual Targeted Long-Term Compensation, Performance Measurement Benchmark, Growth Rate Return On Tangible Deployable Equity, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateReturnOnTangibleDeployableEquityPercentage" xlink:href="jef-20201130.xsd#jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateReturnOnTangibleDeployableEquityPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateReturnOnTangibleDeployableEquityPercentage" xlink:to="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateReturnOnTangibleDeployableEquityPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DerivativeContractsNonCreditRelatedMember_21ed152b-cc9c-4064-a01d-b7a6b4321348_terseLabel_en-US" xlink:label="lab_jef_DerivativeContractsNonCreditRelatedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative contracts – non-credit related </link:label>
<link:label id="lab_jef_DerivativeContractsNonCreditRelatedMember_label_en-US" xlink:label="lab_jef_DerivativeContractsNonCreditRelatedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Contracts Non Credit Related [Member] </link:label>
<link:label id="lab_jef_DerivativeContractsNonCreditRelatedMember_documentation_en-US" xlink:label="lab_jef_DerivativeContractsNonCreditRelatedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative contracts - non credit related. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DerivativeContractsNonCreditRelatedMember" xlink:href="jef-20201130.xsd#jef_DerivativeContractsNonCreditRelatedMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DerivativeContractsNonCreditRelatedMember" xlink:to="lab_jef_DerivativeContractsNonCreditRelatedMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis_0d691807-c85d-4327-9244-817388306149_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification out of Accumulated Other Comprehensive Income [Axis] </link:label>
<link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis_label_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification out of Accumulated Other Comprehensive Income [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis" xlink:to="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputSharePriceMember_08ac7655-cb8f-44ae-8609-24c24377f190_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputSharePriceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Underlying stock price </link:label>
<link:label id="lab_us-gaap_MeasurementInputSharePriceMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputSharePriceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Share Price [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputSharePriceMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MeasurementInputSharePriceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputSharePriceMember" xlink:to="lab_us-gaap_MeasurementInputSharePriceMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionAggregateDifferencesLoansAndLongTermReceivables_bf133688-1be8-4098-ab98-cf30fc2e0a2c_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionAggregateDifferencesLoansAndLongTermReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and other receivables </link:label>
<link:label id="lab_us-gaap_FairValueOptionAggregateDifferencesLoansAndLongTermReceivables_label_en-US" xlink:label="lab_us-gaap_FairValueOptionAggregateDifferencesLoansAndLongTermReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionAggregateDifferencesLoansAndLongTermReceivables" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOptionAggregateDifferencesLoansAndLongTermReceivables"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionAggregateDifferencesLoansAndLongTermReceivables" xlink:to="lab_us-gaap_FairValueOptionAggregateDifferencesLoansAndLongTermReceivables" xlink:type="arc" order="1"/>
<link:label id="lab_jef_IncomeLossFromDiscontinuedOperationsNetOfTaxesAttributableToParent_efe38af0-b751-45f5-b7bf-8fb5a6d3a1cf_verboseLabel_en-US" xlink:label="lab_jef_IncomeLossFromDiscontinuedOperationsNetOfTaxesAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income from discontinued operations, net of taxes </link:label>
<link:label id="lab_jef_IncomeLossFromDiscontinuedOperationsNetOfTaxesAttributableToParent_label_en-US" xlink:label="lab_jef_IncomeLossFromDiscontinuedOperationsNetOfTaxesAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Loss From Discontinued Operations Net Of Taxes Attributable To Parent </link:label>
<link:label id="lab_jef_IncomeLossFromDiscontinuedOperationsNetOfTaxesAttributableToParent_documentation_en-US" xlink:label="lab_jef_IncomeLossFromDiscontinuedOperationsNetOfTaxesAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Loss From Discontinued Operations Net Of Taxes Attributable To Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_IncomeLossFromDiscontinuedOperationsNetOfTaxesAttributableToParent" xlink:href="jef-20201130.xsd#jef_IncomeLossFromDiscontinuedOperationsNetOfTaxesAttributableToParent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_IncomeLossFromDiscontinuedOperationsNetOfTaxesAttributableToParent" xlink:to="lab_jef_IncomeLossFromDiscontinuedOperationsNetOfTaxesAttributableToParent" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SecuritiesBorrowedAssetCollateralReceivedSubjectToReview_9527d193-ee4d-4da2-9f6b-fcac094cfa1d_verboseLabel_en-US" xlink:label="lab_jef_SecuritiesBorrowedAssetCollateralReceivedSubjectToReview" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities borrowing agreement, collateral received, subject to review </link:label>
<link:label id="lab_jef_SecuritiesBorrowedAssetCollateralReceivedSubjectToReview_label_en-US" xlink:label="lab_jef_SecuritiesBorrowedAssetCollateralReceivedSubjectToReview" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed Asset, Collateral Received, Subject to Review </link:label>
<link:label id="lab_jef_SecuritiesBorrowedAssetCollateralReceivedSubjectToReview_documentation_en-US" xlink:label="lab_jef_SecuritiesBorrowedAssetCollateralReceivedSubjectToReview" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed Asset, Collateral Received, Subject to Review </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SecuritiesBorrowedAssetCollateralReceivedSubjectToReview" xlink:href="jef-20201130.xsd#jef_SecuritiesBorrowedAssetCollateralReceivedSubjectToReview"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SecuritiesBorrowedAssetCollateralReceivedSubjectToReview" xlink:to="lab_jef_SecuritiesBorrowedAssetCollateralReceivedSubjectToReview" xlink:type="arc" order="1"/>
<link:label id="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentsInAssociatedCompany_b5c4317f-28bc-4e49-b506-feca271c742c_terseLabel_en-US" xlink:label="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentsInAssociatedCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in associated companies in acquisition </link:label>
<link:label id="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentsInAssociatedCompany_label_en-US" xlink:label="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentsInAssociatedCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Investments In Associated Company </link:label>
<link:label id="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentsInAssociatedCompany_documentation_en-US" xlink:label="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentsInAssociatedCompany" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Investments In Associated Company </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentsInAssociatedCompany" xlink:href="jef-20201130.xsd#jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInvestmentsInAssociatedCompany"/>
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<link:label id="lab_us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_6cef4262-43a7-4a8a-ba75-bab4ce053c40_terseLabel_en-US" xlink:label="lab_us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of shares authorized to be repurchased </link:label>
<link:label id="lab_us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_label_en-US" xlink:label="lab_us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Repurchase Program, Number of Shares Authorized to be Repurchased </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" xlink:to="lab_us-gaap_StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased" xlink:type="arc" order="1"/>
<link:label id="lab_jef_MandatoryRedeemablePreferredStockEffectiveConversionPricePerShare_fcc96fff-3776-49cb-8570-c46e8acce3b3_terseLabel_en-US" xlink:label="lab_jef_MandatoryRedeemablePreferredStockEffectiveConversionPricePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mandatorily redeemable preferred stock, effective conversion price per share (USD per share) </link:label>
<link:label id="lab_jef_MandatoryRedeemablePreferredStockEffectiveConversionPricePerShare_label_en-US" xlink:label="lab_jef_MandatoryRedeemablePreferredStockEffectiveConversionPricePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mandatory Redeemable Preferred Stock, Effective Conversion Price per Share </link:label>
<link:label id="lab_jef_MandatoryRedeemablePreferredStockEffectiveConversionPricePerShare_documentation_en-US" xlink:label="lab_jef_MandatoryRedeemablePreferredStockEffectiveConversionPricePerShare" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mandatory Redeemable Preferred Stock, Effective Conversion Price per Share </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_MandatoryRedeemablePreferredStockEffectiveConversionPricePerShare" xlink:href="jef-20201130.xsd#jef_MandatoryRedeemablePreferredStockEffectiveConversionPricePerShare"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_MandatoryRedeemablePreferredStockEffectiveConversionPricePerShare" xlink:to="lab_jef_MandatoryRedeemablePreferredStockEffectiveConversionPricePerShare" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesLoanedGross_9c1d8597-113f-4a7f-9479-9fde8798487f_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Amounts </link:label>
<link:label id="lab_us-gaap_SecuritiesLoanedGross_label_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned, Gross </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesLoanedGross" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesLoanedGross"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesLoanedGross" xlink:to="lab_us-gaap_SecuritiesLoanedGross" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SecuritiesLoanedTypeAxis_78fbfc91-9572-4a4d-b27c-a0dc1af62c54_terseLabel_en-US" xlink:label="lab_jef_SecuritiesLoanedTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned Type [Axis] </link:label>
<link:label id="lab_jef_SecuritiesLoanedTypeAxis_label_en-US" xlink:label="lab_jef_SecuritiesLoanedTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned Type [Axis] </link:label>
<link:label id="lab_jef_SecuritiesLoanedTypeAxis_documentation_en-US" xlink:label="lab_jef_SecuritiesLoanedTypeAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SecuritiesLoanedTypeAxis" xlink:href="jef-20201130.xsd#jef_SecuritiesLoanedTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SecuritiesLoanedTypeAxis" xlink:to="lab_jef_SecuritiesLoanedTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ScheduleOfFinancialInstrumentContractualPrincipalInExcessOfFairValueTableTextBlock_128adb03-6ff2-495c-9b41-a688a41b6c0c_terseLabel_en-US" xlink:label="lab_jef_ScheduleOfFinancialInstrumentContractualPrincipalInExcessOfFairValueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary Of Amount By Which Contractual Principal Exceeds Fair Value For Loans And Other Receivables Measured At Fair Value Under Fair Value Option </link:label>
<link:label id="lab_jef_ScheduleOfFinancialInstrumentContractualPrincipalInExcessOfFairValueTableTextBlock_label_en-US" xlink:label="lab_jef_ScheduleOfFinancialInstrumentContractualPrincipalInExcessOfFairValueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Financial Instrument Contractual Principal In Excess Of Fair Value [Table Text Block] </link:label>
<link:label id="lab_jef_ScheduleOfFinancialInstrumentContractualPrincipalInExcessOfFairValueTableTextBlock_documentation_en-US" xlink:label="lab_jef_ScheduleOfFinancialInstrumentContractualPrincipalInExcessOfFairValueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of financial instrument contractual principal in excess of fair value. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ScheduleOfFinancialInstrumentContractualPrincipalInExcessOfFairValueTableTextBlock" xlink:href="jef-20201130.xsd#jef_ScheduleOfFinancialInstrumentContractualPrincipalInExcessOfFairValueTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ScheduleOfFinancialInstrumentContractualPrincipalInExcessOfFairValueTableTextBlock" xlink:to="lab_jef_ScheduleOfFinancialInstrumentContractualPrincipalInExcessOfFairValueTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResell_d2a338c6-be5b-49f0-b2ca-fc85aed4adfd_verboseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities purchased under agreements to resell </link:label>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResell_cb36dd42-837f-47f3-9307-053e0e0549be_totalLabel_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Amounts in Consolidated Statements of Financial Condition </link:label>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResell_label_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased under Agreements to Resell </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResell" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesPurchasedUnderAgreementsToResell"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResell" xlink:to="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResell" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ContractualObligationFiscalYearMaturityScheduleTableTextBlock_86dbddbc-6247-4fd8-893a-ed230af96803_terseLabel_en-US" xlink:label="lab_srt_ContractualObligationFiscalYearMaturityScheduleTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of commitments </link:label>
<link:label id="lab_srt_ContractualObligationFiscalYearMaturityScheduleTableTextBlock_label_en-US" xlink:label="lab_srt_ContractualObligationFiscalYearMaturityScheduleTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contractual Obligation, Fiscal Year Maturity [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ContractualObligationFiscalYearMaturityScheduleTableTextBlock" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ContractualObligationFiscalYearMaturityScheduleTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ContractualObligationFiscalYearMaturityScheduleTableTextBlock" xlink:to="lab_srt_ContractualObligationFiscalYearMaturityScheduleTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherIntangibleAssetsMember_31095acd-2f85-4015-b709-49211b5bbafc_terseLabel_en-US" xlink:label="lab_us-gaap_OtherIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_OtherIntangibleAssetsMember_label_en-US" xlink:label="lab_us-gaap_OtherIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Intangible Assets [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherIntangibleAssetsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherIntangibleAssetsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherIntangibleAssetsMember" xlink:to="lab_us-gaap_OtherIntangibleAssetsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_715ce042-c3d6-4a22-8ca7-b6eb46b42547_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash recorded in acquisition </link:label>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents"/>
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<link:label id="lab_jef_AssociatedCompaniesOtherMember_4aad05e7-8ad1-409b-ae12-97d0eddce907_terseLabel_en-US" xlink:label="lab_jef_AssociatedCompaniesOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_jef_AssociatedCompaniesOtherMember_label_en-US" xlink:label="lab_jef_AssociatedCompaniesOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Associated Companies Other [Member] </link:label>
<link:label id="lab_jef_AssociatedCompaniesOtherMember_documentation_en-US" xlink:label="lab_jef_AssociatedCompaniesOtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Associated Companies Other [Member] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_AssociatedCompaniesOtherMember" xlink:to="lab_jef_AssociatedCompaniesOtherMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_PaymentsToAcquirePropertyPlantAndEquipmentAndOtherAssets_c863802a-e052-4b76-a0a0-0fc91a15b7cb_negatedLabel_en-US" xlink:label="lab_jef_PaymentsToAcquirePropertyPlantAndEquipmentAndOtherAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Acquisitions of property, equipment and leasehold improvements, and other assets </link:label>
<link:label id="lab_jef_PaymentsToAcquirePropertyPlantAndEquipmentAndOtherAssets_label_en-US" xlink:label="lab_jef_PaymentsToAcquirePropertyPlantAndEquipmentAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments to Acquire Property, Plant, and Equipment, and Other Assets </link:label>
<link:label id="lab_jef_PaymentsToAcquirePropertyPlantAndEquipmentAndOtherAssets_documentation_en-US" xlink:label="lab_jef_PaymentsToAcquirePropertyPlantAndEquipmentAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments to Acquire Property, Plant, and Equipment, and Other Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_PaymentsToAcquirePropertyPlantAndEquipmentAndOtherAssets" xlink:href="jef-20201130.xsd#jef_PaymentsToAcquirePropertyPlantAndEquipmentAndOtherAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_PaymentsToAcquirePropertyPlantAndEquipmentAndOtherAssets" xlink:to="lab_jef_PaymentsToAcquirePropertyPlantAndEquipmentAndOtherAssets" xlink:type="arc" order="1"/>
<link:label id="lab_jef_IncomeLossfromContinuingOperationsbeforeIncomeTaxesIncomeRelatedtoAssociatedCompaniesandEquityinEarningsofSubsidiaries_1099cc89-f0e3-4cd2-aad7-6b53959137c6_totalLabel_en-US" xlink:label="lab_jef_IncomeLossfromContinuingOperationsbeforeIncomeTaxesIncomeRelatedtoAssociatedCompaniesandEquityinEarningsofSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss from continuing operations before income taxes, income (loss) related to associated companies and equity in earnings of subsidiaries </link:label>
<link:label id="lab_jef_IncomeLossfromContinuingOperationsbeforeIncomeTaxesIncomeRelatedtoAssociatedCompaniesandEquityinEarningsofSubsidiaries_label_en-US" xlink:label="lab_jef_IncomeLossfromContinuingOperationsbeforeIncomeTaxesIncomeRelatedtoAssociatedCompaniesandEquityinEarningsofSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations before Income Taxes, Income Related to Associated Companies and Equity in Earnings of Subsidiaries </link:label>
<link:label id="lab_jef_IncomeLossfromContinuingOperationsbeforeIncomeTaxesIncomeRelatedtoAssociatedCompaniesandEquityinEarningsofSubsidiaries_documentation_en-US" xlink:label="lab_jef_IncomeLossfromContinuingOperationsbeforeIncomeTaxesIncomeRelatedtoAssociatedCompaniesandEquityinEarningsofSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations before Income Taxes, Income Related to Associated Companies and Equity in Earnings of Subsidiaries </link:label>
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<link:label id="lab_us-gaap_CommercialMortgageBackedSecuritiesMember_c5c743fd-15fd-48b2-a628-2f867c6d1d60_terseLabel_en-US" xlink:label="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial mortgage-backed securities </link:label>
<link:label id="lab_us-gaap_CommercialMortgageBackedSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Mortgage Backed Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommercialMortgageBackedSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:to="lab_us-gaap_CommercialMortgageBackedSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncontrollingInterest_a13143d2-5cd7-4b99-bade-7089daf37901_terseLabel_en-US" xlink:label="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncontrolling interests recorded in acquisition </link:label>
<link:label id="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncontrollingInterest_label_en-US" xlink:label="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Noncontrolling Interest </link:label>
<link:label id="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncontrollingInterest_documentation_en-US" xlink:label="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncontrollingInterest" xlink:href="jef-20201130.xsd#jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncontrollingInterest"/>
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<link:label id="lab_us-gaap_DefinedBenefitPensionPlanCurrentAndNoncurrentLiabilities_e163f3c0-4ecd-4659-947f-447f9999e677_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPensionPlanCurrentAndNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension liabilities </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPensionPlanCurrentAndNoncurrentLiabilities_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPensionPlanCurrentAndNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability, Defined Benefit Pension Plan </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPensionPlanCurrentAndNoncurrentLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPensionPlanCurrentAndNoncurrentLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPensionPlanCurrentAndNoncurrentLiabilities" xlink:to="lab_us-gaap_DefinedBenefitPensionPlanCurrentAndNoncurrentLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_Liabilities_4c6915ea-7f27-4f7c-9414-4f80c17a09e1_totalLabel_en-US" xlink:label="lab_us-gaap_Liabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total liabilities </link:label>
<link:label id="lab_us-gaap_Liabilities_50ca8084-f0ea-4016-8a72-82ef1e5db673_terseLabel_en-US" xlink:label="lab_us-gaap_Liabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities </link:label>
<link:label id="lab_us-gaap_Liabilities_label_en-US" xlink:label="lab_us-gaap_Liabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Liabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Liabilities" xlink:to="lab_us-gaap_Liabilities" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ProceedsFromOtherSecuredFinancingsNet_53422b64-29aa-463e-950c-8cbda03e85ce_terseLabel_en-US" xlink:label="lab_jef_ProceedsFromOtherSecuredFinancingsNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in other secured financings </link:label>
<link:label id="lab_jef_ProceedsFromOtherSecuredFinancingsNet_label_en-US" xlink:label="lab_jef_ProceedsFromOtherSecuredFinancingsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from other secured financings, Net </link:label>
<link:label id="lab_jef_ProceedsFromOtherSecuredFinancingsNet_documentation_en-US" xlink:label="lab_jef_ProceedsFromOtherSecuredFinancingsNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from other secured financings, net. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ProceedsFromOtherSecuredFinancingsNet" xlink:href="jef-20201130.xsd#jef_ProceedsFromOtherSecuredFinancingsNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ProceedsFromOtherSecuredFinancingsNet" xlink:to="lab_jef_ProceedsFromOtherSecuredFinancingsNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetNumberOfInstrumentsHeld_b5e11c1f-2700-4756-8af9-4e2636b0dfb8_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetNumberOfInstrumentsHeld" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of contracts, assets </link:label>
<link:label id="lab_us-gaap_DerivativeAssetNumberOfInstrumentsHeld_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetNumberOfInstrumentsHeld" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Number of Instruments Held </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetNumberOfInstrumentsHeld" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeAssetNumberOfInstrumentsHeld"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetNumberOfInstrumentsHeld" xlink:to="lab_us-gaap_DerivativeAssetNumberOfInstrumentsHeld" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InternalCreditAssessmentDomain_3b91879d-a25d-4c11-a7a4-c8fac85e3a77_terseLabel_en-US" xlink:label="lab_us-gaap_InternalCreditAssessmentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Internal Credit Assessment [Domain] </link:label>
<link:label id="lab_us-gaap_InternalCreditAssessmentDomain_label_en-US" xlink:label="lab_us-gaap_InternalCreditAssessmentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Internal Credit Assessment [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InternalCreditAssessmentDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InternalCreditAssessmentDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InternalCreditAssessmentDomain" xlink:to="lab_us-gaap_InternalCreditAssessmentDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock_bd7df751-01bc-419a-8974-031afa1ca345_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Amounts Recognized In Other Comprehensive Income (Loss) </link:label>
<link:label id="lab_us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoansAndFinanceReceivablesMember_72194cbb-44c0-40f9-a15e-315405ad39fa_terseLabel_en-US" xlink:label="lab_us-gaap_LoansAndFinanceReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and other receivables </link:label>
<link:label id="lab_us-gaap_LoansAndFinanceReceivablesMember_693bd3ff-0e45-4f47-b725-97fedf877320_verboseLabel_en-US" xlink:label="lab_us-gaap_LoansAndFinanceReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and other receivables </link:label>
<link:label id="lab_us-gaap_LoansAndFinanceReceivablesMember_label_en-US" xlink:label="lab_us-gaap_LoansAndFinanceReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and Finance Receivables [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansAndFinanceReceivablesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LoansAndFinanceReceivablesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansAndFinanceReceivablesMember" xlink:to="lab_us-gaap_LoansAndFinanceReceivablesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_89018b52-7554-475d-bcc5-231546af1ee9_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Difference between undiscounted and discounted cash flows </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Undiscounted Excess Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_06bb7f55-2d06-47cb-bddd-3f796ec0d6f4_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Related Party Transactions, by Related Party [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Related Party Transactions, by Related Party [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CondensedStatementOfComprehensiveIncomeTable_292cb787-8880-4ecb-ac99-987bc625ea2d_terseLabel_en-US" xlink:label="lab_srt_CondensedStatementOfComprehensiveIncomeTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Statement of Comprehensive Income [Table] </link:label>
<link:label id="lab_srt_CondensedStatementOfComprehensiveIncomeTable_label_en-US" xlink:label="lab_srt_CondensedStatementOfComprehensiveIncomeTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Statement of Comprehensive Income [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CondensedStatementOfComprehensiveIncomeTable" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CondensedStatementOfComprehensiveIncomeTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CondensedStatementOfComprehensiveIncomeTable" xlink:to="lab_srt_CondensedStatementOfComprehensiveIncomeTable" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EquityForwardsSwapsAndOptionsMember_f10e6cb9-cced-4bc2-9c32-727bf9fa60eb_terseLabel_en-US" xlink:label="lab_jef_EquityForwardsSwapsAndOptionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity options and forwards </link:label>
<link:label id="lab_jef_EquityForwardsSwapsAndOptionsMember_label_en-US" xlink:label="lab_jef_EquityForwardsSwapsAndOptionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Forwards Swaps And Options [Member] </link:label>
<link:label id="lab_jef_EquityForwardsSwapsAndOptionsMember_documentation_en-US" xlink:label="lab_jef_EquityForwardsSwapsAndOptionsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Forwards Swaps And Options [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EquityForwardsSwapsAndOptionsMember" xlink:href="jef-20201130.xsd#jef_EquityForwardsSwapsAndOptionsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EquityForwardsSwapsAndOptionsMember" xlink:to="lab_jef_EquityForwardsSwapsAndOptionsMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ProceedsFromDisposalsOfPropertyAndEquipmentAndOtherAssets_030e0161-210a-44c1-9047-6dad3e442e6f_verboseLabel_en-US" xlink:label="lab_jef_ProceedsFromDisposalsOfPropertyAndEquipmentAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from disposals of property and equipment, and other assets </link:label>
<link:label id="lab_jef_ProceedsFromDisposalsOfPropertyAndEquipmentAndOtherAssets_label_en-US" xlink:label="lab_jef_ProceedsFromDisposalsOfPropertyAndEquipmentAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from disposals of property and equipment, and other assets </link:label>
<link:label id="lab_jef_ProceedsFromDisposalsOfPropertyAndEquipmentAndOtherAssets_documentation_en-US" xlink:label="lab_jef_ProceedsFromDisposalsOfPropertyAndEquipmentAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from disposals of property and equipment, and other assets. </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ProceedsFromDisposalsOfPropertyAndEquipmentAndOtherAssets" xlink:to="lab_jef_ProceedsFromDisposalsOfPropertyAndEquipmentAndOtherAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_26a256f5-3e32-431c-bf18-24ba3bf8a226_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies Disclosure [Abstract] </link:label>
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<link:label id="lab_us-gaap_FairValueInputsLevel1Member_fdb455b7-285b-498d-904d-34c324c7ca59_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Level 1 </link:label>
<link:label id="lab_us-gaap_FairValueInputsLevel1Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Inputs, Level 1 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel1Member" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInputsLevel1Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel1Member" xlink:to="lab_us-gaap_FairValueInputsLevel1Member" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EquityMethodInvestmentOtherIncomeLossesRelatedToAssociatedCompaniesPrimarilyClassifiedAsRevenues_4c099891-06a1-4d8b-8bad-f7c1727b45ea_terseLabel_en-US" xlink:label="lab_jef_EquityMethodInvestmentOtherIncomeLossesRelatedToAssociatedCompaniesPrimarilyClassifiedAsRevenues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other income (losses) related to associated companies </link:label>
<link:label id="lab_jef_EquityMethodInvestmentOtherIncomeLossesRelatedToAssociatedCompaniesPrimarilyClassifiedAsRevenues_label_en-US" xlink:label="lab_jef_EquityMethodInvestmentOtherIncomeLossesRelatedToAssociatedCompaniesPrimarilyClassifiedAsRevenues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Other Income (Losses) Related to Associated Companies Primarily Classified As Revenues </link:label>
<link:label id="lab_jef_EquityMethodInvestmentOtherIncomeLossesRelatedToAssociatedCompaniesPrimarilyClassifiedAsRevenues_documentation_en-US" xlink:label="lab_jef_EquityMethodInvestmentOtherIncomeLossesRelatedToAssociatedCompaniesPrimarilyClassifiedAsRevenues" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Other Income (Losses) Related to Associated Companies Primarily Classified As Revenues </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EquityMethodInvestmentOtherIncomeLossesRelatedToAssociatedCompaniesPrimarilyClassifiedAsRevenues" xlink:href="jef-20201130.xsd#jef_EquityMethodInvestmentOtherIncomeLossesRelatedToAssociatedCompaniesPrimarilyClassifiedAsRevenues"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EquityMethodInvestmentOtherIncomeLossesRelatedToAssociatedCompaniesPrimarilyClassifiedAsRevenues" xlink:to="lab_jef_EquityMethodInvestmentOtherIncomeLossesRelatedToAssociatedCompaniesPrimarilyClassifiedAsRevenues" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtherAssetBackedSecuritiesMember_d80d635a-5deb-4d1d-beb2-ea8b07b99221_terseLabel_en-US" xlink:label="lab_jef_OtherAssetBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other asset-backed securities </link:label>
<link:label id="lab_jef_OtherAssetBackedSecuritiesMember_label_en-US" xlink:label="lab_jef_OtherAssetBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Asset Backed Securities [Member] </link:label>
<link:label id="lab_jef_OtherAssetBackedSecuritiesMember_documentation_en-US" xlink:label="lab_jef_OtherAssetBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other asset-backed securities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtherAssetBackedSecuritiesMember" xlink:href="jef-20201130.xsd#jef_OtherAssetBackedSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtherAssetBackedSecuritiesMember" xlink:to="lab_jef_OtherAssetBackedSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset_b5e37c64-a485-4cc6-a130-0d0611c2d7dd_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Counterparty and Cash Collateral Netting, liabilities </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLiabilityFairValueGrossAsset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:to="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_57a241d7-112f-4ddc-85c4-4d6b754da36d_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FourPointOneFivePercentageSeniorNotesDueTwoThousandThirtyMember_47fe1a2a-de18-4e8f-95d6-57e949cd92e0_terseLabel_en-US" xlink:label="lab_jef_FourPointOneFivePercentageSeniorNotesDueTwoThousandThirtyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 4.15% Senior Notes, due January 23, 2030 </link:label>
<link:label id="lab_jef_FourPointOneFivePercentageSeniorNotesDueTwoThousandThirtyMember_label_en-US" xlink:label="lab_jef_FourPointOneFivePercentageSeniorNotesDueTwoThousandThirtyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Four Point One Five Percentage Senior Notes Due Two Thousand Thirty [Member] </link:label>
<link:label id="lab_jef_FourPointOneFivePercentageSeniorNotesDueTwoThousandThirtyMember_documentation_en-US" xlink:label="lab_jef_FourPointOneFivePercentageSeniorNotesDueTwoThousandThirtyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Four Point One Five Percentage Senior Notes Due Two Thousand Thirty </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FourPointOneFivePercentageSeniorNotesDueTwoThousandThirtyMember" xlink:href="jef-20201130.xsd#jef_FourPointOneFivePercentageSeniorNotesDueTwoThousandThirtyMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FourPointOneFivePercentageSeniorNotesDueTwoThousandThirtyMember" xlink:to="lab_jef_FourPointOneFivePercentageSeniorNotesDueTwoThousandThirtyMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet_8cd35e42-e624-4022-ad19-7cfbdb09c2e8_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Other Operating Assets and Liabilities, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet" xlink:to="lab_us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet" xlink:type="arc" order="1"/>
<link:label id="lab_srt_PayablesToCustomers_47e7f4f9-1840-40fd-a2c6-3ad0e189274e_terseLabel_en-US" xlink:label="lab_srt_PayablesToCustomers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payables to customers of securities operations </link:label>
<link:label id="lab_srt_PayablesToCustomers_label_en-US" xlink:label="lab_srt_PayablesToCustomers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Broker-Dealer, Payable to Customer </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_PayablesToCustomers" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_PayablesToCustomers"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_PayablesToCustomers" xlink:to="lab_srt_PayablesToCustomers" xlink:type="arc" order="1"/>
<link:label id="lab_jef_CollateralReceivedAggregateFairValue_8e1bcc6b-ea30-424a-bf60-873d4047a07c_terseLabel_en-US" xlink:label="lab_jef_CollateralReceivedAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral received </link:label>
<link:label id="lab_jef_CollateralReceivedAggregateFairValue_label_en-US" xlink:label="lab_jef_CollateralReceivedAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral Received, Aggregate Fair Value </link:label>
<link:label id="lab_jef_CollateralReceivedAggregateFairValue_documentation_en-US" xlink:label="lab_jef_CollateralReceivedAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral Received, Aggregate Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_CollateralReceivedAggregateFairValue" xlink:href="jef-20201130.xsd#jef_CollateralReceivedAggregateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_CollateralReceivedAggregateFairValue" xlink:to="lab_jef_CollateralReceivedAggregateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_jef_NumberofWarehouseCreditCommitment_ecc84493-3e87-4834-b453-dce3e7624e1e_terseLabel_en-US" xlink:label="lab_jef_NumberofWarehouseCreditCommitment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of warehouse credit commitment </link:label>
<link:label id="lab_jef_NumberofWarehouseCreditCommitment_label_en-US" xlink:label="lab_jef_NumberofWarehouseCreditCommitment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of Warehouse Credit Commitment </link:label>
<link:label id="lab_jef_NumberofWarehouseCreditCommitment_documentation_en-US" xlink:label="lab_jef_NumberofWarehouseCreditCommitment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of Warehouse Credit Commitment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_NumberofWarehouseCreditCommitment" xlink:href="jef-20201130.xsd#jef_NumberofWarehouseCreditCommitment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_NumberofWarehouseCreditCommitment" xlink:to="lab_jef_NumberofWarehouseCreditCommitment" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AdditionalPaidInCapitalMember_7cb60563-633e-40a5-a208-e4b74849f8e5_terseLabel_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Paid-In Capital </link:label>
<link:label id="lab_us-gaap_AdditionalPaidInCapitalMember_label_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Paid-in Capital [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalMember" xlink:to="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_PremisesandEquipmentMember_f98250e7-451a-482b-b995-0e12f668ab54_terseLabel_en-US" xlink:label="lab_jef_PremisesandEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Premises and equipment </link:label>
<link:label id="lab_jef_PremisesandEquipmentMember_label_en-US" xlink:label="lab_jef_PremisesandEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Premises and Equipment [Member] </link:label>
<link:label id="lab_jef_PremisesandEquipmentMember_documentation_en-US" xlink:label="lab_jef_PremisesandEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Premises and Equipment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_PremisesandEquipmentMember" xlink:href="jef-20201130.xsd#jef_PremisesandEquipmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_PremisesandEquipmentMember" xlink:to="lab_jef_PremisesandEquipmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherAssets_8ad33178-bcb6-499e-bd65-7d6c4e3d1c29_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets </link:label>
<link:label id="lab_us-gaap_OtherAssets_label_en-US" xlink:label="lab_us-gaap_OtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssets" xlink:to="lab_us-gaap_OtherAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputExpectedTermMember_49434fd0-1773-428e-876b-ac570cb77d55_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputExpectedTermMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Duration (years) </link:label>
<link:label id="lab_us-gaap_MeasurementInputExpectedTermMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputExpectedTermMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Expected Term [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputExpectedTermMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MeasurementInputExpectedTermMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputExpectedTermMember" xlink:to="lab_us-gaap_MeasurementInputExpectedTermMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CondensedFinancialStatementsCaptionsLineItems_0945a13f-f77e-4077-bbbb-9aceff3ad1c9_terseLabel_en-US" xlink:label="lab_srt_CondensedFinancialStatementsCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Statements, Captions [Line Items] </link:label>
<link:label id="lab_srt_CondensedFinancialStatementsCaptionsLineItems_label_en-US" xlink:label="lab_srt_CondensedFinancialStatementsCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Statements, Captions [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CondensedFinancialStatementsCaptionsLineItems" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CondensedFinancialStatementsCaptionsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CondensedFinancialStatementsCaptionsLineItems" xlink:to="lab_srt_CondensedFinancialStatementsCaptionsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueByAssetClassAxis_18b67f0f-29eb-44d1-95f3-a76c2022482c_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByAssetClassAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Class [Axis] </link:label>
<link:label id="lab_us-gaap_FairValueByAssetClassAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByAssetClassAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Class [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByAssetClassAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueByAssetClassAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByAssetClassAxis" xlink:to="lab_us-gaap_FairValueByAssetClassAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare_278a0336-e1e9-404d-8e71-025f323a3608_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (loss) from continuing operations (USD per share) </link:label>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations, Per Basic Share </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerBasicShare"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMember_0f1b03b9-d1e9-4b22-ad7c-7db96531278d_terseLabel_en-US" xlink:label="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities purchased under agreements to resell </link:label>
<link:label id="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMember_label_en-US" xlink:label="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased Under Agreements To Resell [Member] </link:label>
<link:label id="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMember_documentation_en-US" xlink:label="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased Under Agreements To Resell [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SecuritiesPurchasedUnderAgreementsToResellMember" xlink:href="jef-20201130.xsd#jef_SecuritiesPurchasedUnderAgreementsToResellMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SecuritiesPurchasedUnderAgreementsToResellMember" xlink:to="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals_8b7b2bb7-5fe5-459a-9d4b-f650446f03b3_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less:  sublease income </link:label>
<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InternalCreditAssessmentAxis_07374983-7eb6-4af5-8b2b-5ae643962580_terseLabel_en-US" xlink:label="lab_us-gaap_InternalCreditAssessmentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Internal Credit Assessment [Axis] </link:label>
<link:label id="lab_us-gaap_InternalCreditAssessmentAxis_label_en-US" xlink:label="lab_us-gaap_InternalCreditAssessmentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Internal Credit Assessment [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InternalCreditAssessmentAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InternalCreditAssessmentAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InternalCreditAssessmentAxis" xlink:to="lab_us-gaap_InternalCreditAssessmentAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy_a65fe19a-36f3-40a4-8685-e438dceac996_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments and Fair Value </link:label>
<link:label id="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy_label_en-US" xlink:label="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value of Financial Instruments, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOfFinancialInstrumentsPolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:to="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityMethodInvestments_72efee43-d805-40cd-b4b6-1496c63608d8_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment in associated company </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestments_ee8baf09-e865-41ee-ae53-aad4b9c976dc_periodStartLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans to and investments in associated companies beginning balance </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestments_051d8f2f-a575-48ed-b48e-bbc6b5759b2e_periodEndLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans to and investments in associated companies ending balance </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestments_9d8c8200-ba26-4b8c-bf71-68bdaa86044e_verboseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans to and investments in associated companies </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestments_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestments" xlink:to="lab_us-gaap_EquityMethodInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockSharesOutstanding_638f79c1-edec-4e10-921b-22366c2b3494_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common shares, issued and outstanding after deducting shares held in treasury (in shares) </link:label>
<link:label id="lab_us-gaap_CommonStockSharesOutstanding_7975121b-eda1-459a-a189-dc4cf3e0a02d_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock, outstanding (in shares) </link:label>
<link:label id="lab_us-gaap_CommonStockSharesOutstanding_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Shares, Outstanding </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesOutstanding" xlink:to="lab_us-gaap_CommonStockSharesOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxDisclosureAbstract_8f5e4f93-5d40-4ab2-a12a-61983be9fcb6_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_IncomeTaxDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract" xlink:to="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_PercentageOfProfitsReceivedFromJointVenture_22e90458-7b80-4aed-94ed-f70678a2db2d_terseLabel_en-US" xlink:label="lab_jef_PercentageOfProfitsReceivedFromJointVenture" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of profits received from joint venture </link:label>
<link:label id="lab_jef_PercentageOfProfitsReceivedFromJointVenture_label_en-US" xlink:label="lab_jef_PercentageOfProfitsReceivedFromJointVenture" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage Of Profits Received From Joint Venture </link:label>
<link:label id="lab_jef_PercentageOfProfitsReceivedFromJointVenture_documentation_en-US" xlink:label="lab_jef_PercentageOfProfitsReceivedFromJointVenture" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage Of Profits Received From Joint Venture </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_PercentageOfProfitsReceivedFromJointVenture" xlink:href="jef-20201130.xsd#jef_PercentageOfProfitsReceivedFromJointVenture"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_PercentageOfProfitsReceivedFromJointVenture" xlink:to="lab_jef_PercentageOfProfitsReceivedFromJointVenture" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ExternalCreditRatingByGroupingAxis_b9092825-1991-49fb-9bad-c634d3aba25f_terseLabel_en-US" xlink:label="lab_us-gaap_ExternalCreditRatingByGroupingAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> External Credit Rating by Grouping [Axis] </link:label>
<link:label id="lab_us-gaap_ExternalCreditRatingByGroupingAxis_label_en-US" xlink:label="lab_us-gaap_ExternalCreditRatingByGroupingAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> External Credit Rating by Grouping [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ExternalCreditRatingByGroupingAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ExternalCreditRatingByGroupingAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ExternalCreditRatingByGroupingAxis" xlink:to="lab_us-gaap_ExternalCreditRatingByGroupingAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RevolvingCreditFacilityMember_20d0826a-17b6-4842-8fd3-7a61e543e76e_terseLabel_en-US" xlink:label="lab_us-gaap_RevolvingCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving credit facility </link:label>
<link:label id="lab_us-gaap_RevolvingCreditFacilityMember_fa904616-35ab-4621-8493-4380a4a7ad92_verboseLabel_en-US" xlink:label="lab_us-gaap_RevolvingCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jefferies Group Revolving Credit Facility </link:label>
<link:label id="lab_us-gaap_RevolvingCreditFacilityMember_label_en-US" xlink:label="lab_us-gaap_RevolvingCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving Credit Facility [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevolvingCreditFacilityMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevolvingCreditFacilityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevolvingCreditFacilityMember" xlink:to="lab_us-gaap_RevolvingCreditFacilityMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MarketApproachValuationTechniqueMember_100adf9f-1ff9-464c-b52b-6abf4d2b086e_terseLabel_en-US" xlink:label="lab_us-gaap_MarketApproachValuationTechniqueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Market approach </link:label>
<link:label id="lab_us-gaap_MarketApproachValuationTechniqueMember_label_en-US" xlink:label="lab_us-gaap_MarketApproachValuationTechniqueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation, Market Approach [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketApproachValuationTechniqueMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MarketApproachValuationTechniqueMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MarketApproachValuationTechniqueMember" xlink:to="lab_us-gaap_MarketApproachValuationTechniqueMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_IncentivePlanMember_cb3cdb54-7a1a-4788-8864-32700648b7c9_terseLabel_en-US" xlink:label="lab_jef_IncentivePlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Incentive plan </link:label>
<link:label id="lab_jef_IncentivePlanMember_label_en-US" xlink:label="lab_jef_IncentivePlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Incentive Plan [Member] </link:label>
<link:label id="lab_jef_IncentivePlanMember_documentation_en-US" xlink:label="lab_jef_IncentivePlanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Incentive Plan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_IncentivePlanMember" xlink:href="jef-20201130.xsd#jef_IncentivePlanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_IncentivePlanMember" xlink:to="lab_jef_IncentivePlanMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash_0a99441d-e938-4212-821e-fec7ae6a2c13_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional amounts available for setoff </link:label>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash_label_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased under Agreements to Resell, Collateral, Obligation to Return Cash </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash" xlink:to="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnCash" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis_633b68dd-f23e-436b-bb05-f4506835b9ed_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities or Other Assets Sold under Agreements to Repurchase, Maturity Periods [Axis] </link:label>
<link:label id="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis_label_en-US" xlink:label="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase Agreements and Similar Transactions, Maturity Periods [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis" xlink:to="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodsAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RelatedPartyTransactionRelatedDeferredTaxLiabilitiesTransferred_1d50c4e4-81b5-4e54-80bf-a2d038309d4b_terseLabel_en-US" xlink:label="lab_jef_RelatedPartyTransactionRelatedDeferredTaxLiabilitiesTransferred" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Indemnification liabilities </link:label>
<link:label id="lab_jef_RelatedPartyTransactionRelatedDeferredTaxLiabilitiesTransferred_label_en-US" xlink:label="lab_jef_RelatedPartyTransactionRelatedDeferredTaxLiabilitiesTransferred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party Transaction, Related Deferred Tax Liabilities Transferred </link:label>
<link:label id="lab_jef_RelatedPartyTransactionRelatedDeferredTaxLiabilitiesTransferred_documentation_en-US" xlink:label="lab_jef_RelatedPartyTransactionRelatedDeferredTaxLiabilitiesTransferred" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party Transaction, Related Deferred Tax Liabilities Transferred </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RelatedPartyTransactionRelatedDeferredTaxLiabilitiesTransferred" xlink:href="jef-20201130.xsd#jef_RelatedPartyTransactionRelatedDeferredTaxLiabilitiesTransferred"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RelatedPartyTransactionRelatedDeferredTaxLiabilitiesTransferred" xlink:to="lab_jef_RelatedPartyTransactionRelatedDeferredTaxLiabilitiesTransferred" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableInterestEntityDisclosureTextBlock_25b2fff0-01a1-47db-89b1-87ef4c16ca16_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entities </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableInterestEntityDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:to="lab_us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_b01c4b7c-23ec-443e-98d1-d554592c7110_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income from continuing operations before income taxes </link:label>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_376b04b9-6832-4a8a-840f-fccb568e30a3_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest </link:label>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_e3ff90cc-b127-471f-8cfb-256d1eaed42f_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total consolidated income from continuing operations before income taxes </link:label>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShortTermDebtLineItems_9bf70273-ae24-4270-aa36-843f1d432d52_terseLabel_en-US" xlink:label="lab_us-gaap_ShortTermDebtLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Debt [Line Items] </link:label>
<link:label id="lab_us-gaap_ShortTermDebtLineItems_label_en-US" xlink:label="lab_us-gaap_ShortTermDebtLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Debt [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortTermDebtLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShortTermDebtLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortTermDebtLineItems" xlink:to="lab_us-gaap_ShortTermDebtLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtherVariousInvestmentsMember_b533ba4f-8638-4363-84a6-fa9f12ffafa7_terseLabel_en-US" xlink:label="lab_jef_OtherVariousInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other various investments </link:label>
<link:label id="lab_jef_OtherVariousInvestmentsMember_label_en-US" xlink:label="lab_jef_OtherVariousInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Various Investments [Member] </link:label>
<link:label id="lab_jef_OtherVariousInvestmentsMember_documentation_en-US" xlink:label="lab_jef_OtherVariousInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Various Investments [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtherVariousInvestmentsMember" xlink:href="jef-20201130.xsd#jef_OtherVariousInvestmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtherVariousInvestmentsMember" xlink:to="lab_jef_OtherVariousInvestmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilityNumberOfInstrumentsHeld_61f93563-7300-45fd-9347-4d0ae4b0aebd_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityNumberOfInstrumentsHeld" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of contracts, liabilities </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityNumberOfInstrumentsHeld_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityNumberOfInstrumentsHeld" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Number of Instruments Held </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilityNumberOfInstrumentsHeld" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLiabilityNumberOfInstrumentsHeld"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilityNumberOfInstrumentsHeld" xlink:to="lab_us-gaap_DerivativeLiabilityNumberOfInstrumentsHeld" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_30b1d629-b8ec-428b-90b5-f6c2f308439f_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Acquisitions, net of cash acquired </link:label>
<link:label id="lab_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments to Acquire Businesses, Net of Cash Acquired </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:to="lab_us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockSharesAuthorized_3ed3e603-b13d-4b43-a277-e304718b56c9_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common shares, authorized (in shares) </link:label>
<link:label id="lab_us-gaap_CommonStockSharesAuthorized_e597066e-6729-4dcb-9744-f91c998eee94_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock, shares authorized (in shares) </link:label>
<link:label id="lab_us-gaap_CommonStockSharesAuthorized_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Shares Authorized </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesAuthorized" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesAuthorized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesAuthorized" xlink:to="lab_us-gaap_CommonStockSharesAuthorized" xlink:type="arc" order="1"/>
<link:label id="lab_jef_MeasurementInputCumulativeLossRateMember_6660e9c3-60cf-4c20-ad7c-690607365f07_terseLabel_en-US" xlink:label="lab_jef_MeasurementInputCumulativeLossRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative loss rate </link:label>
<link:label id="lab_jef_MeasurementInputCumulativeLossRateMember_label_en-US" xlink:label="lab_jef_MeasurementInputCumulativeLossRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Cumulative Loss Rate [Member] </link:label>
<link:label id="lab_jef_MeasurementInputCumulativeLossRateMember_documentation_en-US" xlink:label="lab_jef_MeasurementInputCumulativeLossRateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Cumulative Loss Rate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_MeasurementInputCumulativeLossRateMember" xlink:href="jef-20201130.xsd#jef_MeasurementInputCumulativeLossRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_MeasurementInputCumulativeLossRateMember" xlink:to="lab_jef_MeasurementInputCumulativeLossRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock_87f6ce91-ed13-4172-a026-2b67c087ee0d_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Net Revenues By Geographic Region </link:label>
<link:label id="lab_us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock_label_en-US" xlink:label="lab_us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from External Customers by Geographic Areas [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock" xlink:to="lab_us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_56d4c7a3-cc63-4cf8-83c2-7b7abc1ce553_terseLabel_en-US" xlink:label="lab_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dilutive effect of share-based payment arrangements (in shares) </link:label>
<link:label id="lab_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_label_en-US" xlink:label="lab_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:to="lab_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtcDerivativeLiabilitiesCrossMaturityNetting_e20ae9a1-4b64-4899-8eca-bf954a9a3ffe_negatedLabel_en-US" xlink:label="lab_jef_OtcDerivativeLiabilitiesCrossMaturityNetting" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cross-maturity netting </link:label>
<link:label id="lab_jef_OtcDerivativeLiabilitiesCrossMaturityNetting_label_en-US" xlink:label="lab_jef_OtcDerivativeLiabilitiesCrossMaturityNetting" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Otc Derivative Liabilities Cross Maturity Netting </link:label>
<link:label id="lab_jef_OtcDerivativeLiabilitiesCrossMaturityNetting_documentation_en-US" xlink:label="lab_jef_OtcDerivativeLiabilitiesCrossMaturityNetting" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OTC derivative liabilities cross maturity netting. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtcDerivativeLiabilitiesCrossMaturityNetting" xlink:href="jef-20201130.xsd#jef_OtcDerivativeLiabilitiesCrossMaturityNetting"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtcDerivativeLiabilitiesCrossMaturityNetting" xlink:to="lab_jef_OtcDerivativeLiabilitiesCrossMaturityNetting" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit_92386f0a-63be-4ff6-a0ad-879d0a9be53b_verboseLabel_en-US" xlink:label="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. Federal </link:label>
<link:label id="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Federal Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredFederalIncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo_70e59232-f091-4284-9f5e-d66ebf078efe_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year Two </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_c54d0ddf-8d87-4947-87f4-1c956f01aba7_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Segment Reporting Information, By Segment </link:label>
<link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Segment Reporting Information, by Segment [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:to="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPerformanceMeasurementPeriod_327f3e03-97e5-4b19-937c-64cb099cf58d_terseLabel_en-US" xlink:label="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPerformanceMeasurementPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance measurement period </link:label>
<link:label id="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPerformanceMeasurementPeriod_label_en-US" xlink:label="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPerformanceMeasurementPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Performance Measurement Period </link:label>
<link:label id="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPerformanceMeasurementPeriod_documentation_en-US" xlink:label="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPerformanceMeasurementPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Performance Measurement Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPerformanceMeasurementPeriod" xlink:href="jef-20201130.xsd#jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPerformanceMeasurementPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPerformanceMeasurementPeriod" xlink:to="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPerformanceMeasurementPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GuaranteeObligationsByNatureAxis_312e442a-a7f8-440a-9a5e-2a20895c206a_terseLabel_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsByNatureAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantor Obligations, Nature [Axis] </link:label>
<link:label id="lab_us-gaap_GuaranteeObligationsByNatureAxis_label_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsByNatureAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantor Obligations, Nature [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GuaranteeObligationsByNatureAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GuaranteeObligationsByNatureAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GuaranteeObligationsByNatureAxis" xlink:to="lab_us-gaap_GuaranteeObligationsByNatureAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan_e3583911-6b1d-491e-bde2-6da383300597_totalLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Funded status at end of year </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Funded (Unfunded) Status of Plan </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanFundedStatusOfPlan"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:to="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DerivativeLiabilitiesCrossProductCounterpartyNetting_64a4d80b-2b3a-4f15-bd7e-e1521b30e7aa_negatedLabel_en-US" xlink:label="lab_jef_DerivativeLiabilitiesCrossProductCounterpartyNetting" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cross product counterparty netting </link:label>
<link:label id="lab_jef_DerivativeLiabilitiesCrossProductCounterpartyNetting_label_en-US" xlink:label="lab_jef_DerivativeLiabilitiesCrossProductCounterpartyNetting" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liabilities Cross Product Counterparty Netting </link:label>
<link:label id="lab_jef_DerivativeLiabilitiesCrossProductCounterpartyNetting_documentation_en-US" xlink:label="lab_jef_DerivativeLiabilitiesCrossProductCounterpartyNetting" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liabilities Cross Product Counterparty Netting. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DerivativeLiabilitiesCrossProductCounterpartyNetting" xlink:href="jef-20201130.xsd#jef_DerivativeLiabilitiesCrossProductCounterpartyNetting"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DerivativeLiabilitiesCrossProductCounterpartyNetting" xlink:to="lab_jef_DerivativeLiabilitiesCrossProductCounterpartyNetting" xlink:type="arc" order="1"/>
<link:label id="lab_jef_MerchantBankingSegmentMember_75073989-3efc-4cf8-bbb1-b6d4fe648b95_terseLabel_en-US" xlink:label="lab_jef_MerchantBankingSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Merchant Banking </link:label>
<link:label id="lab_jef_MerchantBankingSegmentMember_label_en-US" xlink:label="lab_jef_MerchantBankingSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Merchant Banking Segment [Member] </link:label>
<link:label id="lab_jef_MerchantBankingSegmentMember_documentation_en-US" xlink:label="lab_jef_MerchantBankingSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Merchant Banking Segment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_MerchantBankingSegmentMember" xlink:href="jef-20201130.xsd#jef_MerchantBankingSegmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_MerchantBankingSegmentMember" xlink:to="lab_jef_MerchantBankingSegmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FixedIncomeServicesMember_37d36457-b40f-458b-b568-92fddece302b_terseLabel_en-US" xlink:label="lab_jef_FixedIncomeServicesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed income </link:label>
<link:label id="lab_jef_FixedIncomeServicesMember_label_en-US" xlink:label="lab_jef_FixedIncomeServicesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed Income Services [Member] </link:label>
<link:label id="lab_jef_FixedIncomeServicesMember_documentation_en-US" xlink:label="lab_jef_FixedIncomeServicesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed Income Services [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FixedIncomeServicesMember" xlink:href="jef-20201130.xsd#jef_FixedIncomeServicesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FixedIncomeServicesMember" xlink:to="lab_jef_FixedIncomeServicesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTable_c40b9a70-f41e-48cf-875b-a34555a04300_terseLabel_en-US" xlink:label="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Table] </link:label>
<link:label id="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTable_label_en-US" xlink:label="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTable" xlink:to="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsTable" xlink:type="arc" order="1"/>
<link:label id="lab_jef_IncomeLossfromContinuingOperationsBeforeIncomeTaxesandEquityinEarningsofSubsidiaries_c63972cb-2f19-4fbc-ae8e-28cc9f3f8ef2_totalLabel_en-US" xlink:label="lab_jef_IncomeLossfromContinuingOperationsBeforeIncomeTaxesandEquityinEarningsofSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (loss) from continuing operations before income taxes and equity in earnings of subsidiaries </link:label>
<link:label id="lab_jef_IncomeLossfromContinuingOperationsBeforeIncomeTaxesandEquityinEarningsofSubsidiaries_label_en-US" xlink:label="lab_jef_IncomeLossfromContinuingOperationsBeforeIncomeTaxesandEquityinEarningsofSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations Before Income Taxes and Equity in Earnings of Subsidiaries </link:label>
<link:label id="lab_jef_IncomeLossfromContinuingOperationsBeforeIncomeTaxesandEquityinEarningsofSubsidiaries_documentation_en-US" xlink:label="lab_jef_IncomeLossfromContinuingOperationsBeforeIncomeTaxesandEquityinEarningsofSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations Before Income Taxes and Equity in Earnings of Subsidiaries </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_IncomeLossfromContinuingOperationsBeforeIncomeTaxesandEquityinEarningsofSubsidiaries" xlink:href="jef-20201130.xsd#jef_IncomeLossfromContinuingOperationsBeforeIncomeTaxesandEquityinEarningsofSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_IncomeLossfromContinuingOperationsBeforeIncomeTaxesandEquityinEarningsofSubsidiaries" xlink:to="lab_jef_IncomeLossfromContinuingOperationsBeforeIncomeTaxesandEquityinEarningsofSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeStatementAbstract_5e442d77-2ae5-45bd-9b2f-136cb39e5da1_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement [Abstract] </link:label>
<link:label id="lab_us-gaap_IncomeStatementAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeStatementAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementAbstract" xlink:to="lab_us-gaap_IncomeStatementAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_d3a76ed6-a5b9-4da4-b6ff-d42a36cebaad_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI Attributable to Parent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTaxPortionRelatedToRemeasurementToFairValue_29134482-e185-44c5-be93-26d0bc1b2f4c_terseLabel_en-US" xlink:label="lab_jef_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTaxPortionRelatedToRemeasurementToFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pre-tax gain on disposal of discontinued operation, portion related to remeasurement to fair value </link:label>
<link:label id="lab_jef_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTaxPortionRelatedToRemeasurementToFairValue_label_en-US" xlink:label="lab_jef_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTaxPortionRelatedToRemeasurementToFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operation, Gain (Loss) From Disposal Of Discontinued Operation, Before Income Tax, Portion Related To Remeasurement To Fair Value </link:label>
<link:label id="lab_jef_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTaxPortionRelatedToRemeasurementToFairValue_documentation_en-US" xlink:label="lab_jef_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTaxPortionRelatedToRemeasurementToFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operation, Gain (Loss) From Disposal Of Discontinued Operation, Before Income Tax, Portion Related To Remeasurement To Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTaxPortionRelatedToRemeasurementToFairValue" xlink:href="jef-20201130.xsd#jef_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTaxPortionRelatedToRemeasurementToFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTaxPortionRelatedToRemeasurementToFairValue" xlink:to="lab_jef_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTaxPortionRelatedToRemeasurementToFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_jef_GuaranteesExpectedToBeDueNextTwelveMonths_82b88aff-e2ca-408d-acd1-958cf5a4eec5_terseLabel_en-US" xlink:label="lab_jef_GuaranteesExpectedToBeDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>
<link:label id="lab_jef_GuaranteesExpectedToBeDueNextTwelveMonths_label_en-US" xlink:label="lab_jef_GuaranteesExpectedToBeDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantees Expected To Be Due, Next Twelve Months </link:label>
<link:label id="lab_jef_GuaranteesExpectedToBeDueNextTwelveMonths_documentation_en-US" xlink:label="lab_jef_GuaranteesExpectedToBeDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantees Expected To Be Due, Next Twelve Months </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_GuaranteesExpectedToBeDueNextTwelveMonths" xlink:href="jef-20201130.xsd#jef_GuaranteesExpectedToBeDueNextTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_GuaranteesExpectedToBeDueNextTwelveMonths" xlink:to="lab_jef_GuaranteesExpectedToBeDueNextTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_7bf66618-8f15-4be1-ba55-a3ebf47b70f1_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Segment Reporting Information, by Segment [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Segment Reporting Information, by Segment [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:to="lab_us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations_f5c5adce-9c58-4765-a27e-d5e466e36ed3_terseLabel_en-US" xlink:label="lab_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash provided by operating activities - discontinued operations </link:label>
<link:label id="lab_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations_label_en-US" xlink:label="lab_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Provided by (Used in) Operating Activities, Discontinued Operations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:to="lab_us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_6efebc86-7aeb-40a3-94af-312e767bed0d_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable interest entities </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_85de5371-12e6-4d4b-9826-fd9460ff8650_verboseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable interest entity, primary beneficiary </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Primary Beneficiary [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableInterestEntityPrimaryBeneficiaryMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:to="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable_f69a9107-9a54-450f-8a7b-beeebe9c6413_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Groups, Including Discontinued Operations [Table] </link:label>
<link:label id="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable_label_en-US" xlink:label="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Groups, Including Discontinued Operations [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable"/>
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<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases_73325722-60f2-4b2d-a0db-fd6da68d654e_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchases </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases"/>
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<link:label id="lab_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock_69b573d1-8789-4d37-b492-2ef3b0451b3a_terseLabel_en-US" xlink:label="lab_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Activity of Restricted Stock </link:label>
<link:label id="lab_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonvested Restricted Stock Shares Activity [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock"/>
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<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnSecurities_9163a9b6-3663-4385-b3f9-733e00d7d5c9_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnSecurities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available collateral </link:label>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnSecurities_label_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased under Agreements to Resell, Collateral, Obligation to Return Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnSecurities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesPurchasedUnderAgreementsToResellCollateralObligationToReturnSecurities"/>
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<link:label id="lab_us-gaap_ScheduleOfLongLivedAssetsHeldForSaleTable_19bf46bf-3931-4b40-8dd6-8c269e6a7b9a_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfLongLivedAssetsHeldForSaleTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Long Lived Assets Held-for-sale [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfLongLivedAssetsHeldForSaleTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfLongLivedAssetsHeldForSaleTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Long Lived Assets Held-for-sale [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfLongLivedAssetsHeldForSaleTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfLongLivedAssetsHeldForSaleTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfLongLivedAssetsHeldForSaleTable" xlink:to="lab_us-gaap_ScheduleOfLongLivedAssetsHeldForSaleTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DiscontinuedOperationTaxEffectOfIncomeLossFromDisposalOfDiscontinuedOperation_33239c87-123a-4681-b463-ba44a864e543_terseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationTaxEffectOfIncomeLossFromDisposalOfDiscontinuedOperation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on disposal of discontinued operations, income tax provision </link:label>
<link:label id="lab_us-gaap_DiscontinuedOperationTaxEffectOfIncomeLossFromDisposalOfDiscontinuedOperation_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationTaxEffectOfIncomeLossFromDisposalOfDiscontinuedOperation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DiscontinuedOperationTaxEffectOfIncomeLossFromDisposalOfDiscontinuedOperation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DiscontinuedOperationTaxEffectOfIncomeLossFromDisposalOfDiscontinuedOperation"/>
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<link:label id="lab_jef_SecuritiesPurchasedUnderAgreementMember_4750717a-73b5-4bab-bb13-3059a15ba78c_terseLabel_en-US" xlink:label="lab_jef_SecuritiesPurchasedUnderAgreementMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities purchased under agreement </link:label>
<link:label id="lab_jef_SecuritiesPurchasedUnderAgreementMember_label_en-US" xlink:label="lab_jef_SecuritiesPurchasedUnderAgreementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased Under Agreement [Member] </link:label>
<link:label id="lab_jef_SecuritiesPurchasedUnderAgreementMember_documentation_en-US" xlink:label="lab_jef_SecuritiesPurchasedUnderAgreementMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased Under Agreement [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SecuritiesPurchasedUnderAgreementMember" xlink:href="jef-20201130.xsd#jef_SecuritiesPurchasedUnderAgreementMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SecuritiesPurchasedUnderAgreementMember" xlink:to="lab_jef_SecuritiesPurchasedUnderAgreementMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TotalReturnSwapMember_3b951a5b-1310-413f-8a8e-dc7f2b9b649b_terseLabel_en-US" xlink:label="lab_us-gaap_TotalReturnSwapMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total return swaps </link:label>
<link:label id="lab_us-gaap_TotalReturnSwapMember_label_en-US" xlink:label="lab_us-gaap_TotalReturnSwapMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Return Swap [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TotalReturnSwapMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TotalReturnSwapMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TotalReturnSwapMember" xlink:to="lab_us-gaap_TotalReturnSwapMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestMember_43abec2c-93eb-4a2b-903a-d54b72f9eb19_terseLabel_en-US" xlink:label="lab_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI including portion attributable to noncontrolling interest </link:label>
<link:label id="lab_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestMember_label_en-US" xlink:label="lab_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI Including Portion Attributable to Noncontrolling Interest [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestMember" xlink:to="lab_us-gaap_AociIncludingPortionAttributableToNoncontrollingInterestMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock_fa1bee84-8456-483e-a3dd-4055eb5e17ce_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary Of Gains (Losses) Due To Changes In Instrument Specific Credit Risk For Loans and Other Receivables And Loan Commitments Measured At Fair Value Under Fair Value Option </link:label>
<link:label id="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Option, Disclosures [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock" xlink:to="lab_us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfGreaterThanFiveYears_56ffcc3d-a1c2-4ba7-b33c-4fba9bd0e6b5_terseLabel_en-US" xlink:label="lab_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfGreaterThanFiveYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Greater Than 5 Years </link:label>
<link:label id="lab_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfGreaterThanFiveYears_label_en-US" xlink:label="lab_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfGreaterThanFiveYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Otc Derivative Liabilities Having Maturity Period Of Greater Than Five Years </link:label>
<link:label id="lab_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfGreaterThanFiveYears_documentation_en-US" xlink:label="lab_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfGreaterThanFiveYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OTC derivative liabilities having maturity period of greater than 5 years. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfGreaterThanFiveYears" xlink:href="jef-20201130.xsd#jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfGreaterThanFiveYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfGreaterThanFiveYears" xlink:to="lab_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfGreaterThanFiveYears" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RestrictedStockUnitsWithNoFutureServiceRequiredMember_8e96a49d-f212-473a-bb2e-73f7beda4098_terseLabel_en-US" xlink:label="lab_jef_RestrictedStockUnitsWithNoFutureServiceRequiredMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted stock units with no future service required </link:label>
<link:label id="lab_jef_RestrictedStockUnitsWithNoFutureServiceRequiredMember_label_en-US" xlink:label="lab_jef_RestrictedStockUnitsWithNoFutureServiceRequiredMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock Units With No Future Service Required [Member] </link:label>
<link:label id="lab_jef_RestrictedStockUnitsWithNoFutureServiceRequiredMember_documentation_en-US" xlink:label="lab_jef_RestrictedStockUnitsWithNoFutureServiceRequiredMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock Units With No Future Service Required [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RestrictedStockUnitsWithNoFutureServiceRequiredMember" xlink:href="jef-20201130.xsd#jef_RestrictedStockUnitsWithNoFutureServiceRequiredMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RestrictedStockUnitsWithNoFutureServiceRequiredMember" xlink:to="lab_jef_RestrictedStockUnitsWithNoFutureServiceRequiredMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock_9c543e4c-411b-4d4f-87d8-9e4940b0e9f3_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Assumptions For Pension Plan </link:label>
<link:label id="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfAssumptionsUsedTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ConsolidatedEntitiesAxis_12953b80-1306-48a7-9ae0-acbcb54e4607_terseLabel_en-US" xlink:label="lab_srt_ConsolidatedEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidated Entities [Axis] </link:label>
<link:label id="lab_srt_ConsolidatedEntitiesAxis_label_en-US" xlink:label="lab_srt_ConsolidatedEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidated Entities [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidatedEntitiesAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ConsolidatedEntitiesAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidatedEntitiesAxis" xlink:to="lab_srt_ConsolidatedEntitiesAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SeniorExecutiveCompensationPlanMember_ceb7e580-622a-4006-89d9-aabd9214c1b0_terseLabel_en-US" xlink:label="lab_jef_SeniorExecutiveCompensationPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior executive compensation plan awards </link:label>
<link:label id="lab_jef_SeniorExecutiveCompensationPlanMember_label_en-US" xlink:label="lab_jef_SeniorExecutiveCompensationPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Executive Compensation Plan [Member] </link:label>
<link:label id="lab_jef_SeniorExecutiveCompensationPlanMember_documentation_en-US" xlink:label="lab_jef_SeniorExecutiveCompensationPlanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Executive Compensation Plan [Member] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SeniorExecutiveCompensationPlanMember" xlink:to="lab_jef_SeniorExecutiveCompensationPlanMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CapitalizedContractCostNet_f9e2e960-e4bf-4a2e-8952-4b10569907b9_terseLabel_en-US" xlink:label="lab_us-gaap_CapitalizedContractCostNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capitalized contract cost </link:label>
<link:label id="lab_us-gaap_CapitalizedContractCostNet_label_en-US" xlink:label="lab_us-gaap_CapitalizedContractCostNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capitalized Contract Cost, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalizedContractCostNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CapitalizedContractCostNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CapitalizedContractCostNet" xlink:to="lab_us-gaap_CapitalizedContractCostNet" xlink:type="arc" order="1"/>
<link:label id="lab_srt_RepurchaseAgreementCounterpartyNameDomain_f7252305-7b30-4761-86ff-7f8ae097c56d_terseLabel_en-US" xlink:label="lab_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Counterparty Name [Domain] </link:label>
<link:label id="lab_srt_RepurchaseAgreementCounterpartyNameDomain_label_en-US" xlink:label="lab_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Counterparty Name [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RepurchaseAgreementCounterpartyNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:to="lab_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ConsolidationItemsDomain_335b5b60-0522-41a5-bd69-4839bc7172fb_terseLabel_en-US" xlink:label="lab_srt_ConsolidationItemsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation Items [Domain] </link:label>
<link:label id="lab_srt_ConsolidationItemsDomain_label_en-US" xlink:label="lab_srt_ConsolidationItemsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation Items [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidationItemsDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ConsolidationItemsDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidationItemsDomain" xlink:to="lab_srt_ConsolidationItemsDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestExpenseRelatedParty_266d8111-ff7d-445e-b05a-b81815186569_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseRelatedParty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intercompany interest expense </link:label>
<link:label id="lab_us-gaap_InterestExpenseRelatedParty_label_en-US" xlink:label="lab_us-gaap_InterestExpenseRelatedParty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense, Related Party </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseRelatedParty" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestExpenseRelatedParty"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseRelatedParty" xlink:to="lab_us-gaap_InterestExpenseRelatedParty" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtTextBlock_6f0ad70d-3367-4872-9b19-51932194c2fb_verboseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt </link:label>
<link:label id="lab_us-gaap_LongTermDebtTextBlock_label_en-US" xlink:label="lab_us-gaap_LongTermDebtTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtTextBlock" xlink:to="lab_us-gaap_LongTermDebtTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ExchangeTradedOptionsMember_c2f4b2b5-3ad1-4bc1-bf16-3f8cf4e231b7_terseLabel_en-US" xlink:label="lab_us-gaap_ExchangeTradedOptionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exchange-traded </link:label>
<link:label id="lab_us-gaap_ExchangeTradedOptionsMember_label_en-US" xlink:label="lab_us-gaap_ExchangeTradedOptionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exchange Traded Options [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ExchangeTradedOptionsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ExchangeTradedOptionsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ExchangeTradedOptionsMember" xlink:to="lab_us-gaap_ExchangeTradedOptionsMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ScheduleOfCondensedFinancialStatementsTable_7d4dc38b-e7a9-40b3-896e-a1299b0ddb95_terseLabel_en-US" xlink:label="lab_srt_ScheduleOfCondensedFinancialStatementsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Statements [Table] </link:label>
<link:label id="lab_srt_ScheduleOfCondensedFinancialStatementsTable_label_en-US" xlink:label="lab_srt_ScheduleOfCondensedFinancialStatementsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Statements [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ScheduleOfCondensedFinancialStatementsTable" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ScheduleOfCondensedFinancialStatementsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScheduleOfCondensedFinancialStatementsTable" xlink:to="lab_srt_ScheduleOfCondensedFinancialStatementsTable" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ObligationToReturnSecuritiesReceivedAsCollateralMember_84ccf6a8-a04e-4850-9c75-99b015706f37_terseLabel_en-US" xlink:label="lab_jef_ObligationToReturnSecuritiesReceivedAsCollateralMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Obligation to return securities received as collateral, at fair value </link:label>
<link:label id="lab_jef_ObligationToReturnSecuritiesReceivedAsCollateralMember_label_en-US" xlink:label="lab_jef_ObligationToReturnSecuritiesReceivedAsCollateralMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Obligation To Return Securities Received As Collateral [Member] </link:label>
<link:label id="lab_jef_ObligationToReturnSecuritiesReceivedAsCollateralMember_documentation_en-US" xlink:label="lab_jef_ObligationToReturnSecuritiesReceivedAsCollateralMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Obligation To Return Securities Received As Collateral [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ObligationToReturnSecuritiesReceivedAsCollateralMember" xlink:href="jef-20201130.xsd#jef_ObligationToReturnSecuritiesReceivedAsCollateralMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ObligationToReturnSecuritiesReceivedAsCollateralMember" xlink:to="lab_jef_ObligationToReturnSecuritiesReceivedAsCollateralMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock_cd1781eb-42e5-45bb-8a9d-58f1e730222f_verboseLabel_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible Assets, Net and Goodwill </link:label>
<link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill and Intangible Assets Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:to="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets_dafe938b-4c8d-430c-a62d-b34934ad90f1_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Actual return on plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_3bcc6a38-02ae-488d-ad53-b9fda50bb39b_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares reserved for stock options and warrants (in shares) </link:label>
<link:label id="lab_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_label_en-US" xlink:label="lab_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Capital Shares Reserved for Future Issuance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockCapitalSharesReservedForFutureIssuance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:to="lab_us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeLossFromEquityMethodInvestments_5193059a-105e-4f77-afa4-df5d8c0461c7_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (loss) related to associated companies </link:label>
<link:label id="lab_us-gaap_IncomeLossFromEquityMethodInvestments_d330e43c-11c8-44e0-8e0e-a0f125de1122_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> (Income) loss related to associated companies </link:label>
<link:label id="lab_us-gaap_IncomeLossFromEquityMethodInvestments_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Equity Method Investments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:to="lab_us-gaap_IncomeLossFromEquityMethodInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RevenuesAssociatedWithDistributionServices_54782a29-9038-44f8-89d2-bae51c385d6d_terseLabel_en-US" xlink:label="lab_jef_RevenuesAssociatedWithDistributionServices" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue associated with distribution services, a portion of which related to prior period </link:label>
<link:label id="lab_jef_RevenuesAssociatedWithDistributionServices_label_en-US" xlink:label="lab_jef_RevenuesAssociatedWithDistributionServices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues Associated With Distribution Services </link:label>
<link:label id="lab_jef_RevenuesAssociatedWithDistributionServices_documentation_en-US" xlink:label="lab_jef_RevenuesAssociatedWithDistributionServices" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues Associated With Distribution Services </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RevenuesAssociatedWithDistributionServices" xlink:href="jef-20201130.xsd#jef_RevenuesAssociatedWithDistributionServices"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RevenuesAssociatedWithDistributionServices" xlink:to="lab_jef_RevenuesAssociatedWithDistributionServices" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsLineItems_73787c32-2f43-4723-b0d6-85ae2fbcbbb7_terseLabel_en-US" xlink:label="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] </link:label>
<link:label id="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsLineItems_label_en-US" xlink:label="lab_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TransferOfCertainFinancialAssetsAccountedForAsSecuredBorrowingsLineItems"/>
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<link:label id="lab_us-gaap_OffsettingSecuritiesPurchasedUnderAgreementsToResellAbstract_702fd424-c345-49b8-baa2-d433a1f02b36_terseLabel_en-US" xlink:label="lab_us-gaap_OffsettingSecuritiesPurchasedUnderAgreementsToResellAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reverse repurchase agreements, Assets </link:label>
<link:label id="lab_us-gaap_OffsettingSecuritiesPurchasedUnderAgreementsToResellAbstract_label_en-US" xlink:label="lab_us-gaap_OffsettingSecuritiesPurchasedUnderAgreementsToResellAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Securities Purchased under Agreements to Resell [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffsettingSecuritiesPurchasedUnderAgreementsToResellAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OffsettingSecuritiesPurchasedUnderAgreementsToResellAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffsettingSecuritiesPurchasedUnderAgreementsToResellAbstract" xlink:to="lab_us-gaap_OffsettingSecuritiesPurchasedUnderAgreementsToResellAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtherStockBasedPlansMember_93de956c-f1c7-439a-8bf6-63563f503426_terseLabel_en-US" xlink:label="lab_jef_OtherStockBasedPlansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Stock-Based Plans </link:label>
<link:label id="lab_jef_OtherStockBasedPlansMember_label_en-US" xlink:label="lab_jef_OtherStockBasedPlansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Stock-Based Plans [Member] </link:label>
<link:label id="lab_jef_OtherStockBasedPlansMember_documentation_en-US" xlink:label="lab_jef_OtherStockBasedPlansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Stock-Based Plans [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtherStockBasedPlansMember" xlink:href="jef-20201130.xsd#jef_OtherStockBasedPlansMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtherStockBasedPlansMember" xlink:to="lab_jef_OtherStockBasedPlansMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_7645a165-e86d-4506-8f81-de10823dc8fa_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income from continuing operations before income taxes and income (loss) related to associated companies </link:label>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments"/>
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<link:label id="lab_us-gaap_ScheduleOfGuaranteeObligationsTable_68d337de-973b-43db-ae00-a7470589b8ec_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfGuaranteeObligationsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Guarantor Obligations [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfGuaranteeObligationsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfGuaranteeObligationsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Guarantor Obligations [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfGuaranteeObligationsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfGuaranteeObligationsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfGuaranteeObligationsTable" xlink:to="lab_us-gaap_ScheduleOfGuaranteeObligationsTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgingDesignationAxis_6d0e807c-d7ba-4e31-8ed9-4ff580e69bf7_terseLabel_en-US" xlink:label="lab_us-gaap_HedgingDesignationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Designation [Axis] </link:label>
<link:label id="lab_us-gaap_HedgingDesignationAxis_label_en-US" xlink:label="lab_us-gaap_HedgingDesignationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Designation [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgingDesignationAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HedgingDesignationAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgingDesignationAxis" xlink:to="lab_us-gaap_HedgingDesignationAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_InvestmentinFXCMMember_b3339e47-52fe-4703-b4f6-e587f1b67734_terseLabel_en-US" xlink:label="lab_jef_InvestmentinFXCMMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment in FXCM </link:label>
<link:label id="lab_jef_InvestmentinFXCMMember_label_en-US" xlink:label="lab_jef_InvestmentinFXCMMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment in FXCM [Member] </link:label>
<link:label id="lab_jef_InvestmentinFXCMMember_documentation_en-US" xlink:label="lab_jef_InvestmentinFXCMMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment in FXCM [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_InvestmentinFXCMMember" xlink:href="jef-20201130.xsd#jef_InvestmentinFXCMMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_InvestmentinFXCMMember" xlink:to="lab_jef_InvestmentinFXCMMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_LineOfCreditFacilityCollateralPercentageOfProvedReserveValueofOilandGasProperties_9caa12a9-f5d1-42da-8176-b87a465835d9_terseLabel_en-US" xlink:label="lab_jef_LineOfCreditFacilityCollateralPercentageOfProvedReserveValueofOilandGasProperties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of credit facility, collateral, percentage of proved reserve value of oil and gas properties </link:label>
<link:label id="lab_jef_LineOfCreditFacilityCollateralPercentageOfProvedReserveValueofOilandGasProperties_label_en-US" xlink:label="lab_jef_LineOfCreditFacilityCollateralPercentageOfProvedReserveValueofOilandGasProperties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line Of Credit Facility, Collateral, Percentage Of Proved Reserve Value of Oil and Gas Properties </link:label>
<link:label id="lab_jef_LineOfCreditFacilityCollateralPercentageOfProvedReserveValueofOilandGasProperties_documentation_en-US" xlink:label="lab_jef_LineOfCreditFacilityCollateralPercentageOfProvedReserveValueofOilandGasProperties" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line Of Credit Facility, Collateral, Percentage Of Proved Reserve Value of Oil and Gas Properties </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_LineOfCreditFacilityCollateralPercentageOfProvedReserveValueofOilandGasProperties" xlink:href="jef-20201130.xsd#jef_LineOfCreditFacilityCollateralPercentageOfProvedReserveValueofOilandGasProperties"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_LineOfCreditFacilityCollateralPercentageOfProvedReserveValueofOilandGasProperties" xlink:to="lab_jef_LineOfCreditFacilityCollateralPercentageOfProvedReserveValueofOilandGasProperties" xlink:type="arc" order="1"/>
<link:label id="lab_jef_IowaPremiumMember_8171a072-cf57-48ab-9645-f2436f7f8f0c_terseLabel_en-US" xlink:label="lab_jef_IowaPremiumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Iowa Premium </link:label>
<link:label id="lab_jef_IowaPremiumMember_label_en-US" xlink:label="lab_jef_IowaPremiumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Iowa Premium [Member] </link:label>
<link:label id="lab_jef_IowaPremiumMember_documentation_en-US" xlink:label="lab_jef_IowaPremiumMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Iowa Premium [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_IowaPremiumMember" xlink:href="jef-20201130.xsd#jef_IowaPremiumMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_IowaPremiumMember" xlink:to="lab_jef_IowaPremiumMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLossCarryforwardsTable_ea52b0fe-2107-446e-8e27-e293a48c53f4_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLossCarryforwardsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Loss Carryforwards [Table] </link:label>
<link:label id="lab_us-gaap_OperatingLossCarryforwardsTable_label_en-US" xlink:label="lab_us-gaap_OperatingLossCarryforwardsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Loss Carryforwards [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLossCarryforwardsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLossCarryforwardsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLossCarryforwardsTable" xlink:to="lab_us-gaap_OperatingLossCarryforwardsTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisaggregationOfRevenueTable_3d0d96f2-f7fd-44bf-8cb2-32701cdc64e9_terseLabel_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Table] </link:label>
<link:label id="lab_us-gaap_DisaggregationOfRevenueTable_label_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisaggregationOfRevenueTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisaggregationOfRevenueTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisaggregationOfRevenueTable" xlink:to="lab_us-gaap_DisaggregationOfRevenueTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain_bff89911-3be8-4e2a-94b5-0525b87a5d86_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification out of Accumulated Other Comprehensive Income [Domain] </link:label>
<link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain_label_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification out of Accumulated Other Comprehensive Income [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain" xlink:to="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ManufacturingRevenuesMember_a7b473bd-52b8-4817-9948-cdeb851ee468_terseLabel_en-US" xlink:label="lab_jef_ManufacturingRevenuesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Manufacturing revenues </link:label>
<link:label id="lab_jef_ManufacturingRevenuesMember_label_en-US" xlink:label="lab_jef_ManufacturingRevenuesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Manufacturing Revenues [Member] </link:label>
<link:label id="lab_jef_ManufacturingRevenuesMember_documentation_en-US" xlink:label="lab_jef_ManufacturingRevenuesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Manufacturing Revenues [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ManufacturingRevenuesMember" xlink:href="jef-20201130.xsd#jef_ManufacturingRevenuesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ManufacturingRevenuesMember" xlink:to="lab_jef_ManufacturingRevenuesMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_IdahoTimberMember_bfe4b7f4-9a42-45ff-9c89-47ec940bf0d7_terseLabel_en-US" xlink:label="lab_jef_IdahoTimberMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Idaho Timber </link:label>
<link:label id="lab_jef_IdahoTimberMember_label_en-US" xlink:label="lab_jef_IdahoTimberMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Idaho Timber [Member] </link:label>
<link:label id="lab_jef_IdahoTimberMember_documentation_en-US" xlink:label="lab_jef_IdahoTimberMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Idaho Timber </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_IdahoTimberMember" xlink:href="jef-20201130.xsd#jef_IdahoTimberMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_IdahoTimberMember" xlink:to="lab_jef_IdahoTimberMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter_41ac66ba-7f45-425c-85e2-14a5519af463_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2026 – 2030 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList_75e863bf-e1bb-48ee-b54c-a73b3040e264_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease, liability, statement of financial position [Extensible List] </link:label>
<link:label id="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Liability, Statement of Financial Position [Extensible List] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:to="lab_us-gaap_OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList" xlink:type="arc" order="1"/>
<link:label id="lab_jef_UnratedMember_08fe3abf-773c-49b1-b6a7-e5b78ad413fb_terseLabel_en-US" xlink:label="lab_jef_UnratedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrated </link:label>
<link:label id="lab_jef_UnratedMember_label_en-US" xlink:label="lab_jef_UnratedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrated [Member] </link:label>
<link:label id="lab_jef_UnratedMember_documentation_en-US" xlink:label="lab_jef_UnratedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrated [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_UnratedMember" xlink:href="jef-20201130.xsd#jef_UnratedMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_UnratedMember" xlink:to="lab_jef_UnratedMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShortTermDebtTextBlock_c9949002-5d81-429c-a353-06a91446f7bc_terseLabel_en-US" xlink:label="lab_us-gaap_ShortTermDebtTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-Term Borrowings </link:label>
<link:label id="lab_us-gaap_ShortTermDebtTextBlock_label_en-US" xlink:label="lab_us-gaap_ShortTermDebtTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Debt [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortTermDebtTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShortTermDebtTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortTermDebtTextBlock" xlink:to="lab_us-gaap_ShortTermDebtTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SecuritizationActivitiesAndVariableInterestEntityTableTextBlock_290cf428-32f7-4890-8511-97e351f3c6db_terseLabel_en-US" xlink:label="lab_jef_SecuritizationActivitiesAndVariableInterestEntityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary Of Retained Interests In SPEs </link:label>
<link:label id="lab_jef_SecuritizationActivitiesAndVariableInterestEntityTableTextBlock_label_en-US" xlink:label="lab_jef_SecuritizationActivitiesAndVariableInterestEntityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securitization Activities And Variable Interest Entity [Table Text Block] </link:label>
<link:label id="lab_jef_SecuritizationActivitiesAndVariableInterestEntityTableTextBlock_documentation_en-US" xlink:label="lab_jef_SecuritizationActivitiesAndVariableInterestEntityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total information regarding securitization vehicles to which the Company, acting as transferor, have transferred assets and for which the Company received sale accounting treatment. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SecuritizationActivitiesAndVariableInterestEntityTableTextBlock" xlink:href="jef-20201130.xsd#jef_SecuritizationActivitiesAndVariableInterestEntityTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SecuritizationActivitiesAndVariableInterestEntityTableTextBlock" xlink:to="lab_jef_SecuritizationActivitiesAndVariableInterestEntityTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInInterestPayableNet_3d99b9bc-2643-4e0e-b53c-0042655316ec_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued interest payable </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInInterestPayableNet_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Interest Payable, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInInterestPayableNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:to="lab_us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityDomain_2f9b8707-55e1-4384-b2e8-c3904fe6c279_terseLabel_en-US" xlink:label="lab_dei_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity [Domain] </link:label>
<link:label id="lab_dei_EntityDomain_label_en-US" xlink:label="lab_dei_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityDomain" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityDomain" xlink:to="lab_dei_EntityDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DesignatedAsHedgingInstrumentMember_8b6b594b-b8be-4888-948c-265de413d5b0_verboseLabel_en-US" xlink:label="lab_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives designated as accounting hedges: </link:label>
<link:label id="lab_us-gaap_DesignatedAsHedgingInstrumentMember_label_en-US" xlink:label="lab_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Designated as Hedging Instrument [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DesignatedAsHedgingInstrumentMember"/>
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<link:label id="lab_jef_RestrictedCashAwardsCompensationCostNotYetRecognizedPeriodForRecognition_f8902c6a-b655-4047-9c7e-001ce39ecb36_terseLabel_en-US" xlink:label="lab_jef_RestrictedCashAwardsCompensationCostNotYetRecognizedPeriodForRecognition" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted cash awards, cost expected to be recognized, period </link:label>
<link:label id="lab_jef_RestrictedCashAwardsCompensationCostNotYetRecognizedPeriodForRecognition_label_en-US" xlink:label="lab_jef_RestrictedCashAwardsCompensationCostNotYetRecognizedPeriodForRecognition" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Cash Awards, Compensation Cost Not Yet Recognized, Period For Recognition </link:label>
<link:label id="lab_jef_RestrictedCashAwardsCompensationCostNotYetRecognizedPeriodForRecognition_documentation_en-US" xlink:label="lab_jef_RestrictedCashAwardsCompensationCostNotYetRecognizedPeriodForRecognition" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Cash Awards, Compensation Cost Not Yet Recognized, Period For Recognition </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RestrictedCashAwardsCompensationCostNotYetRecognizedPeriodForRecognition" xlink:href="jef-20201130.xsd#jef_RestrictedCashAwardsCompensationCostNotYetRecognizedPeriodForRecognition"/>
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<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral_13feec28-1b35-483c-9dc8-f6f4701b1b5a_totalLabel_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net amount </link:label>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral_label_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased under Agreements to Resell, Amount Offset Against Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesPurchasedUnderAgreementsToResellAmountOffsetAgainstCollateral"/>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest_08d97c9c-260e-4690-a3d9-d7a30a22a27c_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive loss attributable to the noncontrolling interests </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest"/>
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<link:label id="lab_us-gaap_QuarterlyFinancialInformationTextBlock_d5beda65-ed1b-499b-8fce-6ba764179c23_verboseLabel_en-US" xlink:label="lab_us-gaap_QuarterlyFinancialInformationTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Selected Quarterly Financial Data (Unaudited) </link:label>
<link:label id="lab_us-gaap_QuarterlyFinancialInformationTextBlock_label_en-US" xlink:label="lab_us-gaap_QuarterlyFinancialInformationTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Quarterly Financial Information [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_QuarterlyFinancialInformationTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_QuarterlyFinancialInformationTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_QuarterlyFinancialInformationTextBlock" xlink:to="lab_us-gaap_QuarterlyFinancialInformationTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedGoodwillandIntangibles_d50624db-9e6f-4eb8-9bef-1b264d695e1f_terseLabel_en-US" xlink:label="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedGoodwillandIntangibles" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill and intangibles recorded in acquisition </link:label>
<link:label id="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedGoodwillandIntangibles_label_en-US" xlink:label="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedGoodwillandIntangibles" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Goodwill and Intangibles </link:label>
<link:label id="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedGoodwillandIntangibles_documentation_en-US" xlink:label="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedGoodwillandIntangibles" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Goodwill and Intangibles </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedGoodwillandIntangibles" xlink:href="jef-20201130.xsd#jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedGoodwillandIntangibles"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedGoodwillandIntangibles" xlink:to="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedGoodwillandIntangibles" xlink:type="arc" order="1"/>
<link:label id="lab_jef_PrivateEquitySecuritiesMember_1c71fab7-f434-4707-b112-62778cfff5b3_terseLabel_en-US" xlink:label="lab_jef_PrivateEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments at fair value </link:label>
<link:label id="lab_jef_PrivateEquitySecuritiesMember_label_en-US" xlink:label="lab_jef_PrivateEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Private Equity Securities [Member] </link:label>
<link:label id="lab_jef_PrivateEquitySecuritiesMember_documentation_en-US" xlink:label="lab_jef_PrivateEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Private Equity Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_PrivateEquitySecuritiesMember" xlink:href="jef-20201130.xsd#jef_PrivateEquitySecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_PrivateEquitySecuritiesMember" xlink:to="lab_jef_PrivateEquitySecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SecuritizationActivitiesTextBlock_045312c5-2f52-436c-8b54-d96fceee49d1_terseLabel_en-US" xlink:label="lab_jef_SecuritizationActivitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securitization Activities </link:label>
<link:label id="lab_jef_SecuritizationActivitiesTextBlock_label_en-US" xlink:label="lab_jef_SecuritizationActivitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securitization Activities [Text Block] </link:label>
<link:label id="lab_jef_SecuritizationActivitiesTextBlock_documentation_en-US" xlink:label="lab_jef_SecuritizationActivitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securitization Activities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SecuritizationActivitiesTextBlock" xlink:href="jef-20201130.xsd#jef_SecuritizationActivitiesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SecuritizationActivitiesTextBlock" xlink:to="lab_jef_SecuritizationActivitiesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_srt_AffiliatedEntityMember_578c5e41-4d46-49c3-a610-aaeac7f68058_terseLabel_en-US" xlink:label="lab_srt_AffiliatedEntityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Affiliated entity </link:label>
<link:label id="lab_srt_AffiliatedEntityMember_label_en-US" xlink:label="lab_srt_AffiliatedEntityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Affiliated Entity [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_AffiliatedEntityMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_AffiliatedEntityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_AffiliatedEntityMember" xlink:to="lab_srt_AffiliatedEntityMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CondensedBalanceSheetStatementTable_f7c6ebd6-dd0d-4e80-8781-e8e65563fb3f_terseLabel_en-US" xlink:label="lab_srt_CondensedBalanceSheetStatementTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Balance Sheet Statement [Table] </link:label>
<link:label id="lab_srt_CondensedBalanceSheetStatementTable_label_en-US" xlink:label="lab_srt_CondensedBalanceSheetStatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Balance Sheet Statement [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CondensedBalanceSheetStatementTable" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CondensedBalanceSheetStatementTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CondensedBalanceSheetStatementTable" xlink:to="lab_srt_CondensedBalanceSheetStatementTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_7e841525-7260-4075-b8e5-ec3e1012a119_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Thereafter </link:label>
<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leases, Future Minimum Payments, Due Thereafter </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:type="arc" order="1"/>
<link:label id="lab_jef_HomeFedConstructionLoanMember_c31e9ea6-ea30-4b44-a86e-5381420978af_terseLabel_en-US" xlink:label="lab_jef_HomeFedConstructionLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HomeFed construction loan </link:label>
<link:label id="lab_jef_HomeFedConstructionLoanMember_label_en-US" xlink:label="lab_jef_HomeFedConstructionLoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HomeFed Construction Loan [Member] </link:label>
<link:label id="lab_jef_HomeFedConstructionLoanMember_documentation_en-US" xlink:label="lab_jef_HomeFedConstructionLoanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HomeFed Construction Loan </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_HomeFedConstructionLoanMember" xlink:href="jef-20201130.xsd#jef_HomeFedConstructionLoanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_HomeFedConstructionLoanMember" xlink:to="lab_jef_HomeFedConstructionLoanMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueDisclosuresAbstract_2f9839fb-ffd8-46bb-add1-ecac0a2b0030_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Disclosures [Abstract] </link:label>
<link:label id="lab_us-gaap_FairValueDisclosuresAbstract_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Disclosures [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueDisclosuresAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract" xlink:to="lab_us-gaap_FairValueDisclosuresAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_IncomeFromEquityMethodInvestmentsClassifiedAsOtherRevenues_e463c466-7701-4d86-b6e5-8d295f074bc4_terseLabel_en-US" xlink:label="lab_jef_IncomeFromEquityMethodInvestmentsClassifiedAsOtherRevenues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income from associated companies classified as other revenues </link:label>
<link:label id="lab_jef_IncomeFromEquityMethodInvestmentsClassifiedAsOtherRevenues_label_en-US" xlink:label="lab_jef_IncomeFromEquityMethodInvestmentsClassifiedAsOtherRevenues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income from Equity Method Investments Classified as Other Revenues </link:label>
<link:label id="lab_jef_IncomeFromEquityMethodInvestmentsClassifiedAsOtherRevenues_documentation_en-US" xlink:label="lab_jef_IncomeFromEquityMethodInvestmentsClassifiedAsOtherRevenues" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income from Equity Method Investments Classified as Other Revenues </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_IncomeFromEquityMethodInvestmentsClassifiedAsOtherRevenues" xlink:href="jef-20201130.xsd#jef_IncomeFromEquityMethodInvestmentsClassifiedAsOtherRevenues"/>
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<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_d188634e-1c41-482c-a64e-0c9b05bc8cfb_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2020 </link:label>
<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leases, Future Minimum Payments Due, Next Twelve Months </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsOther_e68deb2f-175f-4e58-b18b-ec8d3d490789_terseLabel_en-US" xlink:label="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets recorded in acquisition </link:label>
<link:label id="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsOther_label_en-US" xlink:label="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Assets, Other </link:label>
<link:label id="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsOther_documentation_en-US" xlink:label="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsOther" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Assets, Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsOther" xlink:href="jef-20201130.xsd#jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsOther"/>
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<link:label id="lab_us-gaap_DeferredTaxAssetsLiabilitiesNet_726d05ed-11c5-4b86-a14e-7f8c883a89bb_verboseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax asset, net </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsLiabilitiesNet_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsLiabilitiesNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:to="lab_us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfEarningsPerShareBasicByCommonClassTable_836a5330-4608-40cb-a245-5137148a5526_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicByCommonClassTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfEarningsPerShareBasicByCommonClassTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicByCommonClassTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEarningsPerShareBasicByCommonClassTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicByCommonClassTable"/>
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<link:label id="lab_jef_PropertyPlantAndEquipmentAndOperatingLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization_c42a0582-d9b0-4eab-9d98-b38a305d6caf_terseLabel_en-US" xlink:label="lab_jef_PropertyPlantAndEquipmentAndOperatingLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, equipment and leasehold improvements, net </link:label>
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<link:label id="lab_us-gaap_RestrictedStockMember_0a1da5d9-f6b6-4b97-b306-006e57b99d28_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted stock </link:label>
<link:label id="lab_us-gaap_RestrictedStockMember_label_en-US" xlink:label="lab_us-gaap_RestrictedStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedStockMember" xlink:to="lab_us-gaap_RestrictedStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_VitesseEnergyLLCMember_0ea10809-4e0b-4cc8-a080-5a4a5ba780af_terseLabel_en-US" xlink:label="lab_jef_VitesseEnergyLLCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vitesse Energy, LLC </link:label>
<link:label id="lab_jef_VitesseEnergyLLCMember_label_en-US" xlink:label="lab_jef_VitesseEnergyLLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vitesse Energy, LLC [Member] </link:label>
<link:label id="lab_jef_VitesseEnergyLLCMember_documentation_en-US" xlink:label="lab_jef_VitesseEnergyLLCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vitesse Energy, LLC [Member] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_VitesseEnergyLLCMember" xlink:to="lab_jef_VitesseEnergyLLCMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_LinkemMember_2e7d6955-a724-42dd-97f1-ba7fdfb8541c_terseLabel_en-US" xlink:label="lab_jef_LinkemMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Linkem </link:label>
<link:label id="lab_jef_LinkemMember_label_en-US" xlink:label="lab_jef_LinkemMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Linkem [Member] </link:label>
<link:label id="lab_jef_LinkemMember_documentation_en-US" xlink:label="lab_jef_LinkemMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Linkem [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_LinkemMember" xlink:href="jef-20201130.xsd#jef_LinkemMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_LinkemMember" xlink:to="lab_jef_LinkemMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UndistributedEarningsDiluted_e14b8136-f0b1-44bc-a411-d04fc1c7bd26_terseLabel_en-US" xlink:label="lab_us-gaap_UndistributedEarningsDiluted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjustment to allocation of earnings to participating securities related to diluted shares </link:label>
<link:label id="lab_us-gaap_UndistributedEarningsDiluted_label_en-US" xlink:label="lab_us-gaap_UndistributedEarningsDiluted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Undistributed Earnings, Diluted </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UndistributedEarningsDiluted" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UndistributedEarningsDiluted"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UndistributedEarningsDiluted" xlink:to="lab_us-gaap_UndistributedEarningsDiluted" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax_1587a3e9-9522-48ac-a52a-cd6af86da477_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net unrealized gains (losses) on instrument specific credit risk arising during the period, net of income tax provision (benefit) of $(16,228), $(4,653) and $9,289 </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Unrealized Gain (Loss) Arising During Period, after Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax"/>
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<link:label id="lab_srt_ConsolidatedEntitiesDomain_328819b6-170a-4d48-888b-348e2562f71c_terseLabel_en-US" xlink:label="lab_srt_ConsolidatedEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidated Entities [Domain] </link:label>
<link:label id="lab_srt_ConsolidatedEntitiesDomain_label_en-US" xlink:label="lab_srt_ConsolidatedEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidated Entities [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidatedEntitiesDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ConsolidatedEntitiesDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidatedEntitiesDomain" xlink:to="lab_srt_ConsolidatedEntitiesDomain" xlink:type="arc" order="1"/>
<link:label id="lab_jef_MeasurementInputSpreadTo6MonthLIBORMember_9f52d29d-e9db-46d6-b663-ea9e4415ab60_terseLabel_en-US" xlink:label="lab_jef_MeasurementInputSpreadTo6MonthLIBORMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Spread to 6 month LIBOR </link:label>
<link:label id="lab_jef_MeasurementInputSpreadTo6MonthLIBORMember_label_en-US" xlink:label="lab_jef_MeasurementInputSpreadTo6MonthLIBORMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Spread To 6 Month LIBOR [Member] </link:label>
<link:label id="lab_jef_MeasurementInputSpreadTo6MonthLIBORMember_documentation_en-US" xlink:label="lab_jef_MeasurementInputSpreadTo6MonthLIBORMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Spread To 6 Month LIBOR [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_MeasurementInputSpreadTo6MonthLIBORMember" xlink:href="jef-20201130.xsd#jef_MeasurementInputSpreadTo6MonthLIBORMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_MeasurementInputSpreadTo6MonthLIBORMember" xlink:to="lab_jef_MeasurementInputSpreadTo6MonthLIBORMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShortTermDebtWeightedAverageInterestRate_a58dc044-41fc-40f3-8dbb-cfb81f913e1e_terseLabel_en-US" xlink:label="lab_us-gaap_ShortTermDebtWeightedAverageInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rate on short-term borrowings </link:label>
<link:label id="lab_us-gaap_ShortTermDebtWeightedAverageInterestRate_label_en-US" xlink:label="lab_us-gaap_ShortTermDebtWeightedAverageInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Debt, Weighted Average Interest Rate, at Point in Time </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortTermDebtWeightedAverageInterestRate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShortTermDebtWeightedAverageInterestRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortTermDebtWeightedAverageInterestRate" xlink:to="lab_us-gaap_ShortTermDebtWeightedAverageInterestRate" xlink:type="arc" order="1"/>
<link:label id="lab_jef_GuaranteesExpectedToBeDueInThreeAndFourYears_4ffd1d83-d0a0-4e10-9f9b-bf9ae7d98a85_terseLabel_en-US" xlink:label="lab_jef_GuaranteesExpectedToBeDueInThreeAndFourYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 and 2024 </link:label>
<link:label id="lab_jef_GuaranteesExpectedToBeDueInThreeAndFourYears_label_en-US" xlink:label="lab_jef_GuaranteesExpectedToBeDueInThreeAndFourYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantees Expected To Be Due In Three And Four Years </link:label>
<link:label id="lab_jef_GuaranteesExpectedToBeDueInThreeAndFourYears_documentation_en-US" xlink:label="lab_jef_GuaranteesExpectedToBeDueInThreeAndFourYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantees expected to be due within 3 to 4 fiscal years. These may include, derivative guarantees, etc. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_GuaranteesExpectedToBeDueInThreeAndFourYears" xlink:href="jef-20201130.xsd#jef_GuaranteesExpectedToBeDueInThreeAndFourYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_GuaranteesExpectedToBeDueInThreeAndFourYears" xlink:to="lab_jef_GuaranteesExpectedToBeDueInThreeAndFourYears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfShortTermDebtTable_75cd3bbd-c349-4c10-a559-89fcceb68835_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfShortTermDebtTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Short-term Debt [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfShortTermDebtTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfShortTermDebtTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Short-term Debt [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfShortTermDebtTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfShortTermDebtTable"/>
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<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationNetAdjustmentToUnrecognizedTaxBenefitsRelatedToPriorPeriodsPercent_cf3588c7-9a1f-4543-8d82-cae3b6adc242_terseLabel_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationNetAdjustmentToUnrecognizedTaxBenefitsRelatedToPriorPeriodsPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in unrecognized tax benefits related to prior years, percent </link:label>
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<link:label id="lab_jef_Netgainslossesrelatedtopropertyandequipmentandotherassets_documentation_en-US" xlink:label="lab_jef_Netgainslossesrelatedtopropertyandequipmentandotherassets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net (gains) losses related to property and equipment, and other assets. </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_Netgainslossesrelatedtopropertyandequipmentandotherassets" xlink:to="lab_jef_Netgainslossesrelatedtopropertyandequipmentandotherassets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_01e107ba-7d8a-4ffc-80d9-002a985acf2d_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities sold under agreements to repurchase </link:label>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_17a1645b-226c-4dde-b8c2-2de811e60e14_totalLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Amounts in Consolidated Statements of Financial Condition </link:label>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_label_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreements to Repurchase </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchase"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:to="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember_5260d314-0278-4ca3-92b2-6b252f63314d_terseLabel_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative effect of the adoption of accounting standards </link:label>
<link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember_label_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption, Adjustment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:to="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AdditionalPaidInCapitalCommonStock_ad328c93-2b62-4045-9189-a38b83307601_verboseLabel_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional paid-in capital </link:label>
<link:label id="lab_us-gaap_AdditionalPaidInCapitalCommonStock_label_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Paid in Capital, Common Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:to="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityRegistrantName_4b625860-fc45-401e-8d13-78fe4faaf464_terseLabel_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Registrant Name </link:label>
<link:label id="lab_dei_EntityRegistrantName_label_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Registrant Name </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityRegistrantName" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SubsequentEventTypeDomain_1c0f9728-5703-492d-8c75-85f589d367fd_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event Type [Domain] </link:label>
<link:label id="lab_us-gaap_SubsequentEventTypeDomain_label_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTypeDomain" xlink:to="lab_us-gaap_SubsequentEventTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent_77c0dc6a-3c2a-40e7-b349-f89e663dadf0_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discount rate </link:label>
<link:label id="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Weighted Average Discount Rate, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:to="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DebtInstrumentNumberOfExtensions_f5770e11-d552-42e6-a28d-28798555ba52_terseLabel_en-US" xlink:label="lab_jef_DebtInstrumentNumberOfExtensions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt instrument, number of extensions </link:label>
<link:label id="lab_jef_DebtInstrumentNumberOfExtensions_label_en-US" xlink:label="lab_jef_DebtInstrumentNumberOfExtensions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Number Of Extensions </link:label>
<link:label id="lab_jef_DebtInstrumentNumberOfExtensions_documentation_en-US" xlink:label="lab_jef_DebtInstrumentNumberOfExtensions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Number Of Extensions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DebtInstrumentNumberOfExtensions" xlink:href="jef-20201130.xsd#jef_DebtInstrumentNumberOfExtensions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DebtInstrumentNumberOfExtensions" xlink:to="lab_jef_DebtInstrumentNumberOfExtensions" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RelatedPartyPrivateEquityVehiclesMember_27f9ace8-91db-4fac-9107-e4ac543a4ee7_terseLabel_en-US" xlink:label="lab_jef_RelatedPartyPrivateEquityVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related party private equity vehicles </link:label>
<link:label id="lab_jef_RelatedPartyPrivateEquityVehiclesMember_label_en-US" xlink:label="lab_jef_RelatedPartyPrivateEquityVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party Private Equity Vehicles [Member] </link:label>
<link:label id="lab_jef_RelatedPartyPrivateEquityVehiclesMember_documentation_en-US" xlink:label="lab_jef_RelatedPartyPrivateEquityVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party Private Equity Vehicles [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RelatedPartyPrivateEquityVehiclesMember" xlink:href="jef-20201130.xsd#jef_RelatedPartyPrivateEquityVehiclesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RelatedPartyPrivateEquityVehiclesMember" xlink:to="lab_jef_RelatedPartyPrivateEquityVehiclesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInSecuritiesBorrowed_ec0cc18b-007d-44fc-856b-53e14f273ef7_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInSecuritiesBorrowed" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities borrowed </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInSecuritiesBorrowed_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInSecuritiesBorrowed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Securities Borrowed </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInSecuritiesBorrowed" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInSecuritiesBorrowed"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInSecuritiesBorrowed" xlink:to="lab_us-gaap_IncreaseDecreaseInSecuritiesBorrowed" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EquitiesMember_8956e8eb-f879-4374-a728-8301b1107df0_terseLabel_en-US" xlink:label="lab_jef_EquitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equities </link:label>
<link:label id="lab_jef_EquitiesMember_label_en-US" xlink:label="lab_jef_EquitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equities [Member] </link:label>
<link:label id="lab_jef_EquitiesMember_documentation_en-US" xlink:label="lab_jef_EquitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EquitiesMember" xlink:href="jef-20201130.xsd#jef_EquitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EquitiesMember" xlink:to="lab_jef_EquitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ExchangeandClearingOrganizationMembershipInterestsandRegistrationsMember_29cf27bb-5fd1-4a2c-99d2-7786564df107_terseLabel_en-US" xlink:label="lab_jef_ExchangeandClearingOrganizationMembershipInterestsandRegistrationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exchange and clearing organization membership interests and registrations </link:label>
<link:label id="lab_jef_ExchangeandClearingOrganizationMembershipInterestsandRegistrationsMember_label_en-US" xlink:label="lab_jef_ExchangeandClearingOrganizationMembershipInterestsandRegistrationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exchange and Clearing Organization Membership Interests and Registrations [Member] </link:label>
<link:label id="lab_jef_ExchangeandClearingOrganizationMembershipInterestsandRegistrationsMember_documentation_en-US" xlink:label="lab_jef_ExchangeandClearingOrganizationMembershipInterestsandRegistrationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exchange and Clearing Organization Membership Interests and Registrations [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ExchangeandClearingOrganizationMembershipInterestsandRegistrationsMember" xlink:href="jef-20201130.xsd#jef_ExchangeandClearingOrganizationMembershipInterestsandRegistrationsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ExchangeandClearingOrganizationMembershipInterestsandRegistrationsMember" xlink:to="lab_jef_ExchangeandClearingOrganizationMembershipInterestsandRegistrationsMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SummaryOfSecuritizationArrangementsActivityTableTextBlock_44227794-26f4-44df-b10c-fb2395396819_terseLabel_en-US" xlink:label="lab_jef_SummaryOfSecuritizationArrangementsActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Activity Related To Securitizations Accounted For As Sales </link:label>
<link:label id="lab_jef_SummaryOfSecuritizationArrangementsActivityTableTextBlock_label_en-US" xlink:label="lab_jef_SummaryOfSecuritizationArrangementsActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary Of Securitization Arrangements Activity [Table Text Block] </link:label>
<link:label id="lab_jef_SummaryOfSecuritizationArrangementsActivityTableTextBlock_documentation_en-US" xlink:label="lab_jef_SummaryOfSecuritizationArrangementsActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of the amount of financial assets securitized, proceeds and net revenues and cash flows received from retained interests. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SummaryOfSecuritizationArrangementsActivityTableTextBlock" xlink:href="jef-20201130.xsd#jef_SummaryOfSecuritizationArrangementsActivityTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SummaryOfSecuritizationArrangementsActivityTableTextBlock" xlink:to="lab_jef_SummaryOfSecuritizationArrangementsActivityTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsOfDividendsCommonStock_8946a651-d397-4a4d-8547-a1b6a9e5cb09_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends paid </link:label>
<link:label id="lab_us-gaap_PaymentsOfDividendsCommonStock_label_en-US" xlink:label="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments of Ordinary Dividends, Common Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfDividendsCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDividendsCommonStock" xlink:to="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationInterestOnUnrecognizedTaxBenefitsAmount_85474306-1816-42ee-90e8-008c6235260b_terseLabel_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationInterestOnUnrecognizedTaxBenefitsAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest on unrecognized tax benefits </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationInterestOnUnrecognizedTaxBenefitsAmount_label_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationInterestOnUnrecognizedTaxBenefitsAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Interest on Unrecognized Tax Benefits, Amount </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationInterestOnUnrecognizedTaxBenefitsAmount_documentation_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationInterestOnUnrecognizedTaxBenefitsAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Interest on Unrecognized Tax Benefits, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EffectiveIncomeTaxRateReconciliationInterestOnUnrecognizedTaxBenefitsAmount" xlink:href="jef-20201130.xsd#jef_EffectiveIncomeTaxRateReconciliationInterestOnUnrecognizedTaxBenefitsAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EffectiveIncomeTaxRateReconciliationInterestOnUnrecognizedTaxBenefitsAmount" xlink:to="lab_jef_EffectiveIncomeTaxRateReconciliationInterestOnUnrecognizedTaxBenefitsAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_Maturity30To90DaysMember_55f17042-3eda-4bc2-b928-77173ee8b64d_terseLabel_en-US" xlink:label="lab_us-gaap_Maturity30To90DaysMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 31 to 90 Days </link:label>
<link:label id="lab_us-gaap_Maturity30To90DaysMember_label_en-US" xlink:label="lab_us-gaap_Maturity30To90DaysMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maturity 30 to 90 Days [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Maturity30To90DaysMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Maturity30To90DaysMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Maturity30To90DaysMember" xlink:to="lab_us-gaap_Maturity30To90DaysMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesBorrowedCollateralObligationToReturnCash_54d83da6-4a79-4f70-921f-a0d9e4b68821_negatedLabel_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedCollateralObligationToReturnCash" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional amounts available for setoff </link:label>
<link:label id="lab_us-gaap_SecuritiesBorrowedCollateralObligationToReturnCash_label_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedCollateralObligationToReturnCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed, Collateral, Obligation to Return Cash </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesBorrowedCollateralObligationToReturnCash" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesBorrowedCollateralObligationToReturnCash"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesBorrowedCollateralObligationToReturnCash" xlink:to="lab_us-gaap_SecuritiesBorrowedCollateralObligationToReturnCash" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquitySecuritiesMember_d7b881c4-adae-4ddc-b04e-f50540ea8dc8_terseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate equity securities </link:label>
<link:label id="lab_us-gaap_EquitySecuritiesMember_label_en-US" xlink:label="lab_us-gaap_EquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquitySecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesMember" xlink:to="lab_us-gaap_EquitySecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityIncorporationStateCountryCode_40d248c3-2e43-4dde-8db3-90c2a2cdedeb_terseLabel_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Incorporation, State or Country Code </link:label>
<link:label id="lab_dei_EntityIncorporationStateCountryCode_label_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Incorporation, State or Country Code </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationStateCountryCode"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode" xlink:to="lab_dei_EntityIncorporationStateCountryCode" xlink:type="arc" order="1"/>
<link:label id="lab_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain_72b292e7-a778-437e-8290-89bac537f3f8_terseLabel_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real Estate [Domain] </link:label>
<link:label id="lab_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain_label_en-US" xlink:label="lab_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real Estate [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MortgageLoansOnRealEstateNamePropertyTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:to="lab_srt_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FourPointEightFivePercentageSeniorNotesDueTwoThousandTwentySevenMember_e84696ca-9d02-438a-8f83-785e33e0b7ba_terseLabel_en-US" xlink:label="lab_jef_FourPointEightFivePercentageSeniorNotesDueTwoThousandTwentySevenMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 4.85% Senior Notes, due January 15, 2027 </link:label>
<link:label id="lab_jef_FourPointEightFivePercentageSeniorNotesDueTwoThousandTwentySevenMember_label_en-US" xlink:label="lab_jef_FourPointEightFivePercentageSeniorNotesDueTwoThousandTwentySevenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Four Point Eight Five Percentage Senior Notes Due Two Thousand Twenty Seven [Member] </link:label>
<link:label id="lab_jef_FourPointEightFivePercentageSeniorNotesDueTwoThousandTwentySevenMember_documentation_en-US" xlink:label="lab_jef_FourPointEightFivePercentageSeniorNotesDueTwoThousandTwentySevenMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Four Point Eight Five Percentage Senior Notes Due Two Thousand Twenty Seven [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FourPointEightFivePercentageSeniorNotesDueTwoThousandTwentySevenMember" xlink:href="jef-20201130.xsd#jef_FourPointEightFivePercentageSeniorNotesDueTwoThousandTwentySevenMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FourPointEightFivePercentageSeniorNotesDueTwoThousandTwentySevenMember" xlink:to="lab_jef_FourPointEightFivePercentageSeniorNotesDueTwoThousandTwentySevenMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareRedemptionRestrictionPeriodInEffect1_c58252fa-dd28-46ee-98c1-6d8796a3b971_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareRedemptionRestrictionPeriodInEffect1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment redemption restriction period </link:label>
<link:label id="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareRedemptionRestrictionPeriodInEffect1_label_en-US" xlink:label="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareRedemptionRestrictionPeriodInEffect1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Redemption Restriction, Period in Effect </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareRedemptionRestrictionPeriodInEffect1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareRedemptionRestrictionPeriodInEffect1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareRedemptionRestrictionPeriodInEffect1" xlink:to="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareRedemptionRestrictionPeriodInEffect1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact_ffba0161-2b07-426c-b6b2-3e46267bc1e9_negatedLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock dividends </link:label>
<link:label id="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact_d0d677dc-299e-4a21-a687-6e37f289236c_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock dividends </link:label>
<link:label id="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact_label_en-US" xlink:label="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock Dividends, Income Statement Impact </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockDividendsIncomeStatementImpact"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:to="lab_us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RedeemableNoncontrollingInterestsInSubsidiaryTable_d7cb55f3-74eb-4524-95b0-a17311cd949d_terseLabel_en-US" xlink:label="lab_jef_RedeemableNoncontrollingInterestsInSubsidiaryTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Redeemable Noncontrolling Interests in Subsidiary [Table] </link:label>
<link:label id="lab_jef_RedeemableNoncontrollingInterestsInSubsidiaryTable_label_en-US" xlink:label="lab_jef_RedeemableNoncontrollingInterestsInSubsidiaryTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Redeemable Noncontrolling Interests in Subsidiary [Table] </link:label>
<link:label id="lab_jef_RedeemableNoncontrollingInterestsInSubsidiaryTable_documentation_en-US" xlink:label="lab_jef_RedeemableNoncontrollingInterestsInSubsidiaryTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Redeemable Noncontrolling Interests in Subsidiary [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RedeemableNoncontrollingInterestsInSubsidiaryTable" xlink:href="jef-20201130.xsd#jef_RedeemableNoncontrollingInterestsInSubsidiaryTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RedeemableNoncontrollingInterestsInSubsidiaryTable" xlink:to="lab_jef_RedeemableNoncontrollingInterestsInSubsidiaryTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReceivablesFromCustomers_a9483809-7b23-4cfc-a19f-73ad5e202f8c_terseLabel_en-US" xlink:label="lab_us-gaap_ReceivablesFromCustomers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables from customers of securities operations </link:label>
<link:label id="lab_us-gaap_ReceivablesFromCustomers_label_en-US" xlink:label="lab_us-gaap_ReceivablesFromCustomers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables from Customers </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReceivablesFromCustomers" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReceivablesFromCustomers"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReceivablesFromCustomers" xlink:to="lab_us-gaap_ReceivablesFromCustomers" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RmbsSecuritizationAssets_c53e1cae-8d7d-4a32-9e39-1d11f6a0d5c3_terseLabel_en-US" xlink:label="lab_jef_RmbsSecuritizationAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. government agency residential mortgage-backed securities </link:label>
<link:label id="lab_jef_RmbsSecuritizationAssets_label_en-US" xlink:label="lab_jef_RmbsSecuritizationAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rmbs Securitization Assets </link:label>
<link:label id="lab_jef_RmbsSecuritizationAssets_documentation_en-US" xlink:label="lab_jef_RmbsSecuritizationAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents unpaid principal amount of assets in residential mortgage backed securitization vehicles at the balance sheet date. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RmbsSecuritizationAssets" xlink:href="jef-20201130.xsd#jef_RmbsSecuritizationAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RmbsSecuritizationAssets" xlink:to="lab_jef_RmbsSecuritizationAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TemporaryEquityAbstract_d706a14f-8a90-4d2c-a0c3-e807722264fe_terseLabel_en-US" xlink:label="lab_us-gaap_TemporaryEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> MEZZANINE EQUITY </link:label>
<link:label id="lab_us-gaap_TemporaryEquityAbstract_label_en-US" xlink:label="lab_us-gaap_TemporaryEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Temporary Equity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TemporaryEquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TemporaryEquityAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TemporaryEquityAbstract" xlink:to="lab_us-gaap_TemporaryEquityAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLossCarryforwardsLineItems_64ca3fae-daf5-4c67-8e23-473089ae6f0f_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLossCarryforwardsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Loss Carryforwards [Line Items] </link:label>
<link:label id="lab_us-gaap_OperatingLossCarryforwardsLineItems_label_en-US" xlink:label="lab_us-gaap_OperatingLossCarryforwardsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Loss Carryforwards [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLossCarryforwardsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLossCarryforwardsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLossCarryforwardsLineItems" xlink:to="lab_us-gaap_OperatingLossCarryforwardsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_jef_WeightedAverageLifeOfAssetsandLiabilitiesWithABasisDifference_6c56be02-0353-481f-b33a-d446d436dbca_terseLabel_en-US" xlink:label="lab_jef_WeightedAverageLifeOfAssetsandLiabilitiesWithABasisDifference" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average useful life </link:label>
<link:label id="lab_jef_WeightedAverageLifeOfAssetsandLiabilitiesWithABasisDifference_label_en-US" xlink:label="lab_jef_WeightedAverageLifeOfAssetsandLiabilitiesWithABasisDifference" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Life Of Assets and Liabilities With A Basis Difference </link:label>
<link:label id="lab_jef_WeightedAverageLifeOfAssetsandLiabilitiesWithABasisDifference_documentation_en-US" xlink:label="lab_jef_WeightedAverageLifeOfAssetsandLiabilitiesWithABasisDifference" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Life Of Assets and Liabilities With A Basis Difference </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_WeightedAverageLifeOfAssetsandLiabilitiesWithABasisDifference" xlink:href="jef-20201130.xsd#jef_WeightedAverageLifeOfAssetsandLiabilitiesWithABasisDifference"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_WeightedAverageLifeOfAssetsandLiabilitiesWithABasisDifference" xlink:to="lab_jef_WeightedAverageLifeOfAssetsandLiabilitiesWithABasisDifference" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityAddressPostalZipCode_5d2a0522-873b-4c5f-b9b2-80ed2b8515e6_terseLabel_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, Postal Zip Code </link:label>
<link:label id="lab_dei_EntityAddressPostalZipCode_label_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, Postal Zip Code </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressPostalZipCode" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressPostalZipCode"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressPostalZipCode" xlink:to="lab_dei_EntityAddressPostalZipCode" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsNet_b44a45e7-faf0-4adf-900b-049ca18d0f1f_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax assets </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsNet_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Net of Valuation Allowance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsNet" xlink:to="lab_us-gaap_DeferredTaxAssetsNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember_252d8971-f0e1-4e86-b7fe-5d65f282fdee_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net unrealized gains on cash flow hedges </link:label>
<link:label id="lab_us-gaap_AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember" xlink:to="lab_us-gaap_AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization_5fda8867-1dec-43fe-bd4c-7e542c5df0c2_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depreciation and amortization </link:label>
<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization_label_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Including Discontinued Operation, Depreciation and Amortization </link:label>
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<link:label id="lab_jef_WiTelPlanMember_dd0c65ba-1d7e-4a07-a0b0-86024da6205a_terseLabel_en-US" xlink:label="lab_jef_WiTelPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> WilTel Plan </link:label>
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<link:label id="lab_us-gaap_CommonStockDividendsPerShareDeclared_b39dc842-2afa-40f8-8f0e-5496e9b0f950_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends per common share (USD per share) </link:label>
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<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentFaceAmount"/>
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<link:label id="lab_us-gaap_IncomeTaxReconciliationTaxCreditsForeign_04d36697-bbdb-4d28-92b2-96626d4c7e59_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationTaxCreditsForeign" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign tax credits </link:label>
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<link:label id="lab_jef_PayablesExpenseAccrualsAndOtherLiabilitiesMember_a1b24202-14f9-4157-98ee-8c32f3849dd6_terseLabel_en-US" xlink:label="lab_jef_PayablesExpenseAccrualsAndOtherLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payables, expense accruals and other liabilities </link:label>
<link:label id="lab_jef_PayablesExpenseAccrualsAndOtherLiabilitiesMember_label_en-US" xlink:label="lab_jef_PayablesExpenseAccrualsAndOtherLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payables, Expense Accruals And Other Liabilities [Member] </link:label>
<link:label id="lab_jef_PayablesExpenseAccrualsAndOtherLiabilitiesMember_documentation_en-US" xlink:label="lab_jef_PayablesExpenseAccrualsAndOtherLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payables, Expense Accruals And Other Liabilities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_PayablesExpenseAccrualsAndOtherLiabilitiesMember" xlink:href="jef-20201130.xsd#jef_PayablesExpenseAccrualsAndOtherLiabilitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_PayablesExpenseAccrualsAndOtherLiabilitiesMember" xlink:to="lab_jef_PayablesExpenseAccrualsAndOtherLiabilitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock_41303ee9-f2c9-404c-8473-d654e39c8fbd_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Intangible Assets and Goodwill </link:label>
<link:label id="lab_us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Intangible Assets and Goodwill [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccountingStandardsUpdateExtensibleList_61e2433b-4276-4abc-b98e-10171661f3c7_terseLabel_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdateExtensibleList" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update [Extensible List] </link:label>
<link:label id="lab_us-gaap_AccountingStandardsUpdateExtensibleList_label_en-US" xlink:label="lab_us-gaap_AccountingStandardsUpdateExtensibleList" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update [Extensible List] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountingStandardsUpdateExtensibleList" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingStandardsUpdateExtensibleList"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountingStandardsUpdateExtensibleList" xlink:to="lab_us-gaap_AccountingStandardsUpdateExtensibleList" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3_d6b9219e-8b34-49f1-8f77-dfd2fc876dd7_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value, measurement with unobservable inputs reconciliation, liability, transfers out of level 3 </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3" xlink:type="arc" order="1"/>
<link:label id="lab_jef_GaussLlcMember_691d7e20-91c9-49af-9e7f-4fedb5da6dfe_terseLabel_en-US" xlink:label="lab_jef_GaussLlcMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gauss LLC </link:label>
<link:label id="lab_jef_GaussLlcMember_label_en-US" xlink:label="lab_jef_GaussLlcMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gauss Llc [Member] </link:label>
<link:label id="lab_jef_GaussLlcMember_documentation_en-US" xlink:label="lab_jef_GaussLlcMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gauss LLC [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_GaussLlcMember" xlink:href="jef-20201130.xsd#jef_GaussLlcMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_GaussLlcMember" xlink:to="lab_jef_GaussLlcMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ConsumerandOtherLoansMember_d51b5aac-da3e-4a49-8746-afe9dd68590a_terseLabel_en-US" xlink:label="lab_jef_ConsumerandOtherLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consumer and other loans </link:label>
<link:label id="lab_jef_ConsumerandOtherLoansMember_label_en-US" xlink:label="lab_jef_ConsumerandOtherLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consumer and Other Loans [Member] </link:label>
<link:label id="lab_jef_ConsumerandOtherLoansMember_documentation_en-US" xlink:label="lab_jef_ConsumerandOtherLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consumer and Other Loans [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ConsumerandOtherLoansMember" xlink:href="jef-20201130.xsd#jef_ConsumerandOtherLoansMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ConsumerandOtherLoansMember" xlink:to="lab_jef_ConsumerandOtherLoansMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_d985b78d-4327-43fb-960d-92d96d271647_totalLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Denominator for diluted earnings per share (in shares) </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_adc5aab3-4a02-451c-80ff-8ea6063a10ce_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of shares used in calculation - diluted (in shares) </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number of Shares Outstanding, Diluted </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeContractTypeDomain_b4a3dec2-870b-4153-b8fd-1a4c02b633ee_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Contract [Domain] </link:label>
<link:label id="lab_us-gaap_DerivativeContractTypeDomain_b696c308-6bca-4867-9176-e3a2cf894d71_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Name [Domain] </link:label>
<link:label id="lab_us-gaap_DerivativeContractTypeDomain_label_en-US" xlink:label="lab_us-gaap_DerivativeContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Contract [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeContractTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeContractTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeContractTypeDomain" xlink:to="lab_us-gaap_DerivativeContractTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_jef_JefferiesGroupLLCMember_32d8b9ce-60a0-4bcd-a529-6ca1730a74cb_verboseLabel_en-US" xlink:label="lab_jef_JefferiesGroupLLCMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jefferies Group </link:label>
<link:label id="lab_jef_JefferiesGroupLLCMember_09cce9fe-5d4b-4822-a876-edbeabb48b73_terseLabel_en-US" xlink:label="lab_jef_JefferiesGroupLLCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jefferies Group LLC </link:label>
<link:label id="lab_jef_JefferiesGroupLLCMember_label_en-US" xlink:label="lab_jef_JefferiesGroupLLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jefferies Group LLC [Member] </link:label>
<link:label id="lab_jef_JefferiesGroupLLCMember_documentation_en-US" xlink:label="lab_jef_JefferiesGroupLLCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jefferies Group LLC </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_JefferiesGroupLLCMember" xlink:href="jef-20201130.xsd#jef_JefferiesGroupLLCMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_JefferiesGroupLLCMember" xlink:to="lab_jef_JefferiesGroupLLCMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet_2a16ae8f-3b3b-49ba-8b42-a6419045593a_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net transfers into (out of) Level 3 </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet" xlink:type="arc" order="1"/>
<link:label id="lab_jef_InterestIncomeAndUnfundedCommitmentFeesRelatedToFacilityCommitment_3774615c-02ae-450e-9ccc-89bf0006be9d_terseLabel_en-US" xlink:label="lab_jef_InterestIncomeAndUnfundedCommitmentFeesRelatedToFacilityCommitment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest income and unfunded commitment fees related to facility commitment </link:label>
<link:label id="lab_jef_InterestIncomeAndUnfundedCommitmentFeesRelatedToFacilityCommitment_label_en-US" xlink:label="lab_jef_InterestIncomeAndUnfundedCommitmentFeesRelatedToFacilityCommitment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income And Unfunded Commitment Fees Related To Facility Commitment </link:label>
<link:label id="lab_jef_InterestIncomeAndUnfundedCommitmentFeesRelatedToFacilityCommitment_documentation_en-US" xlink:label="lab_jef_InterestIncomeAndUnfundedCommitmentFeesRelatedToFacilityCommitment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Income And Unfunded Commitment Fees Related To Facility Commitment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_InterestIncomeAndUnfundedCommitmentFeesRelatedToFacilityCommitment" xlink:href="jef-20201130.xsd#jef_InterestIncomeAndUnfundedCommitmentFeesRelatedToFacilityCommitment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_InterestIncomeAndUnfundedCommitmentFeesRelatedToFacilityCommitment" xlink:to="lab_jef_InterestIncomeAndUnfundedCommitmentFeesRelatedToFacilityCommitment" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DividendsOnParticipatingSecurities_bc9e6a80-33ac-4db8-a025-d68dfc48d74b_terseLabel_en-US" xlink:label="lab_jef_DividendsOnParticipatingSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US">  Dividends declared on participating securities </link:label>
<link:label id="lab_jef_DividendsOnParticipatingSecurities_label_en-US" xlink:label="lab_jef_DividendsOnParticipatingSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends On Participating Securities </link:label>
<link:label id="lab_jef_DividendsOnParticipatingSecurities_documentation_en-US" xlink:label="lab_jef_DividendsOnParticipatingSecurities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends On Participating Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DividendsOnParticipatingSecurities" xlink:href="jef-20201130.xsd#jef_DividendsOnParticipatingSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DividendsOnParticipatingSecurities" xlink:to="lab_jef_DividendsOnParticipatingSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_jef_CashAwardBasedOnPerformanceMember_085141eb-8003-44ba-a69c-0e2e8cf52e1e_terseLabel_en-US" xlink:label="lab_jef_CashAwardBasedOnPerformanceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term cash </link:label>
<link:label id="lab_jef_CashAwardBasedOnPerformanceMember_label_en-US" xlink:label="lab_jef_CashAwardBasedOnPerformanceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Award, Based On Performance [Member] </link:label>
<link:label id="lab_jef_CashAwardBasedOnPerformanceMember_documentation_en-US" xlink:label="lab_jef_CashAwardBasedOnPerformanceMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Award, Based On Performance [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_CashAwardBasedOnPerformanceMember" xlink:href="jef-20201130.xsd#jef_CashAwardBasedOnPerformanceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_CashAwardBasedOnPerformanceMember" xlink:to="lab_jef_CashAwardBasedOnPerformanceMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ReceivablesAndProvisionForDoubtfulAccountsPolicyTextBlock_4b2ad097-441c-4d96-b883-f74f0de8e0a8_terseLabel_en-US" xlink:label="lab_jef_ReceivablesAndProvisionForDoubtfulAccountsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables </link:label>
<link:label id="lab_jef_ReceivablesAndProvisionForDoubtfulAccountsPolicyTextBlock_label_en-US" xlink:label="lab_jef_ReceivablesAndProvisionForDoubtfulAccountsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables and Provision for Doubtful Accounts [Policy Text Block] </link:label>
<link:label id="lab_jef_ReceivablesAndProvisionForDoubtfulAccountsPolicyTextBlock_documentation_en-US" xlink:label="lab_jef_ReceivablesAndProvisionForDoubtfulAccountsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables and Provision for Doubtful Accounts [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ReceivablesAndProvisionForDoubtfulAccountsPolicyTextBlock" xlink:href="jef-20201130.xsd#jef_ReceivablesAndProvisionForDoubtfulAccountsPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ReceivablesAndProvisionForDoubtfulAccountsPolicyTextBlock" xlink:to="lab_jef_ReceivablesAndProvisionForDoubtfulAccountsPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_InterestRateSwapsOptionsAndForwardsMember_3a3ab4c9-0879-4c48-8026-2362f0550a7f_terseLabel_en-US" xlink:label="lab_jef_InterestRateSwapsOptionsAndForwardsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rate swaps, options and forwards </link:label>
<link:label id="lab_jef_InterestRateSwapsOptionsAndForwardsMember_label_en-US" xlink:label="lab_jef_InterestRateSwapsOptionsAndForwardsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Swaps, Options And Forwards [Member] </link:label>
<link:label id="lab_jef_InterestRateSwapsOptionsAndForwardsMember_documentation_en-US" xlink:label="lab_jef_InterestRateSwapsOptionsAndForwardsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Swaps, Options And Forwards [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_InterestRateSwapsOptionsAndForwardsMember" xlink:href="jef-20201130.xsd#jef_InterestRateSwapsOptionsAndForwardsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_InterestRateSwapsOptionsAndForwardsMember" xlink:to="lab_jef_InterestRateSwapsOptionsAndForwardsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_75cd7274-5057-4cd7-97c6-e2982ca3d59f_negatedLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forfeited (shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtDisclosureAbstract_b0da349d-01c7-4035-b734-697db99870b5_terseLabel_en-US" xlink:label="lab_us-gaap_DebtDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_DebtDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_DebtDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtDisclosureAbstract" xlink:to="lab_us-gaap_DebtDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_StockRepurchaseProgramAdditionalAuthorizedAmount_314e2835-d3b9-4832-a988-f91c3c035c44_terseLabel_en-US" xlink:label="lab_jef_StockRepurchaseProgramAdditionalAuthorizedAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock repurchase program, additional authorized amount </link:label>
<link:label id="lab_jef_StockRepurchaseProgramAdditionalAuthorizedAmount_label_en-US" xlink:label="lab_jef_StockRepurchaseProgramAdditionalAuthorizedAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Repurchase Program, Additional Authorized Amount </link:label>
<link:label id="lab_jef_StockRepurchaseProgramAdditionalAuthorizedAmount_documentation_en-US" xlink:label="lab_jef_StockRepurchaseProgramAdditionalAuthorizedAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Repurchase Program, Additional Authorized Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_StockRepurchaseProgramAdditionalAuthorizedAmount" xlink:href="jef-20201130.xsd#jef_StockRepurchaseProgramAdditionalAuthorizedAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_StockRepurchaseProgramAdditionalAuthorizedAmount" xlink:to="lab_jef_StockRepurchaseProgramAdditionalAuthorizedAmount" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ExpirationPeriod_87f712e0-83e5-44cb-a9b3-bcf7329c12c8_terseLabel_en-US" xlink:label="lab_jef_ExpirationPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt instrument, term </link:label>
<link:label id="lab_jef_ExpirationPeriod_label_en-US" xlink:label="lab_jef_ExpirationPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expiration Period </link:label>
<link:label id="lab_jef_ExpirationPeriod_documentation_en-US" xlink:label="lab_jef_ExpirationPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expiration Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ExpirationPeriod" xlink:href="jef-20201130.xsd#jef_ExpirationPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ExpirationPeriod" xlink:to="lab_jef_ExpirationPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_jef_MerchantBankingMember_8026ebd7-72bd-4d0b-8462-705db3fa5f01_terseLabel_en-US" xlink:label="lab_jef_MerchantBankingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Merchant banking </link:label>
<link:label id="lab_jef_MerchantBankingMember_label_en-US" xlink:label="lab_jef_MerchantBankingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Merchant Banking [Member] </link:label>
<link:label id="lab_jef_MerchantBankingMember_documentation_en-US" xlink:label="lab_jef_MerchantBankingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Merchant Banking </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_MerchantBankingMember" xlink:href="jef-20201130.xsd#jef_MerchantBankingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_MerchantBankingMember" xlink:to="lab_jef_MerchantBankingMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_b456de3d-0df7-469f-bd20-630dc5465177_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash provided by (used for) financing activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Financing Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShortTermDebtTypeAxis_a7bae944-cf18-426d-97e7-fa51b97c945d_terseLabel_en-US" xlink:label="lab_us-gaap_ShortTermDebtTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Debt, Type [Axis] </link:label>
<link:label id="lab_us-gaap_ShortTermDebtTypeAxis_label_en-US" xlink:label="lab_us-gaap_ShortTermDebtTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Debt, Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortTermDebtTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShortTermDebtTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortTermDebtTypeAxis" xlink:to="lab_us-gaap_ShortTermDebtTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SecuritiesSoldUnderAgreementsToRepurchaseCollateralPledgedSubjectToReview_25ddb67d-a248-4acc-a905-d96d6947ff49_verboseLabel_en-US" xlink:label="lab_jef_SecuritiesSoldUnderAgreementsToRepurchaseCollateralPledgedSubjectToReview" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase agreements, collateral pledged, subject to review </link:label>
<link:label id="lab_jef_SecuritiesSoldUnderAgreementsToRepurchaseCollateralPledgedSubjectToReview_label_en-US" xlink:label="lab_jef_SecuritiesSoldUnderAgreementsToRepurchaseCollateralPledgedSubjectToReview" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreements to Repurchase, Collateral Pledged, Subject to Review </link:label>
<link:label id="lab_jef_SecuritiesSoldUnderAgreementsToRepurchaseCollateralPledgedSubjectToReview_documentation_en-US" xlink:label="lab_jef_SecuritiesSoldUnderAgreementsToRepurchaseCollateralPledgedSubjectToReview" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreements to Repurchase, Collateral Pledged, Subject to Review </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SecuritiesSoldUnderAgreementsToRepurchaseCollateralPledgedSubjectToReview" xlink:href="jef-20201130.xsd#jef_SecuritiesSoldUnderAgreementsToRepurchaseCollateralPledgedSubjectToReview"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SecuritiesSoldUnderAgreementsToRepurchaseCollateralPledgedSubjectToReview" xlink:to="lab_jef_SecuritiesSoldUnderAgreementsToRepurchaseCollateralPledgedSubjectToReview" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems_314e330c-a1d6-456c-85b0-9f31fc010417_terseLabel_en-US" xlink:label="lab_us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues from External Customers and Long-Lived Assets [Line Items] </link:label>
<link:label id="lab_us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems_label_en-US" xlink:label="lab_us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues from External Customers and Long-Lived Assets [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems" xlink:to="lab_us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract_35f7bb2f-dc3e-4e07-a751-e6cc86146d73_terseLabel_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> New Accounting Pronouncements and Changes in Accounting Principles [Abstract] </link:label>
<link:label id="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract_label_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update and Change in Accounting Principle [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:to="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleLineItems_847a6a03-6a7b-47b2-81ee-8f7b7c266ac8_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] </link:label>
<link:label id="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleLineItems_label_en-US" xlink:label="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleLineItems" xlink:to="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherDepreciationAndAmortization_0e3f8e69-08db-447a-83e5-e9d371ce7d8c_terseLabel_en-US" xlink:label="lab_us-gaap_OtherDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other amortization </link:label>
<link:label id="lab_us-gaap_OtherDepreciationAndAmortization_label_en-US" xlink:label="lab_us-gaap_OtherDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Depreciation and Amortization </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherDepreciationAndAmortization" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherDepreciationAndAmortization"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherDepreciationAndAmortization" xlink:to="lab_us-gaap_OtherDepreciationAndAmortization" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefits_663f5fe4-3b17-4b9b-9ead-d6a334be7bd9_periodStartLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at beginning of period </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefits_dd4cbe24-d99d-4be2-b3b7-193515a80fbc_periodEndLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at end of period </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefits_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefits" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefits" xlink:to="lab_us-gaap_UnrecognizedTaxBenefits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax_89905ebc-832a-4630-a986-8b00e7bd1756_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net unrealized foreign exchange gains (losses) arising during the period, tax provision (benefit) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OCI, Foreign Currency Transaction and Translation Gain (Loss), Arising During Period, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CounterpartyNameAxis_02b9f2f2-86d3-4f25-8011-943ba299246c_terseLabel_en-US" xlink:label="lab_srt_CounterpartyNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Counterparty Name [Axis] </link:label>
<link:label id="lab_srt_CounterpartyNameAxis_label_en-US" xlink:label="lab_srt_CounterpartyNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Counterparty Name [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CounterpartyNameAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CounterpartyNameAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CounterpartyNameAxis" xlink:to="lab_srt_CounterpartyNameAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockValue_ebb48082-ece6-4954-9a78-73acb7cd6922_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common shares, par value $1 per share, authorized 600,000,000 shares; 249,750,542 and 291,644,153 shares issued and outstanding, after deducting 66,712,070 and 24,818,459 shares held in treasury </link:label>
<link:label id="lab_us-gaap_CommonStockValue_1611dbe2-6529-4024-b689-83b1fe9746d0_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common shares, par value $1 per share, authorized 600,000,000 shares; 249,750,542 and 291,644,153 shares issued and outstanding, after deducting 66,712,070 and 24,818,459 shares held in treasury </link:label>
<link:label id="lab_us-gaap_CommonStockValue_label_en-US" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Value, Issued </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockValue"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour_3ba3b551-c032-44fb-a88f-f8ac0ffcbb7c_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year Four </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour"/>
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<link:label id="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleTable_bcef2f97-8f59-4e10-b320-bfa567fd5035_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Securitization or Asset-backed Financing Arrangements, Financial Asset for which Transfer is Accounted as Sale [Table] </link:label>
<link:label id="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleTable_label_en-US" xlink:label="lab_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Securitization or Asset-backed Financing Arrangements, Financial Asset for which Transfer is Accounted as Sale [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleTable"/>
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<link:label id="lab_us-gaap_LongTermDebtMember_0a9daeaa-1002-446d-87a7-0c099e4812ea_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt </link:label>
<link:label id="lab_us-gaap_LongTermDebtMember_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMember" xlink:to="lab_us-gaap_LongTermDebtMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems_d868815e-fcd9-48a7-84f8-e5bbcf1c58b7_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets [Line Items] </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentFiscalYearFocus_9105fdd5-e344-4751-be83-728c5710fe19_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Fiscal Year Focus </link:label>
<link:label id="lab_dei_DocumentFiscalYearFocus_label_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Fiscal Year Focus </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentFiscalYearFocus" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalYearFocus"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalYearFocus" xlink:to="lab_dei_DocumentFiscalYearFocus" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OnePercentageEuroMediumTermNotesDue2024Member_00b05eda-80ca-4ebb-99bc-2bf5ef7e0505_terseLabel_en-US" xlink:label="lab_jef_OnePercentageEuroMediumTermNotesDue2024Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 1.00% Euro Medium Term Notes, due July 19, 2024 </link:label>
<link:label id="lab_jef_OnePercentageEuroMediumTermNotesDue2024Member_label_en-US" xlink:label="lab_jef_OnePercentageEuroMediumTermNotesDue2024Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> One Percentage Euro Medium Term Notes Due 2024 [Member] </link:label>
<link:label id="lab_jef_OnePercentageEuroMediumTermNotesDue2024Member_documentation_en-US" xlink:label="lab_jef_OnePercentageEuroMediumTermNotesDue2024Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> One Percentage Euro Medium Term Notes Due 2024 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OnePercentageEuroMediumTermNotesDue2024Member" xlink:href="jef-20201130.xsd#jef_OnePercentageEuroMediumTermNotesDue2024Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OnePercentageEuroMediumTermNotesDue2024Member" xlink:to="lab_jef_OnePercentageEuroMediumTermNotesDue2024Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxAssets_f8f85b24-e78a-4506-97f6-3d5b6cd4663b_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax assets recorded in acquisition </link:label>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxAssets_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxAssets"/>
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<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_c5b1b748-a2cd-4dab-983e-316abf3d575a_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Asset, Expected Amortization, Year Two </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OffsettingSecuritiesLoanedAbstract_dbd1b97a-adc2-4122-83fb-9401fb255681_terseLabel_en-US" xlink:label="lab_us-gaap_OffsettingSecuritiesLoanedAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities lending arrangements, Liabilities </link:label>
<link:label id="lab_us-gaap_OffsettingSecuritiesLoanedAbstract_label_en-US" xlink:label="lab_us-gaap_OffsettingSecuritiesLoanedAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Securities Loaned [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffsettingSecuritiesLoanedAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OffsettingSecuritiesLoanedAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffsettingSecuritiesLoanedAbstract" xlink:to="lab_us-gaap_OffsettingSecuritiesLoanedAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DividendEquivalentsMember_f4d4775f-0eb5-4c7a-82dd-88ecbfdf99a7_terseLabel_en-US" xlink:label="lab_jef_DividendEquivalentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend equivalents </link:label>
<link:label id="lab_jef_DividendEquivalentsMember_label_en-US" xlink:label="lab_jef_DividendEquivalentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend Equivalents [Member] </link:label>
<link:label id="lab_jef_DividendEquivalentsMember_documentation_en-US" xlink:label="lab_jef_DividendEquivalentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend Equivalents [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DividendEquivalentsMember" xlink:href="jef-20201130.xsd#jef_DividendEquivalentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DividendEquivalentsMember" xlink:to="lab_jef_DividendEquivalentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AdditionalCollateralAggregateFairValue_17d6d802-c0b5-4c9a-85a4-2d2effdc4bb9_terseLabel_en-US" xlink:label="lab_us-gaap_AdditionalCollateralAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Return of and additional collateral required in the event of a credit rating downgrade below investment grade </link:label>
<link:label id="lab_us-gaap_AdditionalCollateralAggregateFairValue_label_en-US" xlink:label="lab_us-gaap_AdditionalCollateralAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Collateral, Aggregate Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalCollateralAggregateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdditionalCollateralAggregateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalCollateralAggregateFairValue" xlink:to="lab_us-gaap_AdditionalCollateralAggregateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities_5fff7f80-35d9-4016-bba5-9bdb6232bf91_negatedLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Decreases related to settlements with taxing authorities </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligation_fea5c916-1754-4145-aa33-f0d8a16ccb3a_periodStartLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Projected benefit obligation, beginning of year </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligation_b26605cf-ecbe-47d0-a44f-01c7093b295a_periodEndLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Projected benefit obligation, end of year </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligation_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanBenefitObligation"/>
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<link:label id="lab_dei_EntityCurrentReportingStatus_6a76cc1f-b883-4df9-8ea7-175ed9c688ad_terseLabel_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Current Reporting Status </link:label>
<link:label id="lab_dei_EntityCurrentReportingStatus_label_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Current Reporting Status </link:label>
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<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_4765a168-dd5c-4524-8c52-f1f85e4f2e38_negatedLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total gains (losses) (realized and unrealized) </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_2757d0f0-89d7-4bc2-ba0c-a748d35ae8b7_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net gains (losses) on Level 3 liabilities (realized and unrealized) </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings"/>
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<link:label id="lab_us-gaap_CurrencySwapMember_d3f6a874-a626-4f17-bf99-b0a070ebd6bf_terseLabel_en-US" xlink:label="lab_us-gaap_CurrencySwapMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cross currency swaps </link:label>
<link:label id="lab_us-gaap_CurrencySwapMember_label_en-US" xlink:label="lab_us-gaap_CurrencySwapMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Currency Swap [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrencySwapMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CurrencySwapMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrencySwapMember" xlink:to="lab_us-gaap_CurrencySwapMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SaleOfPropertyMember_336b4dcc-4424-470a-904f-1c5a9118e455_terseLabel_en-US" xlink:label="lab_jef_SaleOfPropertyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sale of property </link:label>
<link:label id="lab_jef_SaleOfPropertyMember_label_en-US" xlink:label="lab_jef_SaleOfPropertyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sale Of Property [Member] </link:label>
<link:label id="lab_jef_SaleOfPropertyMember_documentation_en-US" xlink:label="lab_jef_SaleOfPropertyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sale Of Property [Member] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SaleOfPropertyMember" xlink:to="lab_jef_SaleOfPropertyMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_NationalBeefMember_03eb9d09-2f85-43ed-ad2a-a57685a0c94c_terseLabel_en-US" xlink:label="lab_jef_NationalBeefMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> National Beef </link:label>
<link:label id="lab_jef_NationalBeefMember_label_en-US" xlink:label="lab_jef_NationalBeefMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> National Beef [Member] </link:label>
<link:label id="lab_jef_NationalBeefMember_documentation_en-US" xlink:label="lab_jef_NationalBeefMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> National Beef [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_NationalBeefMember" xlink:href="jef-20201130.xsd#jef_NationalBeefMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_NationalBeefMember" xlink:to="lab_jef_NationalBeefMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RelatedPartyTransactionAxis_4c390739-1314-4386-a28f-f7cd4727e330_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party Transaction [Axis] </link:label>
<link:label id="lab_us-gaap_RelatedPartyTransactionAxis_label_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party Transaction [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RelatedPartyTransactionAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionAxis" xlink:to="lab_us-gaap_RelatedPartyTransactionAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromSaleOfEquityMethodInvestments_469dc134-a85a-462c-b9e8-821b6d82cc93_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfEquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from sale of associated companies </link:label>
<link:label id="lab_us-gaap_ProceedsFromSaleOfEquityMethodInvestments_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfEquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Sale of Equity Method Investments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleOfEquityMethodInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSaleOfEquityMethodInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfEquityMethodInvestments" xlink:to="lab_us-gaap_ProceedsFromSaleOfEquityMethodInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IntangibleAssetsNetIncludingGoodwill_26b1566a-a1f2-421a-a82a-8e35faf3ab31_terseLabel_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetIncludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible assets, net and goodwill </link:label>
<link:label id="lab_us-gaap_IntangibleAssetsNetIncludingGoodwill_0e030e9e-dbac-450e-a4d8-0fc49e526a9b_totalLabel_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetIncludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total intangible assets, net and goodwill </link:label>
<link:label id="lab_us-gaap_IntangibleAssetsNetIncludingGoodwill_label_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetIncludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible Assets, Net (Including Goodwill) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntangibleAssetsNetIncludingGoodwill" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IntangibleAssetsNetIncludingGoodwill"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IntangibleAssetsNetIncludingGoodwill" xlink:to="lab_us-gaap_IntangibleAssetsNetIncludingGoodwill" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RestrictedStockWithFutureServiceRequiredMember_1c65c869-9efd-4086-a6a8-c7ba72eff19c_terseLabel_en-US" xlink:label="lab_jef_RestrictedStockWithFutureServiceRequiredMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted stock with future service required </link:label>
<link:label id="lab_jef_RestrictedStockWithFutureServiceRequiredMember_label_en-US" xlink:label="lab_jef_RestrictedStockWithFutureServiceRequiredMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock With Future Service Required [Member] </link:label>
<link:label id="lab_jef_RestrictedStockWithFutureServiceRequiredMember_documentation_en-US" xlink:label="lab_jef_RestrictedStockWithFutureServiceRequiredMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock With Future Service Required [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RestrictedStockWithFutureServiceRequiredMember" xlink:href="jef-20201130.xsd#jef_RestrictedStockWithFutureServiceRequiredMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RestrictedStockWithFutureServiceRequiredMember" xlink:to="lab_jef_RestrictedStockWithFutureServiceRequiredMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EarningsPerSharePolicyTextBlock_bbfef4a4-3e69-4bb9-b4f2-f9435846dcc0_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerSharePolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings per Common Share </link:label>
<link:label id="lab_us-gaap_EarningsPerSharePolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_EarningsPerSharePolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerSharePolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="lab_us-gaap_EarningsPerSharePolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_91d892f9-73a9-407b-a94c-d64254af4aea_totalLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive income </link:label>
<link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesNet_c26735c8-7d1d-4481-adec-4d265f3afe45_terseLabel_en-US" xlink:label="lab_us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in interest in consolidated subsidiary </link:label>
<link:label id="lab_us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesNet_label_en-US" xlink:label="lab_us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesNet" xlink:to="lab_us-gaap_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInPensionPlanObligations_4f9f124b-4751-45c3-b6ce-0e0fe9bdfe56_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPensionPlanObligations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension liabilities </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInPensionPlanObligations_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPensionPlanObligations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Obligation, Pension Benefits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInPensionPlanObligations" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInPensionPlanObligations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInPensionPlanObligations" xlink:to="lab_us-gaap_IncreaseDecreaseInPensionPlanObligations" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SixtyDaysPriorWrittenNoticeMember_4302f091-2b5e-427b-9074-f7fc71b61b1b_terseLabel_en-US" xlink:label="lab_jef_SixtyDaysPriorWrittenNoticeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 60 Days prior written notice </link:label>
<link:label id="lab_jef_SixtyDaysPriorWrittenNoticeMember_label_en-US" xlink:label="lab_jef_SixtyDaysPriorWrittenNoticeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sixty Days Prior Written Notice [Member] </link:label>
<link:label id="lab_jef_SixtyDaysPriorWrittenNoticeMember_documentation_en-US" xlink:label="lab_jef_SixtyDaysPriorWrittenNoticeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sixty Days Prior Written Notice [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SixtyDaysPriorWrittenNoticeMember" xlink:href="jef-20201130.xsd#jef_SixtyDaysPriorWrittenNoticeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SixtyDaysPriorWrittenNoticeMember" xlink:to="lab_jef_SixtyDaysPriorWrittenNoticeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeDomain_03efa0e7-263e-498f-9df3-490ee307fd08_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Nonconsolidated Investee [Domain] </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeDomain_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Nonconsolidated Investee [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeDomain" xlink:to="lab_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfOneToFiveYears_c96dc48e-0d91-4f30-bf5a-93a74e0ab7a5_terseLabel_en-US" xlink:label="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfOneToFiveYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 1-5 Years </link:label>
<link:label id="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfOneToFiveYears_label_en-US" xlink:label="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfOneToFiveYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Otc Derivative Assets Having Maturity Period Of One To Five Years </link:label>
<link:label id="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfOneToFiveYears_documentation_en-US" xlink:label="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfOneToFiveYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OTC derivative assets having maturity period of 1 to5 years. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtcDerivativeAssetsHavingMaturityPeriodOfOneToFiveYears" xlink:href="jef-20201130.xsd#jef_OtcDerivativeAssetsHavingMaturityPeriodOfOneToFiveYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtcDerivativeAssetsHavingMaturityPeriodOfOneToFiveYears" xlink:to="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfOneToFiveYears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_5d420abe-b75d-4fa0-a7a6-b2d98f9b9f63_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and cash equivalents </link:label>
<link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Cash Equivalents, at Carrying Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:type="arc" order="1"/>
<link:label id="lab_jef_HomeFedLLCMember_c8b9c852-fbae-40fb-901d-14d8b4d63798_terseLabel_en-US" xlink:label="lab_jef_HomeFedLLCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HomeFed </link:label>
<link:label id="lab_jef_HomeFedLLCMember_6a726388-70fd-4e7c-8880-3a68be691098_verboseLabel_en-US" xlink:label="lab_jef_HomeFedLLCMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HomeFed LLC </link:label>
<link:label id="lab_jef_HomeFedLLCMember_label_en-US" xlink:label="lab_jef_HomeFedLLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HomeFed LLC [Member] </link:label>
<link:label id="lab_jef_HomeFedLLCMember_documentation_en-US" xlink:label="lab_jef_HomeFedLLCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HomeFed LLC - Member </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_HomeFedLLCMember" xlink:href="jef-20201130.xsd#jef_HomeFedLLCMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_HomeFedLLCMember" xlink:to="lab_jef_HomeFedLLCMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ProceedsfromPaymentsforAdvancesFromToSubsidiaries_ffd37423-078a-4e6d-af61-21347f5f4760_terseLabel_en-US" xlink:label="lab_jef_ProceedsfromPaymentsforAdvancesFromToSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advances (to) from subsidiaries, net </link:label>
<link:label id="lab_jef_ProceedsfromPaymentsforAdvancesFromToSubsidiaries_label_en-US" xlink:label="lab_jef_ProceedsfromPaymentsforAdvancesFromToSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from (Payments for) Advances From (To) Subsidiaries </link:label>
<link:label id="lab_jef_ProceedsfromPaymentsforAdvancesFromToSubsidiaries_documentation_en-US" xlink:label="lab_jef_ProceedsfromPaymentsforAdvancesFromToSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from (Payments for) Advances From (To) Subsidiaries </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ProceedsfromPaymentsforAdvancesFromToSubsidiaries" xlink:href="jef-20201130.xsd#jef_ProceedsfromPaymentsforAdvancesFromToSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ProceedsfromPaymentsforAdvancesFromToSubsidiaries" xlink:to="lab_jef_ProceedsfromPaymentsforAdvancesFromToSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ConsolidatedOtcDerivativeAssetsNetOfCrossmaturityNetting_5a016404-ec39-4d2e-b4de-a9728ba89b45_totalLabel_en-US" xlink:label="lab_jef_ConsolidatedOtcDerivativeAssetsNetOfCrossmaturityNetting" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_jef_ConsolidatedOtcDerivativeAssetsNetOfCrossmaturityNetting_label_en-US" xlink:label="lab_jef_ConsolidatedOtcDerivativeAssetsNetOfCrossmaturityNetting" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidated Otc Derivative Assets Net Of Crossmaturity Netting </link:label>
<link:label id="lab_jef_ConsolidatedOtcDerivativeAssetsNetOfCrossmaturityNetting_documentation_en-US" xlink:label="lab_jef_ConsolidatedOtcDerivativeAssetsNetOfCrossmaturityNetting" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total OTC derivative assets, net of cross-maturity netting. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ConsolidatedOtcDerivativeAssetsNetOfCrossmaturityNetting" xlink:href="jef-20201130.xsd#jef_ConsolidatedOtcDerivativeAssetsNetOfCrossmaturityNetting"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ConsolidatedOtcDerivativeAssetsNetOfCrossmaturityNetting" xlink:to="lab_jef_ConsolidatedOtcDerivativeAssetsNetOfCrossmaturityNetting" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems_99f53ec6-2b9b-40a1-8ac6-3c4448ecb1be_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in and Advances to Affiliates [Line Items] </link:label>
<link:label id="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems_label_en-US" xlink:label="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in and Advances to Affiliates [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems" xlink:to="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_jef_LinkemAndGoldenQueenMember_9f140b01-e36c-4d3d-a03c-7ee57ad4c53f_terseLabel_en-US" xlink:label="lab_jef_LinkemAndGoldenQueenMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Linkem and Golden Queen </link:label>
<link:label id="lab_jef_LinkemAndGoldenQueenMember_label_en-US" xlink:label="lab_jef_LinkemAndGoldenQueenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Linkem and Golden Queen [Member] </link:label>
<link:label id="lab_jef_LinkemAndGoldenQueenMember_documentation_en-US" xlink:label="lab_jef_LinkemAndGoldenQueenMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Linkem and Golden Queen </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_LinkemAndGoldenQueenMember" xlink:href="jef-20201130.xsd#jef_LinkemAndGoldenQueenMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_LinkemAndGoldenQueenMember" xlink:to="lab_jef_LinkemAndGoldenQueenMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesLoanedIncludingNotSubjectToMasterNettingArrangementAndAssetsOtherThanSecuritiesTransferred_1a331af5-ee07-4b9c-bbfb-12ac69998bd8_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedIncludingNotSubjectToMasterNettingArrangementAndAssetsOtherThanSecuritiesTransferred" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Lending Arrangements </link:label>
<link:label id="lab_us-gaap_SecuritiesLoanedIncludingNotSubjectToMasterNettingArrangementAndAssetsOtherThanSecuritiesTransferred_e8e6e052-3954-470b-aa80-83f50f9c4de6_verboseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedIncludingNotSubjectToMasterNettingArrangementAndAssetsOtherThanSecuritiesTransferred" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities lending arrangements </link:label>
<link:label id="lab_us-gaap_SecuritiesLoanedIncludingNotSubjectToMasterNettingArrangementAndAssetsOtherThanSecuritiesTransferred_label_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedIncludingNotSubjectToMasterNettingArrangementAndAssetsOtherThanSecuritiesTransferred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned, Including Not Subject to Master Netting Arrangement and Assets other than Securities Transferred </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesLoanedIncludingNotSubjectToMasterNettingArrangementAndAssetsOtherThanSecuritiesTransferred" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesLoanedIncludingNotSubjectToMasterNettingArrangementAndAssetsOtherThanSecuritiesTransferred"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesLoanedIncludingNotSubjectToMasterNettingArrangementAndAssetsOtherThanSecuritiesTransferred" xlink:to="lab_us-gaap_SecuritiesLoanedIncludingNotSubjectToMasterNettingArrangementAndAssetsOtherThanSecuritiesTransferred" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ExternalCreditRatingInvestmentGradeMember_0765a079-b29e-42a8-a088-15f8e0c5d08c_terseLabel_en-US" xlink:label="lab_us-gaap_ExternalCreditRatingInvestmentGradeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Grade </link:label>
<link:label id="lab_us-gaap_ExternalCreditRatingInvestmentGradeMember_label_en-US" xlink:label="lab_us-gaap_ExternalCreditRatingInvestmentGradeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> External Credit Rating, Investment Grade [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ExternalCreditRatingInvestmentGradeMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ExternalCreditRatingInvestmentGradeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ExternalCreditRatingInvestmentGradeMember" xlink:to="lab_us-gaap_ExternalCreditRatingInvestmentGradeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseLiability_53d15e91-8d1e-4c45-a62f-f8d7f04eda69_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating leases amount in the Consolidated Statement of Financial Condition </link:label>
<link:label id="lab_us-gaap_OperatingLeaseLiability_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLiability" xlink:to="lab_us-gaap_OperatingLeaseLiability" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxLiabilities_0834f1f6-a12e-4457-bb07-db0a0e00f8e0_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax liabilities, gross </link:label>
<link:label id="lab_us-gaap_DeferredTaxLiabilities_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilities" xlink:to="lab_us-gaap_DeferredTaxLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SegmentReportingAbstract_1a4dbaa5-d3ac-4b41-92b7-13f93abb80e0_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting [Abstract] </link:label>
<link:label id="lab_us-gaap_SegmentReportingAbstract_label_en-US" xlink:label="lab_us-gaap_SegmentReportingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SegmentReportingAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingAbstract" xlink:to="lab_us-gaap_SegmentReportingAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FinancialInstrumentsOwnedMember_d5592d06-9371-4254-85d9-7376cde7b0fc_terseLabel_en-US" xlink:label="lab_jef_FinancialInstrumentsOwnedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial instruments owned, at fair value </link:label>
<link:label id="lab_jef_FinancialInstrumentsOwnedMember_label_en-US" xlink:label="lab_jef_FinancialInstrumentsOwnedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments Owned [Member] </link:label>
<link:label id="lab_jef_FinancialInstrumentsOwnedMember_documentation_en-US" xlink:label="lab_jef_FinancialInstrumentsOwnedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments Owned [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FinancialInstrumentsOwnedMember" xlink:href="jef-20201130.xsd#jef_FinancialInstrumentsOwnedMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FinancialInstrumentsOwnedMember" xlink:to="lab_jef_FinancialInstrumentsOwnedMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_AsiaMember_13360586-2c99-443a-9d47-07d25105af82_terseLabel_en-US" xlink:label="lab_srt_AsiaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asia Pacific </link:label>
<link:label id="lab_srt_AsiaMember_label_en-US" xlink:label="lab_srt_AsiaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asia [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_AsiaMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_AsiaMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_AsiaMember" xlink:to="lab_srt_AsiaMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtherSecuredFinancingsMember_fa1d06a6-8d43-4cdf-b0f2-0485c6e44653_terseLabel_en-US" xlink:label="lab_jef_OtherSecuredFinancingsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other secured financings </link:label>
<link:label id="lab_jef_OtherSecuredFinancingsMember_label_en-US" xlink:label="lab_jef_OtherSecuredFinancingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Secured Financings [Member] </link:label>
<link:label id="lab_jef_OtherSecuredFinancingsMember_documentation_en-US" xlink:label="lab_jef_OtherSecuredFinancingsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Secured Financings [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtherSecuredFinancingsMember" xlink:href="jef-20201130.xsd#jef_OtherSecuredFinancingsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtherSecuredFinancingsMember" xlink:to="lab_jef_OtherSecuredFinancingsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentLineItems_afd33283-ba00-4da8-9fa0-f74e9e60c404_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument [Line Items] </link:label>
<link:label id="lab_us-gaap_DebtInstrumentLineItems_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentLineItems" xlink:to="lab_us-gaap_DebtInstrumentLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockholdersEquity_b5a7049c-b638-49fd-ad6b-f72948f5dfce_totalLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Jefferies Financial Group Inc. shareholders' equity </link:label>
<link:label id="lab_us-gaap_StockholdersEquity_label_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity Attributable to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquity"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="lab_us-gaap_StockholdersEquity" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NatureOfOperations_fe7cba5a-9c1c-4a9f-b1d1-00629de860f1_terseLabel_en-US" xlink:label="lab_us-gaap_NatureOfOperations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nature of Operations </link:label>
<link:label id="lab_us-gaap_NatureOfOperations_label_en-US" xlink:label="lab_us-gaap_NatureOfOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nature of Operations [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NatureOfOperations" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NatureOfOperations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NatureOfOperations" xlink:to="lab_us-gaap_NatureOfOperations" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential_8e51c29f-3078-4fae-bb38-e018bc0af1e7_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> International operations (including foreign rate differential) </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential" xlink:to="lab_us-gaap_IncomeTaxReconciliationForeignIncomeTaxRateDifferential" xlink:type="arc" order="1"/>
<link:label id="lab_jef_UnfundedEquityCommitmentRelatedToInvestmentsVehicles_bbc1cd0d-b5c4-4166-bf2f-2611d2495280_terseLabel_en-US" xlink:label="lab_jef_UnfundedEquityCommitmentRelatedToInvestmentsVehicles" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded equity commitments related to investments </link:label>
<link:label id="lab_jef_UnfundedEquityCommitmentRelatedToInvestmentsVehicles_label_en-US" xlink:label="lab_jef_UnfundedEquityCommitmentRelatedToInvestmentsVehicles" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded Equity Commitment Related To Investments Vehicles </link:label>
<link:label id="lab_jef_UnfundedEquityCommitmentRelatedToInvestmentsVehicles_documentation_en-US" xlink:label="lab_jef_UnfundedEquityCommitmentRelatedToInvestmentsVehicles" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded Equity Commitment Related To Investments Vehicles </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_UnfundedEquityCommitmentRelatedToInvestmentsVehicles" xlink:href="jef-20201130.xsd#jef_UnfundedEquityCommitmentRelatedToInvestmentsVehicles"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_UnfundedEquityCommitmentRelatedToInvestmentsVehicles" xlink:to="lab_jef_UnfundedEquityCommitmentRelatedToInvestmentsVehicles" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ValuationTechniqueDiscountedCashFlowMember_fc31a110-f918-4ed4-9e7c-71476b5d961b_terseLabel_en-US" xlink:label="lab_us-gaap_ValuationTechniqueDiscountedCashFlowMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discounted cash flows </link:label>
<link:label id="lab_us-gaap_ValuationTechniqueDiscountedCashFlowMember_label_en-US" xlink:label="lab_us-gaap_ValuationTechniqueDiscountedCashFlowMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Discounted Cash Flow [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ValuationTechniqueDiscountedCashFlowMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ValuationTechniqueDiscountedCashFlowMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationTechniqueDiscountedCashFlowMember" xlink:to="lab_us-gaap_ValuationTechniqueDiscountedCashFlowMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense_ad754158-aad6-4c8e-a2cd-31ce87a523df_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Selling, general and other expenses </link:label>
<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense_label_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Including Discontinued Operation, General and Administrative Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense" xlink:to="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityAddressCityOrTown_45c970e4-2e19-42d4-8c92-74135f009b7e_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, City or Town </link:label>
<link:label id="lab_dei_EntityAddressCityOrTown_label_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, City or Town </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCityOrTown"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCityOrTown" xlink:to="lab_dei_EntityAddressCityOrTown" xlink:type="arc" order="1"/>
<link:label id="lab_jef_CashDistributionsReceivedFromSubsidiary_bdf4c089-e22b-4f7c-ad5c-d0c2953d8b46_terseLabel_en-US" xlink:label="lab_jef_CashDistributionsReceivedFromSubsidiary" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash dividends received from subsidiary </link:label>
<link:label id="lab_jef_CashDistributionsReceivedFromSubsidiary_label_en-US" xlink:label="lab_jef_CashDistributionsReceivedFromSubsidiary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Distributions Received From Subsidiary </link:label>
<link:label id="lab_jef_CashDistributionsReceivedFromSubsidiary_documentation_en-US" xlink:label="lab_jef_CashDistributionsReceivedFromSubsidiary" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Distributions Received From Subsidiary </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_CashDistributionsReceivedFromSubsidiary" xlink:href="jef-20201130.xsd#jef_CashDistributionsReceivedFromSubsidiary"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_CashDistributionsReceivedFromSubsidiary" xlink:to="lab_jef_CashDistributionsReceivedFromSubsidiary" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis_5a653a28-6141-4e9b-8ebb-5eda22069cf2_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy and NAV [Axis] </link:label>
<link:label id="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy and NAV [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RestrictedStockUnitsRSUMember_7e1d9c46-2326-4545-ad19-e6976f0be3d2_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedStockUnitsRSUMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted stock units (RSUs) </link:label>
<link:label id="lab_us-gaap_RestrictedStockUnitsRSUMember_label_en-US" xlink:label="lab_us-gaap_RestrictedStockUnitsRSUMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock Units (RSUs) [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedStockUnitsRSUMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedStockUnitsRSUMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedStockUnitsRSUMember" xlink:to="lab_us-gaap_RestrictedStockUnitsRSUMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax_a579ae75-dea2-47e6-b4bb-d1f65cc782eb_verboseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income from discontinued operations, net of income tax provision of $0, $0 and $47,045 </link:label>
<link:label id="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax_a23d3e76-8ee0-4492-923d-01d78bbfe40c_totalLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income from discontinued operations, net of income tax provision </link:label>
<link:label id="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:to="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ParentMember_93733464-46c9-47ca-a440-0d3a229c9488_terseLabel_en-US" xlink:label="lab_us-gaap_ParentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subtotal </link:label>
<link:label id="lab_us-gaap_ParentMember_label_en-US" xlink:label="lab_us-gaap_ParentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Parent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ParentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ParentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ParentMember" xlink:to="lab_us-gaap_ParentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive_f2f9da3b-87b1-48a3-86fc-f9e361642ab0_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ServiceFeeIncome_50191a6b-2038-4d5d-af03-25641e2aa363_terseLabel_en-US" xlink:label="lab_jef_ServiceFeeIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Service fees </link:label>
<link:label id="lab_jef_ServiceFeeIncome_label_en-US" xlink:label="lab_jef_ServiceFeeIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Service Fee Income </link:label>
<link:label id="lab_jef_ServiceFeeIncome_documentation_en-US" xlink:label="lab_jef_ServiceFeeIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Service Fee Income </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ServiceFeeIncome" xlink:href="jef-20201130.xsd#jef_ServiceFeeIncome"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ServiceFeeIncome" xlink:to="lab_jef_ServiceFeeIncome" xlink:type="arc" order="1"/>
<link:label id="lab_jef_BrooklynRenaissancePlazaHotelMember_3ae0999b-7e9f-48ad-bf19-b454876bf2a1_terseLabel_en-US" xlink:label="lab_jef_BrooklynRenaissancePlazaHotelMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Brooklyn Renaissance Plaza Hotel </link:label>
<link:label id="lab_jef_BrooklynRenaissancePlazaHotelMember_label_en-US" xlink:label="lab_jef_BrooklynRenaissancePlazaHotelMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Brooklyn Renaissance Plaza Hotel [Member] </link:label>
<link:label id="lab_jef_BrooklynRenaissancePlazaHotelMember_documentation_en-US" xlink:label="lab_jef_BrooklynRenaissancePlazaHotelMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Brooklyn Renaissance Plaza Hotel [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_BrooklynRenaissancePlazaHotelMember" xlink:href="jef-20201130.xsd#jef_BrooklynRenaissancePlazaHotelMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_BrooklynRenaissancePlazaHotelMember" xlink:to="lab_jef_BrooklynRenaissancePlazaHotelMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherAssetsMember_c0c2b4d4-75a3-4402-b334-5732fe3db913_terseLabel_en-US" xlink:label="lab_us-gaap_OtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other, assets </link:label>
<link:label id="lab_us-gaap_OtherAssetsMember_label_en-US" xlink:label="lab_us-gaap_OtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssetsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherAssetsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssetsMember" xlink:to="lab_us-gaap_OtherAssetsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDueAggregateDifference_59ad455b-ab50-42b0-903c-9a166035bb20_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDueAggregateDifference" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and other receivables 90 days or greater past due </link:label>
<link:label id="lab_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDueAggregateDifference_label_en-US" xlink:label="lab_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDueAggregateDifference" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDueAggregateDifference" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDueAggregateDifference"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDueAggregateDifference" xlink:to="lab_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDueAggregateDifference" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancialInstrumentAxis_540a5716-2389-4b03-8eb8-f1fdbad961dc_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instrument [Axis] </link:label>
<link:label id="lab_us-gaap_FinancialInstrumentAxis_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instrument [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancialInstrumentAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentAxis" xlink:to="lab_us-gaap_FinancialInstrumentAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic_0ab8bf41-86df-4e78-b94c-aec235b6e6a2_negatedLabel_en-US" xlink:label="lab_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allocation of earnings to participating securities </link:label>
<link:label id="lab_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic_label_en-US" xlink:label="lab_us-gaap_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Participating Securities, Distributed and Undistributed Earnings (Loss), Basic </link:label>
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<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_cd548d64-98ed-41be-9446-c61dffa8e0fc_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>
<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leases, Future Minimum Payments, Due in Four Years </link:label>
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<link:label id="lab_us-gaap_InterestCapitalizationPolicyPolicyTextBlock_df9021fb-413c-4b2c-8c34-33b9ab107439_terseLabel_en-US" xlink:label="lab_us-gaap_InterestCapitalizationPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capitalization of Interest </link:label>
<link:label id="lab_us-gaap_InterestCapitalizationPolicyPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_InterestCapitalizationPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Capitalization, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestCapitalizationPolicyPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestCapitalizationPolicyPolicyTextBlock"/>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsNetOfTax_a8f6d1b7-d527-4fb3-90e4-a509febd562a_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsNetOfTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net pension gains (losses) arising during the period, net of income tax provision (benefit) of $(970), $(2,473) and $(297) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsNetOfTax"/>
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<link:label id="lab_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis_801c2f6a-2f67-48cc-9ef2-73bc8932f656_terseLabel_en-US" xlink:label="lab_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Indefinite-lived Intangible Assets [Axis] </link:label>
<link:label id="lab_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis_label_en-US" xlink:label="lab_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Indefinite-lived Intangible Assets [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis"/>
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<link:label id="lab_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems_99d1ce31-1ec3-4d70-9d06-9d600436d03a_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] </link:label>
<link:label id="lab_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems_label_en-US" xlink:label="lab_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems"/>
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<link:label id="lab_us-gaap_DeferredTaxAssetsValuationAllowance_1632efcc-4fb9-43dc-8eec-acbe8df3ebf5_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation allowance </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsValuationAllowance_e72918ec-48ae-46d7-8fa7-44d0de9256ad_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation allowance </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsValuationAllowance_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Valuation Allowance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsValuationAllowance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:to="lab_us-gaap_DeferredTaxAssetsValuationAllowance" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputEbitdaMultipleMember_f2833918-89a0-4db6-878c-9f07ed6bc1d1_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputEbitdaMultipleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> EBITDA multiple </link:label>
<link:label id="lab_us-gaap_MeasurementInputEbitdaMultipleMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputEbitdaMultipleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, EBITDA Multiple [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputEbitdaMultipleMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MeasurementInputEbitdaMultipleMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputEbitdaMultipleMember" xlink:to="lab_us-gaap_MeasurementInputEbitdaMultipleMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LiabilitiesAbstract_00663bc0-ed11-48af-8af7-0cb5cb992c85_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> LIABILITIES </link:label>
<link:label id="lab_us-gaap_LiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAbstract" xlink:to="lab_us-gaap_LiabilitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangement_90ee9b87-e151-4cb8-aac4-8c7364e26804_totalLabel_en-US" xlink:label="lab_us-gaap_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Secured Borrowings, Gross Including Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangement" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangement" xlink:to="lab_us-gaap_SecuredBorrowingsGrossIncludingNotSubjectToMasterNettingArrangement" xlink:type="arc" order="1"/>
<link:label id="lab_jef_CashInvestedInLimitedLiabilityCompany_0e5e76ef-eb0c-4aa8-812b-c86b949e12b8_terseLabel_en-US" xlink:label="lab_jef_CashInvestedInLimitedLiabilityCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash invested in Limited Liability Company </link:label>
<link:label id="lab_jef_CashInvestedInLimitedLiabilityCompany_label_en-US" xlink:label="lab_jef_CashInvestedInLimitedLiabilityCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Invested In Limited Liability Company </link:label>
<link:label id="lab_jef_CashInvestedInLimitedLiabilityCompany_documentation_en-US" xlink:label="lab_jef_CashInvestedInLimitedLiabilityCompany" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Invested In Limited Liability Company </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_CashInvestedInLimitedLiabilityCompany" xlink:href="jef-20201130.xsd#jef_CashInvestedInLimitedLiabilityCompany"/>
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<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_563232f6-c018-4d3d-b3a9-4b74318d19f1_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Asset, Expected Amortization, Year Three </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree"/>
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<link:label id="lab_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock_78077965-b621-4084-bff9-31f640586f46_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue Recognition Policies </link:label>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from Contract with Customer [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenueFromContractWithCustomerPolicyTextBlock"/>
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<link:label id="lab_us-gaap_IncreaseDecreaseInOtherReceivables_13765056-15f1-4485-bf0b-dad17917284c_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherReceivables" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other receivables </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInOtherReceivables_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Other Receivables </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherReceivables" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInOtherReceivables"/>
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<link:label id="lab_jef_CashCollateralReceived_0537f5f8-3baf-43f8-8ef4-ff222c1a6db6_terseLabel_en-US" xlink:label="lab_jef_CashCollateralReceived" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash collateral received </link:label>
<link:label id="lab_jef_CashCollateralReceived_label_en-US" xlink:label="lab_jef_CashCollateralReceived" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Collateral Received </link:label>
<link:label id="lab_jef_CashCollateralReceived_documentation_en-US" xlink:label="lab_jef_CashCollateralReceived" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash collateral received that was netted against OTC derivative assets. </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_CashCollateralReceived" xlink:to="lab_jef_CashCollateralReceived" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OilAndGasProductionAndDevelopmentRevenuesMember_2acf157c-ac36-4a11-9665-27e484c44c99_terseLabel_en-US" xlink:label="lab_jef_OilAndGasProductionAndDevelopmentRevenuesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Oil and gas revenues </link:label>
<link:label id="lab_jef_OilAndGasProductionAndDevelopmentRevenuesMember_label_en-US" xlink:label="lab_jef_OilAndGasProductionAndDevelopmentRevenuesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Oil And Gas Production And Development Revenues [Member] </link:label>
<link:label id="lab_jef_OilAndGasProductionAndDevelopmentRevenuesMember_documentation_en-US" xlink:label="lab_jef_OilAndGasProductionAndDevelopmentRevenuesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Oil And Gas Production And Development Revenues [Member] </link:label>
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<link:label id="lab_srt_EquityMethodInvesteeNameDomain_label_en-US" xlink:label="lab_srt_EquityMethodInvesteeNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment, Name [Domain] </link:label>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax_d991fc91-b898-4a2c-9c28-84d70c982e65_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other comprehensive loss, net of income taxes </link:label>
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<link:label id="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain_2d1224c6-07aa-4edb-93b7-4118d242494b_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets Sold under Agreements to Repurchase, Maturity Period [Domain] </link:label>
<link:label id="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain_label_en-US" xlink:label="lab_us-gaap_AssetsSoldUnderAgreementsToRepurchaseMaturityPeriodDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase Agreements and Similar Transactions, Maturity Periods [Domain] </link:label>
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<link:label id="lab_us-gaap_LeasesAbstract_label_en-US" xlink:label="lab_us-gaap_LeasesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases [Abstract] </link:label>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax_e43f6c25-5c8b-402f-9b15-4d3e10cbb1c1_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: reclassification adjustment for net (gains) losses included in net income (loss), tax provision (benefit) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax_f35f5723-215f-4282-b614-4e122cfa7907_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: reclassification adjustment for net (gains) losses included in net income (loss), tax provision (benefit) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax </link:label>
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<link:label id="lab_jef_SixPointFiveZeroPercentageSeniorNotesDueTwoThousandFortyThreeMember_9d636e57-ceec-4e6d-8840-03d818e43d53_terseLabel_en-US" xlink:label="lab_jef_SixPointFiveZeroPercentageSeniorNotesDueTwoThousandFortyThreeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 6.50% Senior Notes, due January 20, 2043 </link:label>
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<link:label id="lab_us-gaap_LongtermDebtTypeAxis_159adbf2-d4b0-4399-be6e-229748bfaf75_terseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Type [Axis] </link:label>
<link:label id="lab_us-gaap_LongtermDebtTypeAxis_label_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Type [Axis] </link:label>
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<link:label id="lab_us-gaap_EarningsPerShareAbstract_880e67d8-5b79-4503-853a-e6698fcca06e_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share [Abstract] </link:label>
<link:label id="lab_us-gaap_EarningsPerShareAbstract_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share [Abstract] </link:label>
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<link:label id="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock_200cabc6-7e6c-46dc-895c-7181ec8f7353_terseLabel_en-US" xlink:label="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule I - Condensed Financial Information of Registrant </link:label>
<link:label id="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Information of Parent Company Only Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:to="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_30e7743e-827c-40e5-9992-61dd03309795_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Principal Components Of Deferred Taxes </link:label>
<link:label id="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Deferred Tax Assets and Liabilities [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems_2ea60370-064f-436d-bdc7-7d7a05c03f67_terseLabel_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] </link:label>
<link:label id="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems_label_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems"/>
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<link:label id="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember_1f4d6bb4-0949-49e0-8a97-5869aa67a62e_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value measured at NAV </link:label>
<link:label id="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember_label_en-US" xlink:label="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measured at Net Asset Value Per Share [Member] </link:label>
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<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_99921988-7c62-4b26-818f-7d3f79400005_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> State and local income taxes, net of federal income tax benefit, percent </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent </link:label>
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<link:label id="lab_jef_CounterpartyCreditQualityWithRespectToFairValueOfOtcDerivativesAssetsTableTextBlock_0adbe64a-8d46-4880-b2e1-0fc66e7f4b74_terseLabel_en-US" xlink:label="lab_jef_CounterpartyCreditQualityWithRespectToFairValueOfOtcDerivativesAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Counterparty Credit Quality With Respect To Fair Value Of OTC Derivatives Assets </link:label>
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<link:label id="lab_jef_WeWorkMember_975ab26b-9ccb-43f5-8330-47f0081e95d4_terseLabel_en-US" xlink:label="lab_jef_WeWorkMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> WeWork </link:label>
<link:label id="lab_jef_WeWorkMember_label_en-US" xlink:label="lab_jef_WeWorkMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> WeWork [Member] </link:label>
<link:label id="lab_jef_WeWorkMember_documentation_en-US" xlink:label="lab_jef_WeWorkMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> WeWork </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_WeWorkMember" xlink:to="lab_jef_WeWorkMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInBrokerageReceivables_8bcb1ede-00ef-4c08-bc55-d96bfffc1d7b_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInBrokerageReceivables" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables from brokers, dealers and clearing organizations </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInBrokerageReceivables_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInBrokerageReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Receivables from Brokers-Dealers and Clearing Organizations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInBrokerageReceivables" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInBrokerageReceivables"/>
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<link:label id="lab_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain_4bd81eff-4b4e-4df8-a717-d7e6c8d43567_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group Name [Domain] </link:label>
<link:label id="lab_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain_label_en-US" xlink:label="lab_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group Name [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:to="lab_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockholdersEquityAbstract_438561de-0bff-41b5-afa7-c6eb77c6b23b_terseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> EQUITY </link:label>
<link:label id="lab_us-gaap_StockholdersEquityAbstract_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity Attributable to Parent [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquityAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityAbstract" xlink:to="lab_us-gaap_StockholdersEquityAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_CapitalContributed_0a818c30-aab0-49ce-a00d-4c7aecf42e01_terseLabel_en-US" xlink:label="lab_jef_CapitalContributed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital contributed </link:label>
<link:label id="lab_jef_CapitalContributed_label_en-US" xlink:label="lab_jef_CapitalContributed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Contributed </link:label>
<link:label id="lab_jef_CapitalContributed_documentation_en-US" xlink:label="lab_jef_CapitalContributed" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Contributed </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_CapitalContributed" xlink:to="lab_jef_CapitalContributed" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQualityBbbMinusToBbbPlus_84242e8c-a99d-410a-ac62-9d350cb93464_terseLabel_en-US" xlink:label="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQualityBbbMinusToBbbPlus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> BBB- to BBB+ </link:label>
<link:label id="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQualityBbbMinusToBbbPlus_label_en-US" xlink:label="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQualityBbbMinusToBbbPlus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of OTC derivatives assets, counterparty credit quality BBB minus to BBB plus </link:label>
<link:label id="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQualityBbbMinusToBbbPlus_documentation_en-US" xlink:label="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQualityBbbMinusToBbbPlus" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of OTC derivatives assets, counterparty credit quality BBB- to BBB+. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQualityBbbMinusToBbbPlus" xlink:href="jef-20201130.xsd#jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQualityBbbMinusToBbbPlus"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQualityBbbMinusToBbbPlus" xlink:to="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQualityBbbMinusToBbbPlus" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PensionExpense_07dc56d9-5225-432b-8c42-b79986a3abe0_terseLabel_en-US" xlink:label="lab_us-gaap_PensionExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> WilTel pension expense </link:label>
<link:label id="lab_us-gaap_PensionExpense_label_en-US" xlink:label="lab_us-gaap_PensionExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension Cost (Reversal of Cost) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PensionExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PensionExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionExpense" xlink:to="lab_us-gaap_PensionExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_f80edabb-2f49-4707-8c26-7309565f6abe_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Asset, Expected Amortization, Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentFiscalPeriodFocus_befca23c-f434-444f-9e62-a6c1e8f721e3_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Fiscal Period Focus </link:label>
<link:label id="lab_dei_DocumentFiscalPeriodFocus_label_en-US" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Fiscal Period Focus </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentFiscalPeriodFocus" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalPeriodFocus"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalPeriodFocus" xlink:to="lab_dei_DocumentFiscalPeriodFocus" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember_4ab6f7c3-7afd-4b89-a3bb-a29bfa17f405_terseLabel_en-US" xlink:label="lab_us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. government and federal agency securities </link:label>
<link:label id="lab_us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Government Corporations and Agencies Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember" xlink:to="lab_us-gaap_USGovernmentCorporationsAndAgenciesSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativesOffsettingFairValueAmountsPolicy_72e6d286-0973-414d-bdaf-fd2bc94ac657_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativesOffsettingFairValueAmountsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting of Derivative Financial Instruments and Securities Financing Agreements </link:label>
<link:label id="lab_us-gaap_DerivativesOffsettingFairValueAmountsPolicy_label_en-US" xlink:label="lab_us-gaap_DerivativesOffsettingFairValueAmountsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativesOffsettingFairValueAmountsPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativesOffsettingFairValueAmountsPolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativesOffsettingFairValueAmountsPolicy" xlink:to="lab_us-gaap_DerivativesOffsettingFairValueAmountsPolicy" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FairValueOptionAggregateDifferencesOtherSecuredFinancings_0986f160-4057-48ad-912d-b7e0a214da76_terseLabel_en-US" xlink:label="lab_jef_FairValueOptionAggregateDifferencesOtherSecuredFinancings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other secured financings </link:label>
<link:label id="lab_jef_FairValueOptionAggregateDifferencesOtherSecuredFinancings_label_en-US" xlink:label="lab_jef_FairValueOptionAggregateDifferencesOtherSecuredFinancings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Aggregate Differences, Other Secured Financings </link:label>
<link:label id="lab_jef_FairValueOptionAggregateDifferencesOtherSecuredFinancings_documentation_en-US" xlink:label="lab_jef_FairValueOptionAggregateDifferencesOtherSecuredFinancings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Aggregate Differences, Other Secured Financings </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FairValueOptionAggregateDifferencesOtherSecuredFinancings" xlink:href="jef-20201130.xsd#jef_FairValueOptionAggregateDifferencesOtherSecuredFinancings"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FairValueOptionAggregateDifferencesOtherSecuredFinancings" xlink:to="lab_jef_FairValueOptionAggregateDifferencesOtherSecuredFinancings" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_fe2f4735-79e1-4dee-8de3-adebae9cb851_totalLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share </link:label>
<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Available to Common Stockholders, Diluted </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:to="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017TransitionTaxOnAccumulatedForeignEarningsPercent_85c1d737-1c16-40da-a0c3-e817e3c1b879_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017TransitionTaxOnAccumulatedForeignEarningsPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transition tax on foreign earnings related to the Tax Act, percent </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017TransitionTaxOnAccumulatedForeignEarningsPercent_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017TransitionTaxOnAccumulatedForeignEarningsPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Transition Tax on Accumulated Foreign Earnings, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017TransitionTaxOnAccumulatedForeignEarningsPercent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017TransitionTaxOnAccumulatedForeignEarningsPercent"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer_5f330e2c-e6ac-4a4a-8900-a4709cf5105d_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employer contributions </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Contributions by Employer </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanContributionsByEmployer"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:to="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FixedIncomeForwardsMember_bb751349-e015-49c6-9eab-16ec7cdd1ba4_terseLabel_en-US" xlink:label="lab_jef_FixedIncomeForwardsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed income forwards </link:label>
<link:label id="lab_jef_FixedIncomeForwardsMember_label_en-US" xlink:label="lab_jef_FixedIncomeForwardsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed Income Forwards [Member] </link:label>
<link:label id="lab_jef_FixedIncomeForwardsMember_documentation_en-US" xlink:label="lab_jef_FixedIncomeForwardsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed income forwards. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FixedIncomeForwardsMember" xlink:href="jef-20201130.xsd#jef_FixedIncomeForwardsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FixedIncomeForwardsMember" xlink:to="lab_jef_FixedIncomeForwardsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember_cb553a9e-9239-480c-aeb6-01ff8da9126f_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity method investment, nonconsolidated investee or group of investees </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember" xlink:to="lab_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DerivativeAssetLiabilityNotionalAmount_5b04b89c-fcd8-4040-b3e3-5e23968e8a03_terseLabel_en-US" xlink:label="lab_jef_DerivativeAssetLiabilityNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative notional amount </link:label>
<link:label id="lab_jef_DerivativeAssetLiabilityNotionalAmount_label_en-US" xlink:label="lab_jef_DerivativeAssetLiabilityNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset (Liability), Notional Amount </link:label>
<link:label id="lab_jef_DerivativeAssetLiabilityNotionalAmount_documentation_en-US" xlink:label="lab_jef_DerivativeAssetLiabilityNotionalAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset (Liability), Notional Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DerivativeAssetLiabilityNotionalAmount" xlink:href="jef-20201130.xsd#jef_DerivativeAssetLiabilityNotionalAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DerivativeAssetLiabilityNotionalAmount" xlink:to="lab_jef_DerivativeAssetLiabilityNotionalAmount" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDistributedInPeriod_3d1cb92e-0a91-42cf-90a3-e2225f1e0b89_negatedLabel_en-US" xlink:label="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDistributedInPeriod" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Distributions of underlying shares (shares) </link:label>
<link:label id="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDistributedInPeriod_label_en-US" xlink:label="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDistributedInPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement by Share-Based Payment Award Equity Instruments Other than Options Distributed in Period </link:label>
<link:label id="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDistributedInPeriod_documentation_en-US" xlink:label="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDistributedInPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The number of shares distributed under a share based award plan made during the period on other than stock option plans. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDistributedInPeriod" xlink:href="jef-20201130.xsd#jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDistributedInPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDistributedInPeriod" xlink:to="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsDistributedInPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ConstructionLoanMaximumBorrowingAmount_d75c3b1b-bde3-4360-9e03-31be1944f089_terseLabel_en-US" xlink:label="lab_jef_ConstructionLoanMaximumBorrowingAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Construction loan, maximum borrowing amount </link:label>
<link:label id="lab_jef_ConstructionLoanMaximumBorrowingAmount_label_en-US" xlink:label="lab_jef_ConstructionLoanMaximumBorrowingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Construction Loan, Maximum Borrowing Amount </link:label>
<link:label id="lab_jef_ConstructionLoanMaximumBorrowingAmount_documentation_en-US" xlink:label="lab_jef_ConstructionLoanMaximumBorrowingAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Construction Loan, Maximum Borrowing Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ConstructionLoanMaximumBorrowingAmount" xlink:href="jef-20201130.xsd#jef_ConstructionLoanMaximumBorrowingAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ConstructionLoanMaximumBorrowingAmount" xlink:to="lab_jef_ConstructionLoanMaximumBorrowingAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoansReceivableMember_57a6af24-8d56-4b89-b3ce-29727b6fc60d_terseLabel_en-US" xlink:label="lab_us-gaap_LoansReceivableMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans receivable </link:label>
<link:label id="lab_us-gaap_LoansReceivableMember_label_en-US" xlink:label="lab_us-gaap_LoansReceivableMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans Receivable [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansReceivableMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LoansReceivableMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansReceivableMember" xlink:to="lab_us-gaap_LoansReceivableMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_AdvancesFromSubsidiaries_a6940c9f-d8b8-4eca-bc94-70ffbe8d97c5_terseLabel_en-US" xlink:label="lab_jef_AdvancesFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advances from subsidiaries </link:label>
<link:label id="lab_jef_AdvancesFromSubsidiaries_label_en-US" xlink:label="lab_jef_AdvancesFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advances From Subsidiaries </link:label>
<link:label id="lab_jef_AdvancesFromSubsidiaries_documentation_en-US" xlink:label="lab_jef_AdvancesFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advances From Subsidiaries </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_AdvancesFromSubsidiaries" xlink:href="jef-20201130.xsd#jef_AdvancesFromSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_AdvancesFromSubsidiaries" xlink:to="lab_jef_AdvancesFromSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_jef_IntradayCreditFacilityMember_abd4c5f2-eb84-4f0f-9307-531f68d8206b_terseLabel_en-US" xlink:label="lab_jef_IntradayCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intraday credit facility </link:label>
<link:label id="lab_jef_IntradayCreditFacilityMember_label_en-US" xlink:label="lab_jef_IntradayCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intraday Credit Facility [Member] </link:label>
<link:label id="lab_jef_IntradayCreditFacilityMember_documentation_en-US" xlink:label="lab_jef_IntradayCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intraday Credit Facility [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_IntradayCreditFacilityMember" xlink:href="jef-20201130.xsd#jef_IntradayCreditFacilityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_IntradayCreditFacilityMember" xlink:to="lab_jef_IntradayCreditFacilityMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInSecuritiesLoanedTransactions_aad52dbc-792f-40a6-9719-b4b2122e4e29_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInSecuritiesLoanedTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities loaned </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInSecuritiesLoanedTransactions_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInSecuritiesLoanedTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Securities Loaned Transactions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInSecuritiesLoanedTransactions" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInSecuritiesLoanedTransactions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInSecuritiesLoanedTransactions" xlink:to="lab_us-gaap_IncreaseDecreaseInSecuritiesLoanedTransactions" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityFilerCategory_d02dd339-bf5e-4531-9b8c-5fa957975534_terseLabel_en-US" xlink:label="lab_dei_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Filer Category </link:label>
<link:label id="lab_dei_EntityFilerCategory_label_en-US" xlink:label="lab_dei_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Filer Category </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityFilerCategory" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFilerCategory"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFilerCategory" xlink:to="lab_dei_EntityFilerCategory" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockMember_91fedaa8-38e9-487b-84fb-0ec40397b9fb_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Shares $1 Par Value </link:label>
<link:label id="lab_us-gaap_CommonStockMember_label_en-US" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockMember" xlink:to="lab_us-gaap_CommonStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ProductsAndServicesDomain_95254a61-19eb-48ac-b098-4807f898f5cc_terseLabel_en-US" xlink:label="lab_srt_ProductsAndServicesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service [Domain] </link:label>
<link:label id="lab_srt_ProductsAndServicesDomain_label_en-US" xlink:label="lab_srt_ProductsAndServicesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ProductsAndServicesDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ProductsAndServicesDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ProductsAndServicesDomain" xlink:to="lab_srt_ProductsAndServicesDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_30cd3a8f-4114-4836-973a-977c16264914_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> International operations (including foreign rate differential), percent </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ConcentrationRiskBenchmarkDomain_2d9ca565-0b2d-418b-aa8c-e1dcece25ab7_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskBenchmarkDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Benchmark [Domain] </link:label>
<link:label id="lab_us-gaap_ConcentrationRiskBenchmarkDomain_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskBenchmarkDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Benchmark [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskBenchmarkDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskBenchmarkDomain" xlink:to="lab_us-gaap_ConcentrationRiskBenchmarkDomain" xlink:type="arc" order="1"/>
<link:label id="lab_jef_InvestmentBankingAdvisoryMember_474d6287-98fe-4093-8acd-5d9afe0a7c45_terseLabel_en-US" xlink:label="lab_jef_InvestmentBankingAdvisoryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking - Advisory </link:label>
<link:label id="lab_jef_InvestmentBankingAdvisoryMember_label_en-US" xlink:label="lab_jef_InvestmentBankingAdvisoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking, Advisory [Member] </link:label>
<link:label id="lab_jef_InvestmentBankingAdvisoryMember_documentation_en-US" xlink:label="lab_jef_InvestmentBankingAdvisoryMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking, Advisory [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_InvestmentBankingAdvisoryMember" xlink:href="jef-20201130.xsd#jef_InvestmentBankingAdvisoryMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_InvestmentBankingAdvisoryMember" xlink:to="lab_jef_InvestmentBankingAdvisoryMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock_2984ab52-227f-49af-95dd-d6102d962a6e_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Accumulated Other Comprehensive Income Reclassifications </link:label>
<link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock" xlink:to="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SovereignDebtSecuritiesMember_a39cac61-cfe6-42c0-b156-1af7fdb67539_verboseLabel_en-US" xlink:label="lab_us-gaap_SovereignDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sovereign obligations </link:label>
<link:label id="lab_us-gaap_SovereignDebtSecuritiesMember_e84cccbb-ee55-4ec0-8aff-3f8b3776f3c1_terseLabel_en-US" xlink:label="lab_us-gaap_SovereignDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sovereign securities </link:label>
<link:label id="lab_us-gaap_SovereignDebtSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_SovereignDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sovereign Debt Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SovereignDebtSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SovereignDebtSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SovereignDebtSecuritiesMember" xlink:to="lab_us-gaap_SovereignDebtSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedContributionPlanCostRecognized_03b7bd56-11ff-44dd-b816-fedf953244d3_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedContributionPlanCostRecognized" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined contribution plan cost </link:label>
<link:label id="lab_us-gaap_DefinedContributionPlanCostRecognized_label_en-US" xlink:label="lab_us-gaap_DefinedContributionPlanCostRecognized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Contribution Plan, Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedContributionPlanCostRecognized" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedContributionPlanCostRecognized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedContributionPlanCostRecognized" xlink:to="lab_us-gaap_DefinedContributionPlanCostRecognized" xlink:type="arc" order="1"/>
<link:label id="lab_jef_AssetsPledgedForIndebtedness_8e13e1d2-67fd-4bc2-8473-3242ebe0ccc1_terseLabel_en-US" xlink:label="lab_jef_AssetsPledgedForIndebtedness" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets pledged for indebtedness </link:label>
<link:label id="lab_jef_AssetsPledgedForIndebtedness_label_en-US" xlink:label="lab_jef_AssetsPledgedForIndebtedness" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets pledged for indebtedness </link:label>
<link:label id="lab_jef_AssetsPledgedForIndebtedness_documentation_en-US" xlink:label="lab_jef_AssetsPledgedForIndebtedness" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets pledged for indebtedness </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_AssetsPledgedForIndebtedness" xlink:href="jef-20201130.xsd#jef_AssetsPledgedForIndebtedness"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_AssetsPledgedForIndebtedness" xlink:to="lab_jef_AssetsPledgedForIndebtedness" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EquityInEarningsFromDiscontinuedOperationsOfSubsidiariesNetofTax_929aa66a-fdd5-4911-924d-11757b73a676_verboseLabel_en-US" xlink:label="lab_jef_EquityInEarningsFromDiscontinuedOperationsOfSubsidiariesNetofTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity in earnings from discontinued operations of subsidiaries, net of taxes </link:label>
<link:label id="lab_jef_EquityInEarningsFromDiscontinuedOperationsOfSubsidiariesNetofTax_label_en-US" xlink:label="lab_jef_EquityInEarningsFromDiscontinuedOperationsOfSubsidiariesNetofTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity In Earnings From Discontinued Operations Of Subsidiaries, Net of Tax </link:label>
<link:label id="lab_jef_EquityInEarningsFromDiscontinuedOperationsOfSubsidiariesNetofTax_documentation_en-US" xlink:label="lab_jef_EquityInEarningsFromDiscontinuedOperationsOfSubsidiariesNetofTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity In Earnings From Discontinued Operations Of Subsidiaries, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EquityInEarningsFromDiscontinuedOperationsOfSubsidiariesNetofTax" xlink:href="jef-20201130.xsd#jef_EquityInEarningsFromDiscontinuedOperationsOfSubsidiariesNetofTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EquityInEarningsFromDiscontinuedOperationsOfSubsidiariesNetofTax" xlink:to="lab_jef_EquityInEarningsFromDiscontinuedOperationsOfSubsidiariesNetofTax" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RemainingContractMaturityOfFairValueOfOverCounterDerivativeAssetsAndLiabilitiesTableTextBlock_37925088-c2bd-483a-bb5e-6a10a3441f20_terseLabel_en-US" xlink:label="lab_jef_RemainingContractMaturityOfFairValueOfOverCounterDerivativeAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Remaining Contract Maturity Of Fair Value Of OTC Derivative Assets And Liabilities </link:label>
<link:label id="lab_jef_RemainingContractMaturityOfFairValueOfOverCounterDerivativeAssetsAndLiabilitiesTableTextBlock_label_en-US" xlink:label="lab_jef_RemainingContractMaturityOfFairValueOfOverCounterDerivativeAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Remaining Contract Maturity Of Fair Value Of Over Counter Derivative Assets And Liabilities [Table Text Block] </link:label>
<link:label id="lab_jef_RemainingContractMaturityOfFairValueOfOverCounterDerivativeAssetsAndLiabilitiesTableTextBlock_documentation_en-US" xlink:label="lab_jef_RemainingContractMaturityOfFairValueOfOverCounterDerivativeAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OTC derivatives by risk exposure and maturity profile. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RemainingContractMaturityOfFairValueOfOverCounterDerivativeAssetsAndLiabilitiesTableTextBlock" xlink:href="jef-20201130.xsd#jef_RemainingContractMaturityOfFairValueOfOverCounterDerivativeAssetsAndLiabilitiesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RemainingContractMaturityOfFairValueOfOverCounterDerivativeAssetsAndLiabilitiesTableTextBlock" xlink:to="lab_jef_RemainingContractMaturityOfFairValueOfOverCounterDerivativeAssetsAndLiabilitiesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtherSecuredFinancingsFairValue_c0d66b44-b1d1-4ecf-9f01-b832b81c14ec_terseLabel_en-US" xlink:label="lab_jef_OtherSecuredFinancingsFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other secured financings </link:label>
<link:label id="lab_jef_OtherSecuredFinancingsFairValue_label_en-US" xlink:label="lab_jef_OtherSecuredFinancingsFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Secured Financings, Fair Value </link:label>
<link:label id="lab_jef_OtherSecuredFinancingsFairValue_documentation_en-US" xlink:label="lab_jef_OtherSecuredFinancingsFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Secured Financings, Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtherSecuredFinancingsFairValue" xlink:href="jef-20201130.xsd#jef_OtherSecuredFinancingsFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtherSecuredFinancingsFairValue" xlink:to="lab_jef_OtherSecuredFinancingsFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember_1a91f855-e579-47f0-bd6d-502f5721c748_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, liabilities </link:label>
<link:label id="lab_us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember_94074183-b873-4e5b-b043-8518f20ee831_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rate swaps </link:label>
<link:label id="lab_us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember_label_en-US" xlink:label="lab_us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Financial Instruments, Liabilities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember" xlink:to="lab_us-gaap_DerivativeFinancialInstrumentsLiabilitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable_5d8682e0-f2f4-430b-a0b2-661a65efe2c7_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table] </link:label>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:to="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTable" xlink:type="arc" order="1"/>
<link:label id="lab_jef_GuaranteesExpectedToBeDueInSecondYear_ec5bc450-1b5f-443f-8af0-79226bb1bca6_terseLabel_en-US" xlink:label="lab_jef_GuaranteesExpectedToBeDueInSecondYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>
<link:label id="lab_jef_GuaranteesExpectedToBeDueInSecondYear_label_en-US" xlink:label="lab_jef_GuaranteesExpectedToBeDueInSecondYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantees Expected To Be Due In Second Year </link:label>
<link:label id="lab_jef_GuaranteesExpectedToBeDueInSecondYear_documentation_en-US" xlink:label="lab_jef_GuaranteesExpectedToBeDueInSecondYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantees expected to be due within 2 year. These may include, derivative guarantees, etc. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_GuaranteesExpectedToBeDueInSecondYear" xlink:href="jef-20201130.xsd#jef_GuaranteesExpectedToBeDueInSecondYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_GuaranteesExpectedToBeDueInSecondYear" xlink:to="lab_jef_GuaranteesExpectedToBeDueInSecondYear" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TemporaryEquityDisclosureAbstract_465e35f2-0603-4eb0-95ac-15a57937083a_terseLabel_en-US" xlink:label="lab_us-gaap_TemporaryEquityDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Temporary Equity Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_TemporaryEquityDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_TemporaryEquityDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Temporary Equity Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TemporaryEquityDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TemporaryEquityDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TemporaryEquityDisclosureAbstract" xlink:to="lab_us-gaap_TemporaryEquityDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_e02f77e0-9bd6-434e-823b-101c333d327a_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Equity Method Investments [Line Items] </link:label>
<link:label id="lab_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Equity Method Investments [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:to="lab_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_7b2ca2eb-ee1a-4e2e-8a3d-9ece39cd6a47_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rate </link:label>
<link:label id="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_b06d31a2-7b9e-47a6-a35b-b680ac5c574e_verboseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Convertible notes interest rate </link:label>
<link:label id="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Interest Rate, Stated Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EquityMethodSubsidiariesBasisSpreadonVariableRateAdvances_df29e80e-5652-4618-b689-60bb78f0d953_terseLabel_en-US" xlink:label="lab_jef_EquityMethodSubsidiariesBasisSpreadonVariableRateAdvances" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basis spread on variable rate </link:label>
<link:label id="lab_jef_EquityMethodSubsidiariesBasisSpreadonVariableRateAdvances_label_en-US" xlink:label="lab_jef_EquityMethodSubsidiariesBasisSpreadonVariableRateAdvances" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Subsidiaries, Basis Spread on Variable Rate Advances </link:label>
<link:label id="lab_jef_EquityMethodSubsidiariesBasisSpreadonVariableRateAdvances_documentation_en-US" xlink:label="lab_jef_EquityMethodSubsidiariesBasisSpreadonVariableRateAdvances" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Subsidiaries, Basis Spread on Variable Rate Advances </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EquityMethodSubsidiariesBasisSpreadonVariableRateAdvances" xlink:href="jef-20201130.xsd#jef_EquityMethodSubsidiariesBasisSpreadonVariableRateAdvances"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EquityMethodSubsidiariesBasisSpreadonVariableRateAdvances" xlink:to="lab_jef_EquityMethodSubsidiariesBasisSpreadonVariableRateAdvances" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MunicipalBondsMember_d98dc0ec-f138-4fb5-8d3d-92d44b61fb02_terseLabel_en-US" xlink:label="lab_us-gaap_MunicipalBondsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Municipal securities </link:label>
<link:label id="lab_us-gaap_MunicipalBondsMember_label_en-US" xlink:label="lab_us-gaap_MunicipalBondsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Municipal Bonds [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MunicipalBondsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MunicipalBondsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MunicipalBondsMember" xlink:to="lab_us-gaap_MunicipalBondsMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_VariableInterestEntityConsolidatedCarryingAmountLiabilitiesEliminatedInConsolidation_b1adfe9d-535c-42a2-9dda-3d0feedd782e_terseLabel_en-US" xlink:label="lab_jef_VariableInterestEntityConsolidatedCarryingAmountLiabilitiesEliminatedInConsolidation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> VIE liabilities, eliminated in consolidation </link:label>
<link:label id="lab_jef_VariableInterestEntityConsolidatedCarryingAmountLiabilitiesEliminatedInConsolidation_label_en-US" xlink:label="lab_jef_VariableInterestEntityConsolidatedCarryingAmountLiabilitiesEliminatedInConsolidation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Consolidated, Carrying Amount, Liabilities, Eliminated In Consolidation </link:label>
<link:label id="lab_jef_VariableInterestEntityConsolidatedCarryingAmountLiabilitiesEliminatedInConsolidation_documentation_en-US" xlink:label="lab_jef_VariableInterestEntityConsolidatedCarryingAmountLiabilitiesEliminatedInConsolidation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Consolidated, Carrying Amount, Liabilities, Eliminated In Consolidation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_VariableInterestEntityConsolidatedCarryingAmountLiabilitiesEliminatedInConsolidation" xlink:href="jef-20201130.xsd#jef_VariableInterestEntityConsolidatedCarryingAmountLiabilitiesEliminatedInConsolidation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_VariableInterestEntityConsolidatedCarryingAmountLiabilitiesEliminatedInConsolidation" xlink:to="lab_jef_VariableInterestEntityConsolidatedCarryingAmountLiabilitiesEliminatedInConsolidation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromSaleAndCollectionOfReceivables_6f81948f-4826-45d8-acf3-e841f8f3fbc0_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleAndCollectionOfReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collections on loans receivables </link:label>
<link:label id="lab_us-gaap_ProceedsFromSaleAndCollectionOfReceivables_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleAndCollectionOfReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Sale and Collection of Receivables </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleAndCollectionOfReceivables" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSaleAndCollectionOfReceivables"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleAndCollectionOfReceivables" xlink:to="lab_us-gaap_ProceedsFromSaleAndCollectionOfReceivables" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EarningsPerShareDilutedAbstract_2e7d42e6-b4d6-483c-8f7f-c039928959ff_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareDilutedAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Diluted earnings per common share attributable to Jefferies Financial Group Inc. common shareholders: </link:label>
<link:label id="lab_us-gaap_EarningsPerShareDilutedAbstract_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareDilutedAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Diluted [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareDilutedAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareDilutedAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareDilutedAbstract" xlink:to="lab_us-gaap_EarningsPerShareDilutedAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DistributionstofromSubsidiariesNet_74defc78-5a4f-4742-8c5a-d9a2f29dad9a_terseLabel_en-US" xlink:label="lab_jef_DistributionstofromSubsidiariesNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Distributions (to) from subsidiaries, net </link:label>
<link:label id="lab_jef_DistributionstofromSubsidiariesNet_label_en-US" xlink:label="lab_jef_DistributionstofromSubsidiariesNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Distributions (to) from Subsidiaries, Net </link:label>
<link:label id="lab_jef_DistributionstofromSubsidiariesNet_documentation_en-US" xlink:label="lab_jef_DistributionstofromSubsidiariesNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Distributions (to) from Subsidiaries, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DistributionstofromSubsidiariesNet" xlink:href="jef-20201130.xsd#jef_DistributionstofromSubsidiariesNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DistributionstofromSubsidiariesNet" xlink:to="lab_jef_DistributionstofromSubsidiariesNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProductAndServiceOtherMember_87d0dfe3-8172-4792-bfc4-b2fe5113f34c_terseLabel_en-US" xlink:label="lab_us-gaap_ProductAndServiceOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_ProductAndServiceOtherMember_label_en-US" xlink:label="lab_us-gaap_ProductAndServiceOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service, Other [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProductAndServiceOtherMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProductAndServiceOtherMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProductAndServiceOtherMember" xlink:to="lab_us-gaap_ProductAndServiceOtherMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_598cbf02-2d05-4108-97a0-a28f44293613_totalLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net increase in cash, cash equivalents and restricted cash </link:label>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_label_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:to="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:type="arc" order="1"/>
<link:label id="lab_jef_PurchasesOfInvestmentsOtherThanShortTerm_5295947d-d46b-4c20-9bf7-be24c7ac585e_negatedLabel_en-US" xlink:label="lab_jef_PurchasesOfInvestmentsOtherThanShortTerm" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchases of investments (other than short-term) </link:label>
<link:label id="lab_jef_PurchasesOfInvestmentsOtherThanShortTerm_label_en-US" xlink:label="lab_jef_PurchasesOfInvestmentsOtherThanShortTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchases Of Investments Other Than Short Term </link:label>
<link:label id="lab_jef_PurchasesOfInvestmentsOtherThanShortTerm_documentation_en-US" xlink:label="lab_jef_PurchasesOfInvestmentsOtherThanShortTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchases of investments (other than short-term). </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_PurchasesOfInvestmentsOtherThanShortTerm" xlink:href="jef-20201130.xsd#jef_PurchasesOfInvestmentsOtherThanShortTerm"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_PurchasesOfInvestmentsOtherThanShortTerm" xlink:to="lab_jef_PurchasesOfInvestmentsOtherThanShortTerm" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EmployeeStockOptionMember_5d6d2190-2ba2-4179-8a6a-6ad99f9df750_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeStockOptionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock options </link:label>
<link:label id="lab_us-gaap_EmployeeStockOptionMember_label_en-US" xlink:label="lab_us-gaap_EmployeeStockOptionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Option [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeStockOptionMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EmployeeStockOptionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeStockOptionMember" xlink:to="lab_us-gaap_EmployeeStockOptionMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember_86585801-c5e0-4192-bf19-8793379474c0_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net unrealized foreign exchange losses </link:label>
<link:label id="lab_us-gaap_AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember" xlink:to="lab_us-gaap_AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CostsAndExpensesAbstract_a2082a72-c37f-458c-bd2f-3b62bd0a5855_verboseLabel_en-US" xlink:label="lab_us-gaap_CostsAndExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expenses: </link:label>
<link:label id="lab_us-gaap_CostsAndExpensesAbstract_label_en-US" xlink:label="lab_us-gaap_CostsAndExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Costs and Expenses [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostsAndExpensesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CostsAndExpensesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CostsAndExpensesAbstract" xlink:to="lab_us-gaap_CostsAndExpensesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract_17843041-cbb0-421c-9970-8d708af9fbf8_terseLabel_en-US" xlink:label="lab_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Information Disclosure [Abstract] </link:label>
<link:label id="lab_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract_label_en-US" xlink:label="lab_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Information Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:to="lab_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_PercentageLimitOfVotingRightsContractuallyAgreed_e93cc58f-c1e8-496d-b911-34d8eeec60e4_verboseLabel_en-US" xlink:label="lab_jef_PercentageLimitOfVotingRightsContractuallyAgreed" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum voting rights as a percentage of total voting securities voting </link:label>
<link:label id="lab_jef_PercentageLimitOfVotingRightsContractuallyAgreed_label_en-US" xlink:label="lab_jef_PercentageLimitOfVotingRightsContractuallyAgreed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage Limit Of Voting Rights Contractually Agreed </link:label>
<link:label id="lab_jef_PercentageLimitOfVotingRightsContractuallyAgreed_documentation_en-US" xlink:label="lab_jef_PercentageLimitOfVotingRightsContractuallyAgreed" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage Limit Of Voting Rights Contractually Agreed </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_PercentageLimitOfVotingRightsContractuallyAgreed" xlink:href="jef-20201130.xsd#jef_PercentageLimitOfVotingRightsContractuallyAgreed"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_PercentageLimitOfVotingRightsContractuallyAgreed" xlink:to="lab_jef_PercentageLimitOfVotingRightsContractuallyAgreed" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_ac949201-4f11-45f0-ae62-b9f3b8b7aaa5_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in unrealized foreign exchange gains (losses), net of income tax provision (benefit) of $11,392, $1,198 and $(11,073) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TreasuryStockShares_fe62ac68-9813-4be4-ac58-1a7b85f17eaf_verboseLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockShares" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury stock, shares (in shares) </link:label>
<link:label id="lab_us-gaap_TreasuryStockShares_1ca04b67-07ec-42b4-8d1e-1e9b98794100_terseLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury stock, shares (in shares) </link:label>
<link:label id="lab_us-gaap_TreasuryStockShares_label_en-US" xlink:label="lab_us-gaap_TreasuryStockShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock, Shares </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockShares" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TreasuryStockShares"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockShares" xlink:to="lab_us-gaap_TreasuryStockShares" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember_d7ff0fb5-e2b9-49e4-93dc-9f4dba04ed1f_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net unrealized gains on available for sale securities </link:label>
<link:label id="lab_us-gaap_AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember_94c9b331-728d-44b5-b462-2f9fc6a0d625_verboseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net unrealized gains (losses) on available for sale securities, net of income tax provision (benefit) of $0 and $(545,054) </link:label>
<link:label id="lab_us-gaap_AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember" xlink:to="lab_us-gaap_AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FloatingRatePuttableNotesMember_85c02fe2-a8b6-41f6-9ec9-a8366b11ef87_terseLabel_en-US" xlink:label="lab_jef_FloatingRatePuttableNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Floating rate puttable notes </link:label>
<link:label id="lab_jef_FloatingRatePuttableNotesMember_label_en-US" xlink:label="lab_jef_FloatingRatePuttableNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Floating Rate Puttable Notes [Member] </link:label>
<link:label id="lab_jef_FloatingRatePuttableNotesMember_documentation_en-US" xlink:label="lab_jef_FloatingRatePuttableNotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Floating Rate Puttable Notes [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FloatingRatePuttableNotesMember" xlink:href="jef-20201130.xsd#jef_FloatingRatePuttableNotesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FloatingRatePuttableNotesMember" xlink:to="lab_jef_FloatingRatePuttableNotesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ImpairmentOfInvestments_52bca559-d893-450f-9fdb-850e10392d5a_terseLabel_en-US" xlink:label="lab_us-gaap_ImpairmentOfInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments impairment </link:label>
<link:label id="lab_us-gaap_ImpairmentOfInvestments_label_en-US" xlink:label="lab_us-gaap_ImpairmentOfInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other than Temporary Impairment Losses, Investments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ImpairmentOfInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairmentOfInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairmentOfInvestments" xlink:to="lab_us-gaap_ImpairmentOfInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit_a36ff38f-92c3-4d74-8634-d9ad5931421b_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. state and local </link:label>
<link:label id="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred State and Local Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_36e81137-87b3-46ac-9724-ebc03ac7e1aa_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Structured notes matures in 2025 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_504d804b-762e-4680-af8c-21688a1849e0_verboseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, Year Five </link:label>
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<link:label id="lab_srt_OwnershipDomain_4ad994de-2e0f-428c-959f-2c5e20b34b14_terseLabel_en-US" xlink:label="lab_srt_OwnershipDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ownership [Domain] </link:label>
<link:label id="lab_srt_OwnershipDomain_label_en-US" xlink:label="lab_srt_OwnershipDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ownership [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_OwnershipDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_OwnershipDomain"/>
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<link:label id="lab_jef_FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatusAndOr90DaysOrGreaterPastDueAggregatedDifference_c9c29be9-381e-4dea-b886-aeb2bfc66332_terseLabel_en-US" xlink:label="lab_jef_FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatusAndOr90DaysOrGreaterPastDueAggregatedDifference" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and other receivables on nonaccrual status and/or 90 days or greater past due </link:label>
<link:label id="lab_jef_FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatusAndOr90DaysOrGreaterPastDueAggregatedDifference_label_en-US" xlink:label="lab_jef_FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatusAndOr90DaysOrGreaterPastDueAggregatedDifference" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Loans Held As Assets, Aggregate Amount In Nonaccrual Status And/Or 90 Days Or Greater Past Due, Aggregated Difference </link:label>
<link:label id="lab_jef_FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatusAndOr90DaysOrGreaterPastDueAggregatedDifference_documentation_en-US" xlink:label="lab_jef_FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatusAndOr90DaysOrGreaterPastDueAggregatedDifference" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Loans Held As Assets, Aggregate Amount In Nonaccrual Status And/Or 90 Days Or Greater Past Due, Aggregated Difference </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatusAndOr90DaysOrGreaterPastDueAggregatedDifference" xlink:href="jef-20201130.xsd#jef_FairValueOptionLoansHeldAsAssetsAggregateAmountInNonaccrualStatusAndOr90DaysOrGreaterPastDueAggregatedDifference"/>
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<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_9458aa70-07db-439e-a4a4-033af7176b40_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. </link:label>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations before Income Taxes, Domestic </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets_14de5536-22af-4276-9e01-c28bd04a2d1e_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected long-term rate of return assumption </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets_b2ae0cd1-5b2b-4978-bfd4-94839b6640b1_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected long-term return on plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets"/>
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<link:label id="lab_jef_LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDue_5b9dc7d0-5dc0-42fe-8f65-3d1f60930351_totalLabel_en-US" xlink:label="lab_jef_LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Future minimum payments due, net of sublease income </link:label>
<link:label id="lab_jef_LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDue_label_en-US" xlink:label="lab_jef_LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Payments, Net Of Sublease Income, Due </link:label>
<link:label id="lab_jef_LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDue_documentation_en-US" xlink:label="lab_jef_LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Payments, Net Of Sublease Income, Due </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDue" xlink:href="jef-20201130.xsd#jef_LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDue" xlink:to="lab_jef_LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeDue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestPaidNet_1223b437-813c-4f5e-9ff4-52cca86e8d05_terseLabel_en-US" xlink:label="lab_us-gaap_InterestPaidNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest, net of amounts capitalized </link:label>
<link:label id="lab_us-gaap_InterestPaidNet_label_en-US" xlink:label="lab_us-gaap_InterestPaidNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Paid, Excluding Capitalized Interest, Operating Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestPaidNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestPaidNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestPaidNet" xlink:to="lab_us-gaap_InterestPaidNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtByMaturityAbstract_c0882df4-0747-4756-970c-5910c594719b_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtByMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Fiscal Year Maturity [Abstract] </link:label>
<link:label id="lab_us-gaap_LongTermDebtByMaturityAbstract_label_en-US" xlink:label="lab_us-gaap_LongTermDebtByMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Fiscal Year Maturity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtByMaturityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtByMaturityAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtByMaturityAbstract" xlink:to="lab_us-gaap_LongTermDebtByMaturityAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtherLongTermDebtMember_0b96a843-adaa-4c47-9647-76f347f74378_terseLabel_en-US" xlink:label="lab_jef_OtherLongTermDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_jef_OtherLongTermDebtMember_label_en-US" xlink:label="lab_jef_OtherLongTermDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Long Term Debt [Member] </link:label>
<link:label id="lab_jef_OtherLongTermDebtMember_documentation_en-US" xlink:label="lab_jef_OtherLongTermDebtMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Long-Term Debt [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtherLongTermDebtMember" xlink:href="jef-20201130.xsd#jef_OtherLongTermDebtMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtherLongTermDebtMember" xlink:to="lab_jef_OtherLongTermDebtMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockOptionMember_75cb0528-5f66-4f25-9fea-4cb6b869ad02_terseLabel_en-US" xlink:label="lab_us-gaap_StockOptionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity options </link:label>
<link:label id="lab_us-gaap_StockOptionMember_label_en-US" xlink:label="lab_us-gaap_StockOptionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Option [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockOptionMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockOptionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockOptionMember" xlink:to="lab_us-gaap_StockOptionMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisclosureOfCreditDerivativesTextBlock_217b15fc-0d28-47f3-ad29-13c00939bb7e_terseLabel_en-US" xlink:label="lab_us-gaap_DisclosureOfCreditDerivativesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Related Derivative Contracts </link:label>
<link:label id="lab_us-gaap_DisclosureOfCreditDerivativesTextBlock_label_en-US" xlink:label="lab_us-gaap_DisclosureOfCreditDerivativesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disclosure of Credit Derivatives [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisclosureOfCreditDerivativesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisclosureOfCreditDerivativesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisclosureOfCreditDerivativesTextBlock" xlink:to="lab_us-gaap_DisclosureOfCreditDerivativesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_PurchaseCommitmentsOutstanding_5a0c1100-1eea-4569-ba33-1fd41fa1bda7_terseLabel_en-US" xlink:label="lab_jef_PurchaseCommitmentsOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchase commitment </link:label>
<link:label id="lab_jef_PurchaseCommitmentsOutstanding_label_en-US" xlink:label="lab_jef_PurchaseCommitmentsOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchase Commitments Outstanding </link:label>
<link:label id="lab_jef_PurchaseCommitmentsOutstanding_documentation_en-US" xlink:label="lab_jef_PurchaseCommitmentsOutstanding" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchase Commitments Outstanding </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_PurchaseCommitmentsOutstanding" xlink:href="jef-20201130.xsd#jef_PurchaseCommitmentsOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_PurchaseCommitmentsOutstanding" xlink:to="lab_jef_PurchaseCommitmentsOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_c1e9cfeb-c2fe-4e3f-a21d-ba92457cfb28_totalLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total equity </link:label>
<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_f3405f7f-4ef4-4d02-ad0e-3fe422139fcb_periodStartLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Beginning balance </link:label>
<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_a442ea4c-bfcf-4795-bb55-85e6cff2bc06_periodEndLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ending balance </link:label>
<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_57c93fc2-3c41-4918-82da-e448dad15a0d_terseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity </link:label>
<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
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<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_43f999ae-f946-41d9-b85a-6de35d6cb512_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Asset, Expected Amortization, Year One </link:label>
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<link:label id="lab_us-gaap_Revenues_b41d0ce5-e92c-4bbe-a28d-41c601d62e67_verboseLabel_en-US" xlink:label="lab_us-gaap_Revenues" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total revenues </link:label>
<link:label id="lab_us-gaap_Revenues_6ee0aa85-aed6-4348-945d-cb6469306fce_terseLabel_en-US" xlink:label="lab_us-gaap_Revenues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues </link:label>
<link:label id="lab_us-gaap_Revenues_c6152137-3ec8-4c71-8ac8-dd33f3c007c7_totalLabel_en-US" xlink:label="lab_us-gaap_Revenues" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total revenues </link:label>
<link:label id="lab_us-gaap_Revenues_label_en-US" xlink:label="lab_us-gaap_Revenues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues </link:label>
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<link:label id="lab_us-gaap_StatementClassOfStockAxis_fe5eea2d-8ade-4f02-9620-b77026d4dba6_terseLabel_en-US" xlink:label="lab_us-gaap_StatementClassOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Axis] </link:label>
<link:label id="lab_us-gaap_StatementClassOfStockAxis_label_en-US" xlink:label="lab_us-gaap_StatementClassOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Stock [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementClassOfStockAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementClassOfStockAxis"/>
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<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_efa88c65-f135-4e69-8c1b-9c9f5d22e285_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>
<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leases, Future Minimum Payments, Due in Three Years </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears"/>
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<link:label id="lab_us-gaap_ProceedsFromDivestitureOfBusinesses_fe5d9e81-ad95-40ba-b34d-dd357574371c_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromDivestitureOfBusinesses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from sale of subsidiary </link:label>
<link:label id="lab_us-gaap_ProceedsFromDivestitureOfBusinesses_label_en-US" xlink:label="lab_us-gaap_ProceedsFromDivestitureOfBusinesses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Divestiture of Businesses </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromDivestitureOfBusinesses" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromDivestitureOfBusinesses"/>
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<link:label id="lab_us-gaap_IncomeTaxesPaidNet_c4daa27c-e1dd-42dd-b121-a2ee69a4c657_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxesPaidNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income tax payments (refunds), net </link:label>
<link:label id="lab_us-gaap_IncomeTaxesPaidNet_label_en-US" xlink:label="lab_us-gaap_IncomeTaxesPaidNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Taxes Paid, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxesPaidNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxesPaidNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxesPaidNet" xlink:to="lab_us-gaap_IncomeTaxesPaidNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_837ccd3a-7ac7-404e-b62e-32a8368bb48f_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Activity of Restricted Stock Units </link:label>
<link:label id="lab_us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock"/>
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<link:label id="lab_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable_2cb5b5d2-ff49-4d19-ab71-f4380d24aabb_terseLabel_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> New Accounting Pronouncements or Change in Accounting Principle [Table] </link:label>
<link:label id="lab_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable_label_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update and Change in Accounting Principle [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:to="lab_us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax_5f579516-96ac-477f-9ea8-e48a7bff63e5_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net unrealized gains (losses) on cash flow hedges arising during the period, net of income tax provision (benefit) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CondensedStatementOfIncomeCaptionsLineItems_7ea7516e-6b70-46ae-acdc-6e2a0ac89061_terseLabel_en-US" xlink:label="lab_srt_CondensedStatementOfIncomeCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Statement of Income Captions [Line Items] </link:label>
<link:label id="lab_srt_CondensedStatementOfIncomeCaptionsLineItems_label_en-US" xlink:label="lab_srt_CondensedStatementOfIncomeCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Statement of Income Captions [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CondensedStatementOfIncomeCaptionsLineItems" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CondensedStatementOfIncomeCaptionsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CondensedStatementOfIncomeCaptionsLineItems" xlink:to="lab_srt_CondensedStatementOfIncomeCaptionsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxPercent_13536d2d-6d10-4b5c-ad0e-20e0f9a24b6c_terseLabel_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Base erosion and anti-abuse tax (BEAT), percent </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxPercent_label_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Base Erosion And Anti-Abuse Tax, Percent </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxPercent_documentation_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Base Erosion And Anti-Abuse Tax, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxPercent" xlink:href="jef-20201130.xsd#jef_EffectiveIncomeTaxRateReconciliationBaseErosionAndAntiAbuseTaxPercent"/>
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<link:label id="lab_jef_CapitalDistributionsfromAssociatedCompanies_4f932cd2-1f0f-4943-a2c9-c6501cf0a3d7_terseLabel_en-US" xlink:label="lab_jef_CapitalDistributionsfromAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital distributions from associated companies </link:label>
<link:label id="lab_jef_CapitalDistributionsfromAssociatedCompanies_label_en-US" xlink:label="lab_jef_CapitalDistributionsfromAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Distributions from Associated Companies </link:label>
<link:label id="lab_jef_CapitalDistributionsfromAssociatedCompanies_documentation_en-US" xlink:label="lab_jef_CapitalDistributionsfromAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Distributions from Associated Companies </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_CapitalDistributionsfromAssociatedCompanies" xlink:href="jef-20201130.xsd#jef_CapitalDistributionsfromAssociatedCompanies"/>
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<link:label id="lab_us-gaap_EarningsPerShareDiluted_12613ebf-0da0-4b22-961e-59ceaba1dc77_totalLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income (USD per share) </link:label>
<link:label id="lab_us-gaap_EarningsPerShareDiluted_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Diluted </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareDiluted" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareDiluted"/>
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<link:label id="lab_jef_DisposalGroupIncludingDiscontinuedOperationServiceRevenue_4a8618db-173e-4d2f-bf60-eb49a921ff91_terseLabel_en-US" xlink:label="lab_jef_DisposalGroupIncludingDiscontinuedOperationServiceRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Beef processing services </link:label>
<link:label id="lab_jef_DisposalGroupIncludingDiscontinuedOperationServiceRevenue_label_en-US" xlink:label="lab_jef_DisposalGroupIncludingDiscontinuedOperationServiceRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Including Discontinued Operation, Service Revenue </link:label>
<link:label id="lab_jef_DisposalGroupIncludingDiscontinuedOperationServiceRevenue_documentation_en-US" xlink:label="lab_jef_DisposalGroupIncludingDiscontinuedOperationServiceRevenue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Including Discontinued Operation, Service Revenue </link:label>
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<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_b2906d41-c11f-4155-89d9-8a91e1142665_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>
<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leases, Future Minimum Payments, Due in Two Years </link:label>
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<link:label id="lab_us-gaap_VariableInterestEntityLineItems_74b6154a-febe-4f17-931e-ff109405fea9_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity [Line Items] </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityLineItems_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableInterestEntityLineItems"/>
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<link:label id="lab_us-gaap_ScheduleOfShortTermDebtTextBlock_48f51779-d537-49ca-b27a-12574f937d72_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfShortTermDebtTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Short-term Debt </link:label>
<link:label id="lab_us-gaap_ScheduleOfShortTermDebtTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfShortTermDebtTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Short-term Debt [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfShortTermDebtTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfShortTermDebtTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfShortTermDebtTextBlock" xlink:to="lab_us-gaap_ScheduleOfShortTermDebtTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterReclassificationAdjustmentTax_8b3416ab-2364-4c38-b26a-f14d0f9eb712_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterReclassificationAdjustmentTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in unrealized instrument specific credit risk gains (losses), income tax provision (benefit) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterReclassificationAdjustmentTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterReclassificationAdjustmentTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, after Reclassification Adjustment, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterReclassificationAdjustmentTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterReclassificationAdjustmentTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterReclassificationAdjustmentTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionAfterReclassificationAdjustmentTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_becc8091-4895-472d-bf54-e822aafd59a0_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock issued related to acquisition </link:label>
<link:label id="lab_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Consideration Transferred, Equity Interests Issued and Issuable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" xlink:to="lab_us-gaap_BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DividendEquivalentsDeclaredOnRestrictedStockUnits_ab059a2f-efa1-4f58-a31e-96578155fe22_terseLabel_en-US" xlink:label="lab_jef_DividendEquivalentsDeclaredOnRestrictedStockUnits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend equivalents declared on restricted stock units (in shares) </link:label>
<link:label id="lab_jef_DividendEquivalentsDeclaredOnRestrictedStockUnits_label_en-US" xlink:label="lab_jef_DividendEquivalentsDeclaredOnRestrictedStockUnits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend Equivalents Declared On Restricted Stock Units </link:label>
<link:label id="lab_jef_DividendEquivalentsDeclaredOnRestrictedStockUnits_documentation_en-US" xlink:label="lab_jef_DividendEquivalentsDeclaredOnRestrictedStockUnits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend equivalents declared on restricted stock units. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DividendEquivalentsDeclaredOnRestrictedStockUnits" xlink:href="jef-20201130.xsd#jef_DividendEquivalentsDeclaredOnRestrictedStockUnits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DividendEquivalentsDeclaredOnRestrictedStockUnits" xlink:to="lab_jef_DividendEquivalentsDeclaredOnRestrictedStockUnits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDebtTableTextBlock_a123f611-e100-4989-b685-750235c7a4aa_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDebtTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Outstanding Debt </link:label>
<link:label id="lab_us-gaap_ScheduleOfDebtTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDebtTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Debt [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDebtTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDebtTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDebtTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfDebtTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FundedEquityCommitments_24b24edb-396e-4f4c-87a7-6936b5c0f98a_terseLabel_en-US" xlink:label="lab_jef_FundedEquityCommitments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Funded equity commitments </link:label>
<link:label id="lab_jef_FundedEquityCommitments_label_en-US" xlink:label="lab_jef_FundedEquityCommitments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Funded Equity Commitments </link:label>
<link:label id="lab_jef_FundedEquityCommitments_documentation_en-US" xlink:label="lab_jef_FundedEquityCommitments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Funded amount of the committed equity capitalization at the balance sheet date. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FundedEquityCommitments" xlink:href="jef-20201130.xsd#jef_FundedEquityCommitments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FundedEquityCommitments" xlink:to="lab_jef_FundedEquityCommitments" xlink:type="arc" order="1"/>
<link:label id="lab_jef_InvestmentsContributedtoSubsidiary_55f962ac-006e-46cd-856c-13006654be31_terseLabel_en-US" xlink:label="lab_jef_InvestmentsContributedtoSubsidiary" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments contributed to subsidiary </link:label>
<link:label id="lab_jef_InvestmentsContributedtoSubsidiary_label_en-US" xlink:label="lab_jef_InvestmentsContributedtoSubsidiary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments Contributed to Subsidiary </link:label>
<link:label id="lab_jef_InvestmentsContributedtoSubsidiary_documentation_en-US" xlink:label="lab_jef_InvestmentsContributedtoSubsidiary" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments Contributed to Subsidiary </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_InvestmentsContributedtoSubsidiary" xlink:href="jef-20201130.xsd#jef_InvestmentsContributedtoSubsidiary"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_InvestmentsContributedtoSubsidiary" xlink:to="lab_jef_InvestmentsContributedtoSubsidiary" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_28771a7b-4d3d-4dcc-810b-1ccddd872f70_terseLabel_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible Assets, Net and Goodwill </link:label>
<link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill and Intangible Assets, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:to="lab_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ConsolidationEliminationsMember_9b667c88-2d48-4711-a66c-96df38f8cc52_verboseLabel_en-US" xlink:label="lab_srt_ConsolidationEliminationsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation adjustments </link:label>
<link:label id="lab_srt_ConsolidationEliminationsMember_label_en-US" xlink:label="lab_srt_ConsolidationEliminationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation, Eliminations [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidationEliminationsMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ConsolidationEliminationsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidationEliminationsMember" xlink:to="lab_srt_ConsolidationEliminationsMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityAddressAddressLine1_184a9de4-4172-4c18-b8b6-97f368e341f7_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, Address Line One </link:label>
<link:label id="lab_dei_EntityAddressAddressLine1_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, Address Line One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine1" xlink:to="lab_dei_EntityAddressAddressLine1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense_f5e46295-eff3-4cb6-abad-fb8a89c387e7_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net interest expense related to unrecognized tax benefits </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Interest on Income Taxes Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PrimeRateMember_45553b10-94f8-4d63-af49-3e731a5ae6c9_terseLabel_en-US" xlink:label="lab_us-gaap_PrimeRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prime Rate </link:label>
<link:label id="lab_us-gaap_PrimeRateMember_label_en-US" xlink:label="lab_us-gaap_PrimeRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prime Rate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrimeRateMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PrimeRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrimeRateMember" xlink:to="lab_us-gaap_PrimeRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityEmergingGrowthCompany_79e1328f-e0ee-491d-a60f-3c3215e0de80_terseLabel_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Emerging Growth Company </link:label>
<link:label id="lab_dei_EntityEmergingGrowthCompany_label_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Emerging Growth Company </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityEmergingGrowthCompany" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany" xlink:to="lab_dei_EntityEmergingGrowthCompany" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RealEstateEquityMethodInvestmentsMember_acbbd19c-5a88-41d9-97c6-90335f1279eb_terseLabel_en-US" xlink:label="lab_jef_RealEstateEquityMethodInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real Estate Equity Method Investments </link:label>
<link:label id="lab_jef_RealEstateEquityMethodInvestmentsMember_label_en-US" xlink:label="lab_jef_RealEstateEquityMethodInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real Estate Equity Method Investments [Member] </link:label>
<link:label id="lab_jef_RealEstateEquityMethodInvestmentsMember_documentation_en-US" xlink:label="lab_jef_RealEstateEquityMethodInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real Estate Equity Method Investments [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RealEstateEquityMethodInvestmentsMember" xlink:href="jef-20201130.xsd#jef_RealEstateEquityMethodInvestmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RealEstateEquityMethodInvestmentsMember" xlink:to="lab_jef_RealEstateEquityMethodInvestmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwill_2b2e3d16-4888-41c1-a8ce-fce7cefcaadb_terseLabel_en-US" xlink:label="lab_us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Indefinite lived intangibles </link:label>
<link:label id="lab_us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwill_label_en-US" xlink:label="lab_us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Indefinite-lived Intangible Assets (Excluding Goodwill) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwill" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwill"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwill" xlink:to="lab_us-gaap_IndefiniteLivedIntangibleAssetsExcludingGoodwill" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefit_daa04e8a-a472-4459-83fb-6d9978179d2b_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total deferred income taxes </link:label>
<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiability_b55baf89-d7a1-4b1f-9bc2-01f4c1831302_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value, liabilities </link:label>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiability_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:type="arc" order="1"/>
<link:label id="lab_jef_NetIncomeLossBeforePreferredDividends_cfee96bf-b072-4ec9-b99f-0c99be11a2e8_totalLabel_en-US" xlink:label="lab_jef_NetIncomeLossBeforePreferredDividends" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income </link:label>
<link:label id="lab_jef_NetIncomeLossBeforePreferredDividends_52e761bc-6ceb-4763-85bf-06cbffba5e2d_terseLabel_en-US" xlink:label="lab_jef_NetIncomeLossBeforePreferredDividends" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income </link:label>
<link:label id="lab_jef_NetIncomeLossBeforePreferredDividends_label_en-US" xlink:label="lab_jef_NetIncomeLossBeforePreferredDividends" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Before Preferred Dividends </link:label>
<link:label id="lab_jef_NetIncomeLossBeforePreferredDividends_documentation_en-US" xlink:label="lab_jef_NetIncomeLossBeforePreferredDividends" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Before Preferred Dividends </link:label>
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<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_9b760d00-8aff-4c80-b088-201fc10853f8_verboseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangibles, accumulated amortization </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Accumulated Amortization </link:label>
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<link:label id="lab_srt_MaximumMember_343d0e64-9010-4e8f-9e46-31be0ad2a271_terseLabel_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum </link:label>
<link:label id="lab_srt_MaximumMember_label_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum [Member] </link:label>
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<link:label id="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax_615a37f3-f72e-48b0-b5d1-c6ef996937b1_totalLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income from discontinued operations before income taxes </link:label>
<link:label id="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax"/>
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<link:label id="lab_us-gaap_FederalFundsEffectiveSwapRateMember_1b9eb983-aa65-47f6-a0dc-4612f67a6a67_terseLabel_en-US" xlink:label="lab_us-gaap_FederalFundsEffectiveSwapRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal funds rate </link:label>
<link:label id="lab_us-gaap_FederalFundsEffectiveSwapRateMember_label_en-US" xlink:label="lab_us-gaap_FederalFundsEffectiveSwapRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fed Funds Effective Rate Overnight Index Swap Rate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FederalFundsEffectiveSwapRateMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FederalFundsEffectiveSwapRateMember"/>
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<link:label id="lab_us-gaap_SecuritiesBorrowedAndLoanedPolicy_a09647c5-6928-458f-9071-f4fbf485aabe_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedAndLoanedPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed And Securities Loaned </link:label>
<link:label id="lab_us-gaap_SecuritiesBorrowedAndLoanedPolicy_label_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedAndLoanedPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed and Loaned Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesBorrowedAndLoanedPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesBorrowedAndLoanedPolicy"/>
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<link:label id="lab_us-gaap_NoncontrollingInterestMember_9a72d8cd-a348-4113-8694-87f3054b2efe_terseLabel_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-controlling Interests </link:label>
<link:label id="lab_us-gaap_NoncontrollingInterestMember_label_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncontrolling Interest [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoncontrollingInterestMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NoncontrollingInterestMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncontrollingInterestMember" xlink:to="lab_us-gaap_NoncontrollingInterestMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations_376d9d26-5c32-4779-9cef-3b49f89a22e8_terseLabel_en-US" xlink:label="lab_us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash provided by investing activities - discontinued operations </link:label>
<link:label id="lab_us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations_label_en-US" xlink:label="lab_us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Provided by (Used in) Investing Activities, Discontinued Operations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" xlink:to="lab_us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RepaymentsOfOtherDebt_ddef4ce7-150d-4afc-b469-f9833593a8b4_negatedLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfOtherDebt" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repayment of debt </link:label>
<link:label id="lab_us-gaap_RepaymentsOfOtherDebt_label_en-US" xlink:label="lab_us-gaap_RepaymentsOfOtherDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repayments of Other Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfOtherDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RepaymentsOfOtherDebt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfOtherDebt" xlink:to="lab_us-gaap_RepaymentsOfOtherDebt" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments_cd82edbf-f73b-4755-b7ce-44bb17e35096_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded Commitments </link:label>
<link:label id="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments_label_en-US" xlink:label="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareUnfundedCommittments"/>
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<link:label id="lab_jef_Automobileloanreceivablessecuritized_b5a4c2e5-af58-441b-b2a1-300ce15bdbb4_terseLabel_en-US" xlink:label="lab_jef_Automobileloanreceivablessecuritized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Automobile loan receivables securitized </link:label>
<link:label id="lab_jef_Automobileloanreceivablessecuritized_label_en-US" xlink:label="lab_jef_Automobileloanreceivablessecuritized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Automobile loan receivables securitized </link:label>
<link:label id="lab_jef_Automobileloanreceivablessecuritized_documentation_en-US" xlink:label="lab_jef_Automobileloanreceivablessecuritized" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Automobile loan receivables securitized </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_Automobileloanreceivablessecuritized" xlink:href="jef-20201130.xsd#jef_Automobileloanreceivablessecuritized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_Automobileloanreceivablessecuritized" xlink:to="lab_jef_Automobileloanreceivablessecuritized" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValueAbstract_967ed7af-9d09-4111-899e-efc909040ac0_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities: </link:label>
<link:label id="lab_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValueAbstract_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments Sold, Not yet Purchased, at Fair Value [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValueAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValueAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValueAbstract" xlink:to="lab_us-gaap_FinancialInstrumentsSoldNotYetPurchasedAtFairValueAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperations_e0e1e65d-4d9e-4d81-b62a-22ff3392c296_totalLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Actual income tax provision, percent </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperations_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations"/>
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<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss_bb5a7da0-ae4a-479f-9750-52e699f0d23b_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in unrealized gains/(losses) relating to instruments still held </link:label>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss"/>
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<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_552345d4-f75d-42c2-82e8-b0b983424a43_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] </link:label>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems"/>
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<link:label id="lab_srt_PayablesToBrokerDealersAndClearingOrganizations_03a9d481-f0e0-4694-ad2a-204bc7b5f6a7_terseLabel_en-US" xlink:label="lab_srt_PayablesToBrokerDealersAndClearingOrganizations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payables to brokers, dealers and clearing organizations </link:label>
<link:label id="lab_srt_PayablesToBrokerDealersAndClearingOrganizations_label_en-US" xlink:label="lab_srt_PayablesToBrokerDealersAndClearingOrganizations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Broker-Dealer, Payable to Other Broker-Dealer and Clearing Organization </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_PayablesToBrokerDealersAndClearingOrganizations" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_PayablesToBrokerDealersAndClearingOrganizations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_PayablesToBrokerDealersAndClearingOrganizations" xlink:to="lab_srt_PayablesToBrokerDealersAndClearingOrganizations" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_280037bd-f4b4-4120-bc6f-7948a8b24d75_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] </link:label>
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<link:label id="lab_us-gaap_AccumulatedGainLossFinancialLiabilityFairValueOptionIncludingPortionAttributableToNoncontrollingInterestMember_26a30694-90af-46a5-96ca-457e24afb01e_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedGainLossFinancialLiabilityFairValueOptionIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net unrealized losses on instrument specific credit risk </link:label>
<link:label id="lab_us-gaap_AccumulatedGainLossFinancialLiabilityFairValueOptionIncludingPortionAttributableToNoncontrollingInterestMember_90e6bd3f-01b1-4209-b26f-5cef3c266985_verboseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedGainLossFinancialLiabilityFairValueOptionIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net unrealized gains (losses) on instrument specific credit risk, net of income tax provision (benefit) of $146 and $(144) </link:label>
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<link:label id="lab_us-gaap_ExternalCreditRatingNonInvestmentGradeMember_58c080d1-7fb1-4c04-a7d3-e0ba0cacef62_terseLabel_en-US" xlink:label="lab_us-gaap_ExternalCreditRatingNonInvestmentGradeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-investment Grade </link:label>
<link:label id="lab_us-gaap_ExternalCreditRatingNonInvestmentGradeMember_label_en-US" xlink:label="lab_us-gaap_ExternalCreditRatingNonInvestmentGradeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> External Credit Rating, Non Investment Grade [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ExternalCreditRatingNonInvestmentGradeMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ExternalCreditRatingNonInvestmentGradeMember"/>
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<link:label id="lab_us-gaap_OffsettingLiabilitiesTableTextBlock_ebcb387e-6db2-4b65-ab2d-a4764e067bac_terseLabel_en-US" xlink:label="lab_us-gaap_OffsettingLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Offsetting Liabilities </link:label>
<link:label id="lab_us-gaap_OffsettingLiabilitiesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_OffsettingLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Liabilities [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffsettingLiabilitiesTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OffsettingLiabilitiesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffsettingLiabilitiesTableTextBlock" xlink:to="lab_us-gaap_OffsettingLiabilitiesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentTypeCategorizationMember_b20bdbb2-6298-4dc1-be6a-3a7cbe05042e_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentTypeCategorizationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment [Domain] </link:label>
<link:label id="lab_us-gaap_InvestmentTypeCategorizationMember_label_en-US" xlink:label="lab_us-gaap_InvestmentTypeCategorizationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentTypeCategorizationMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentTypeCategorizationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentTypeCategorizationMember" xlink:to="lab_us-gaap_InvestmentTypeCategorizationMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_TradingSymbol_4315ed92-adcd-424f-9f88-e8d7e34846e0_terseLabel_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Symbol </link:label>
<link:label id="lab_dei_TradingSymbol_label_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Symbol </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_TradingSymbol" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_TradingSymbol"/>
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<link:label id="lab_us-gaap_RevenueFromRelatedParties_19dbe2fa-cef1-4251-86ae-9c2b65964dff_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueFromRelatedParties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from related parties </link:label>
<link:label id="lab_us-gaap_RevenueFromRelatedParties_label_en-US" xlink:label="lab_us-gaap_RevenueFromRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from Related Parties </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromRelatedParties" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenueFromRelatedParties"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueFromRelatedParties" xlink:to="lab_us-gaap_RevenueFromRelatedParties" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable_fa816326-d5c1-4788-a4a0-6184f7f39e55_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) [Table] </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisposalGroupClassificationDomain_bf87e775-2cc9-405e-8bd6-2fc9bbbc9b0f_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupClassificationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group Classification [Domain] </link:label>
<link:label id="lab_us-gaap_DisposalGroupClassificationDomain_label_en-US" xlink:label="lab_us-gaap_DisposalGroupClassificationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group Classification [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupClassificationDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupClassificationDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupClassificationDomain" xlink:to="lab_us-gaap_DisposalGroupClassificationDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable_68bdc67f-9f23-45c2-a0fe-17cfcbf85b16_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Revenues from External Customers and Long-Lived Assets [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Revenues from External Customers and Long-Lived Assets [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable"/>
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<link:label id="lab_us-gaap_ConvertiblePreferredDividendsNetOfTax_9ed4bbb7-732c-4a74-9558-4a37a89ce81d_verboseLabel_en-US" xlink:label="lab_us-gaap_ConvertiblePreferredDividendsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mandatorily redeemable convertible preferred share dividends </link:label>
<link:label id="lab_us-gaap_ConvertiblePreferredDividendsNetOfTax_label_en-US" xlink:label="lab_us-gaap_ConvertiblePreferredDividendsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Convertible Preferred Dividends, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConvertiblePreferredDividendsNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConvertiblePreferredDividendsNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConvertiblePreferredDividendsNetOfTax" xlink:to="lab_us-gaap_ConvertiblePreferredDividendsNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ChangesinFairValueofInvestments_ac71bd5a-a75c-4346-9255-cc8da206ca8d_terseLabel_en-US" xlink:label="lab_jef_ChangesinFairValueofInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in fair value of investments reflected as principal transactions </link:label>
<link:label id="lab_jef_ChangesinFairValueofInvestments_331682ef-df80-4c55-8930-6d78c9c3a789_verboseLabel_en-US" xlink:label="lab_jef_ChangesinFairValueofInvestments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (decrease) in fair value of investments </link:label>
<link:label id="lab_jef_ChangesinFairValueofInvestments_label_en-US" xlink:label="lab_jef_ChangesinFairValueofInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in Fair Value of Investments </link:label>
<link:label id="lab_jef_ChangesinFairValueofInvestments_documentation_en-US" xlink:label="lab_jef_ChangesinFairValueofInvestments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in Fair Value of Investments </link:label>
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<link:label id="lab_jef_ContractualObligationDueInSeventhYearAndThereafter_401e107e-abe7-4f65-8d25-7c996d8de7a1_terseLabel_en-US" xlink:label="lab_jef_ContractualObligationDueInSeventhYearAndThereafter" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2027 and Later </link:label>
<link:label id="lab_jef_ContractualObligationDueInSeventhYearAndThereafter_label_en-US" xlink:label="lab_jef_ContractualObligationDueInSeventhYearAndThereafter" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contractual Obligation, Due In Seventh Year And Thereafter </link:label>
<link:label id="lab_jef_ContractualObligationDueInSeventhYearAndThereafter_documentation_en-US" xlink:label="lab_jef_ContractualObligationDueInSeventhYearAndThereafter" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and guarantees expected to be due within 7 fiscal years and thereafter. These may include, equity, loan, mortgage-related and underwriting commitments and derivative guarantees, etc. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ContractualObligationDueInSeventhYearAndThereafter" xlink:href="jef-20201130.xsd#jef_ContractualObligationDueInSeventhYearAndThereafter"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ContractualObligationDueInSeventhYearAndThereafter" xlink:to="lab_jef_ContractualObligationDueInSeventhYearAndThereafter" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ContractWithCustomerAssetNet_f1e2c172-2100-4519-b8b4-7806b6568d12_terseLabel_en-US" xlink:label="lab_us-gaap_ContractWithCustomerAssetNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables related to revenue from contracts with customers </link:label>
<link:label id="lab_us-gaap_ContractWithCustomerAssetNet_label_en-US" xlink:label="lab_us-gaap_ContractWithCustomerAssetNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contract with Customer, Asset, after Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractWithCustomerAssetNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ContractWithCustomerAssetNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContractWithCustomerAssetNet" xlink:to="lab_us-gaap_ContractWithCustomerAssetNet" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DerivativeAssetsCrossProductCounterpartyNetting_1b0e6fbc-cfbd-48a6-b6bb-b79cc879f513_negatedLabel_en-US" xlink:label="lab_jef_DerivativeAssetsCrossProductCounterpartyNetting" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cross product counterparty netting </link:label>
<link:label id="lab_jef_DerivativeAssetsCrossProductCounterpartyNetting_label_en-US" xlink:label="lab_jef_DerivativeAssetsCrossProductCounterpartyNetting" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Assets Cross Product Counterparty Netting </link:label>
<link:label id="lab_jef_DerivativeAssetsCrossProductCounterpartyNetting_documentation_en-US" xlink:label="lab_jef_DerivativeAssetsCrossProductCounterpartyNetting" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Assets Cross Product Counterparty Netting. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DerivativeAssetsCrossProductCounterpartyNetting" xlink:href="jef-20201130.xsd#jef_DerivativeAssetsCrossProductCounterpartyNetting"/>
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<link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_f81283f8-7dfd-4ec0-bf2f-7827592d4004_terseLabel_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Organization, Consolidation and Presentation of Financial Statements [Abstract] </link:label>
<link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_label_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Organization, Consolidation and Presentation of Financial Statements [Abstract] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_UnderwritingFees_a9818349-768b-4e23-8bd1-65784ac5a8ff_terseLabel_en-US" xlink:label="lab_jef_UnderwritingFees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Underwriting fees </link:label>
<link:label id="lab_jef_UnderwritingFees_label_en-US" xlink:label="lab_jef_UnderwritingFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Underwriting Fees </link:label>
<link:label id="lab_jef_UnderwritingFees_documentation_en-US" xlink:label="lab_jef_UnderwritingFees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Underwriting Fees </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_UnderwritingFees" xlink:href="jef-20201130.xsd#jef_UnderwritingFees"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_UnderwritingFees" xlink:to="lab_jef_UnderwritingFees" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RelatedPartyTransactionLoanReceivablesPurchased_6238410d-af72-4886-8791-b75904ba3754_terseLabel_en-US" xlink:label="lab_jef_RelatedPartyTransactionLoanReceivablesPurchased" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchases of loan receivables </link:label>
<link:label id="lab_jef_RelatedPartyTransactionLoanReceivablesPurchased_label_en-US" xlink:label="lab_jef_RelatedPartyTransactionLoanReceivablesPurchased" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party Transaction, Loan Receivables Purchased </link:label>
<link:label id="lab_jef_RelatedPartyTransactionLoanReceivablesPurchased_documentation_en-US" xlink:label="lab_jef_RelatedPartyTransactionLoanReceivablesPurchased" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party Transaction, Loan Receivables Purchased </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RelatedPartyTransactionLoanReceivablesPurchased" xlink:href="jef-20201130.xsd#jef_RelatedPartyTransactionLoanReceivablesPurchased"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RelatedPartyTransactionLoanReceivablesPurchased" xlink:to="lab_jef_RelatedPartyTransactionLoanReceivablesPurchased" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss_564d8848-fe66-4683-9753-36383c45e95a_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in unrealized gains/(losses) relating to instruments still held </link:label>
<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss_label_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:to="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign_c414587a-b68e-4327-ab4d-03a58c31ea5c_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-U.S. </link:label>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations before Income Taxes, Foreign </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityShellCompany_cf78b832-fbb5-4d7d-b946-f71f81d68792_terseLabel_en-US" xlink:label="lab_dei_EntityShellCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Shell Company </link:label>
<link:label id="lab_dei_EntityShellCompany_label_en-US" xlink:label="lab_dei_EntityShellCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Shell Company </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityShellCompany" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityShellCompany"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityShellCompany" xlink:to="lab_dei_EntityShellCompany" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SegmentReportingInformationLineItems_9a484b55-2d0f-4426-9dd3-0c920c58fb1b_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting Information [Line Items] </link:label>
<link:label id="lab_us-gaap_SegmentReportingInformationLineItems_label_en-US" xlink:label="lab_us-gaap_SegmentReportingInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting Information [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingInformationLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SegmentReportingInformationLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingInformationLineItems" xlink:to="lab_us-gaap_SegmentReportingInformationLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_jef_InvestmentCommitmentTerminationNoticePeriod_539530d6-2590-443a-aedf-f10b8b590a73_terseLabel_en-US" xlink:label="lab_jef_InvestmentCommitmentTerminationNoticePeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment commitment termination notice period </link:label>
<link:label id="lab_jef_InvestmentCommitmentTerminationNoticePeriod_label_en-US" xlink:label="lab_jef_InvestmentCommitmentTerminationNoticePeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Commitment Termination Notice Period </link:label>
<link:label id="lab_jef_InvestmentCommitmentTerminationNoticePeriod_documentation_en-US" xlink:label="lab_jef_InvestmentCommitmentTerminationNoticePeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Commitment Termination Notice Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_InvestmentCommitmentTerminationNoticePeriod" xlink:href="jef-20201130.xsd#jef_InvestmentCommitmentTerminationNoticePeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_InvestmentCommitmentTerminationNoticePeriod" xlink:to="lab_jef_InvestmentCommitmentTerminationNoticePeriod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CollateralizedLoanObligationsMember_52b5ab11-5aad-4afd-9c82-c272730f69c4_terseLabel_en-US" xlink:label="lab_us-gaap_CollateralizedLoanObligationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CLOs </link:label>
<link:label id="lab_us-gaap_CollateralizedLoanObligationsMember_label_en-US" xlink:label="lab_us-gaap_CollateralizedLoanObligationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Loan Obligations [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CollateralizedLoanObligationsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CollateralizedLoanObligationsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CollateralizedLoanObligationsMember" xlink:to="lab_us-gaap_CollateralizedLoanObligationsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoanProcessingFee_076b3a38-b022-47c0-9ac7-633531ad4317_terseLabel_en-US" xlink:label="lab_us-gaap_LoanProcessingFee" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Origination fee expenses </link:label>
<link:label id="lab_us-gaap_LoanProcessingFee_label_en-US" xlink:label="lab_us-gaap_LoanProcessingFee" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loan Processing Fee </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoanProcessingFee" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LoanProcessingFee"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoanProcessingFee" xlink:to="lab_us-gaap_LoanProcessingFee" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputDefaultRateMember_631495fe-9ee7-464a-a913-834c453d3f49_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputDefaultRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Constant default rate </link:label>
<link:label id="lab_us-gaap_MeasurementInputDefaultRateMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputDefaultRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Default Rate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputDefaultRateMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MeasurementInputDefaultRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputDefaultRateMember" xlink:to="lab_us-gaap_MeasurementInputDefaultRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3_a7ef2851-ef68-4224-9e95-db1e2f75d3ef_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers of assets from Level 2 to Level 3 </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxReconciliationOtherReconcilingItems_bd594d9d-2a8f-4795-a947-b0480acc279b_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationOtherReconcilingItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other, net, Amount </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationOtherReconcilingItems_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationOtherReconcilingItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationOtherReconcilingItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxReconciliationOtherReconcilingItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationOtherReconcilingItems" xlink:to="lab_us-gaap_IncomeTaxReconciliationOtherReconcilingItems" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityPublicFloat_cbe620fa-8a42-4958-b381-35d9aa35aa63_terseLabel_en-US" xlink:label="lab_dei_EntityPublicFloat" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Public Float </link:label>
<link:label id="lab_dei_EntityPublicFloat_label_en-US" xlink:label="lab_dei_EntityPublicFloat" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Public Float </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityPublicFloat" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPublicFloat"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityPublicFloat" xlink:to="lab_dei_EntityPublicFloat" xlink:type="arc" order="1"/>
<link:label id="lab_jef_BrooklynRenaissancePlazaOfficeMember_7984d3fc-cef7-49ce-8444-b051fd6519f0_terseLabel_en-US" xlink:label="lab_jef_BrooklynRenaissancePlazaOfficeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Brooklyn Renaissance Plaza Office </link:label>
<link:label id="lab_jef_BrooklynRenaissancePlazaOfficeMember_label_en-US" xlink:label="lab_jef_BrooklynRenaissancePlazaOfficeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Brooklyn Renaissance Plaza Office [Member] </link:label>
<link:label id="lab_jef_BrooklynRenaissancePlazaOfficeMember_documentation_en-US" xlink:label="lab_jef_BrooklynRenaissancePlazaOfficeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Brooklyn Renaissance Plaza Office </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_BrooklynRenaissancePlazaOfficeMember" xlink:href="jef-20201130.xsd#jef_BrooklynRenaissancePlazaOfficeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_BrooklynRenaissancePlazaOfficeMember" xlink:to="lab_jef_BrooklynRenaissancePlazaOfficeMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentType_2d20230d-34b0-4f24-943d-583b9a0104b4_terseLabel_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Type </link:label>
<link:label id="lab_dei_DocumentType_label_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Type </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentType"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" xlink:type="arc" order="1"/>
<link:label id="lab_dei_IcfrAuditorAttestationFlag_e5453bd4-0e68-4223-a88a-cf1aa8add1db_terseLabel_en-US" xlink:label="lab_dei_IcfrAuditorAttestationFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ICFR Auditor Attestation Flag </link:label>
<link:label id="lab_dei_IcfrAuditorAttestationFlag_label_en-US" xlink:label="lab_dei_IcfrAuditorAttestationFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ICFR Auditor Attestation Flag </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_IcfrAuditorAttestationFlag" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_IcfrAuditorAttestationFlag"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_IcfrAuditorAttestationFlag" xlink:to="lab_dei_IcfrAuditorAttestationFlag" xlink:type="arc" order="1"/>
<link:label id="lab_jef_AssetManagementSegmentMember_e3a970af-66df-4ab4-a4f3-8f00c179d582_terseLabel_en-US" xlink:label="lab_jef_AssetManagementSegmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Management </link:label>
<link:label id="lab_jef_AssetManagementSegmentMember_label_en-US" xlink:label="lab_jef_AssetManagementSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Management Segment [Member] </link:label>
<link:label id="lab_jef_AssetManagementSegmentMember_documentation_en-US" xlink:label="lab_jef_AssetManagementSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Management Segment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_AssetManagementSegmentMember" xlink:href="jef-20201130.xsd#jef_AssetManagementSegmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_AssetManagementSegmentMember" xlink:to="lab_jef_AssetManagementSegmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ConsumerLoanAndOtherAssetBackedVehiclesMember_8ba5aee8-c99c-4ec2-9a21-25a60266538d_terseLabel_en-US" xlink:label="lab_jef_ConsumerLoanAndOtherAssetBackedVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consumer loan and other asset-backed vehicles </link:label>
<link:label id="lab_jef_ConsumerLoanAndOtherAssetBackedVehiclesMember_label_en-US" xlink:label="lab_jef_ConsumerLoanAndOtherAssetBackedVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consumer Loan And Other Asset-Backed Vehicles [Member] </link:label>
<link:label id="lab_jef_ConsumerLoanAndOtherAssetBackedVehiclesMember_documentation_en-US" xlink:label="lab_jef_ConsumerLoanAndOtherAssetBackedVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consumer Loan And Other Asset-Backed Vehicles [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ConsumerLoanAndOtherAssetBackedVehiclesMember" xlink:href="jef-20201130.xsd#jef_ConsumerLoanAndOtherAssetBackedVehiclesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ConsumerLoanAndOtherAssetBackedVehiclesMember" xlink:to="lab_jef_ConsumerLoanAndOtherAssetBackedVehiclesMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_CreditContractsMember_cc082a31-92b5-45c4-8aa9-77a4b9bfd10e_terseLabel_en-US" xlink:label="lab_jef_CreditContractsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity contracts: </link:label>
<link:label id="lab_jef_CreditContractsMember_label_en-US" xlink:label="lab_jef_CreditContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Contracts [Member] </link:label>
<link:label id="lab_jef_CreditContractsMember_documentation_en-US" xlink:label="lab_jef_CreditContractsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Contracts [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_CreditContractsMember" xlink:href="jef-20201130.xsd#jef_CreditContractsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_CreditContractsMember" xlink:to="lab_jef_CreditContractsMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DenominatorForEarningsLossPerShareAbstract_ae72d051-872a-44e1-a26b-2f1080eb8e4a_terseLabel_en-US" xlink:label="lab_jef_DenominatorForEarningsLossPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Denominator for earnings per share: </link:label>
<link:label id="lab_jef_DenominatorForEarningsLossPerShareAbstract_label_en-US" xlink:label="lab_jef_DenominatorForEarningsLossPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Denominator For Earnings Loss Per Share [Abstract] </link:label>
<link:label id="lab_jef_DenominatorForEarningsLossPerShareAbstract_documentation_en-US" xlink:label="lab_jef_DenominatorForEarningsLossPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Denominator For Earnings Loss Per Share [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DenominatorForEarningsLossPerShareAbstract" xlink:href="jef-20201130.xsd#jef_DenominatorForEarningsLossPerShareAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DenominatorForEarningsLossPerShareAbstract" xlink:to="lab_jef_DenominatorForEarningsLossPerShareAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_LoanCommitmentsMember_74f24944-23ee-43dc-84ab-c654e27ad2f2_terseLabel_en-US" xlink:label="lab_jef_LoanCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loan commitments </link:label>
<link:label id="lab_jef_LoanCommitmentsMember_label_en-US" xlink:label="lab_jef_LoanCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loan Commitments [Member] </link:label>
<link:label id="lab_jef_LoanCommitmentsMember_documentation_en-US" xlink:label="lab_jef_LoanCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loan commitments. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_LoanCommitmentsMember" xlink:href="jef-20201130.xsd#jef_LoanCommitmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_LoanCommitmentsMember" xlink:to="lab_jef_LoanCommitmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_13467a6f-93a5-4840-b85a-bb56087ce75e_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Variable Interest Entities </link:label>
<link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Variable Interest Entities [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:to="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_AssetsTransferredDueToSecuritization_29c46887-f1ab-4a10-ac75-8334da06a7c7_terseLabel_en-US" xlink:label="lab_jef_AssetsTransferredDueToSecuritization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transferred assets </link:label>
<link:label id="lab_jef_AssetsTransferredDueToSecuritization_label_en-US" xlink:label="lab_jef_AssetsTransferredDueToSecuritization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets Transferred Due to Securitization </link:label>
<link:label id="lab_jef_AssetsTransferredDueToSecuritization_documentation_en-US" xlink:label="lab_jef_AssetsTransferredDueToSecuritization" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets transferred due to securitization activities in which the Company had continuing involvement. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_AssetsTransferredDueToSecuritization" xlink:href="jef-20201130.xsd#jef_AssetsTransferredDueToSecuritization"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_AssetsTransferredDueToSecuritization" xlink:to="lab_jef_AssetsTransferredDueToSecuritization" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementBusinessSegmentsAxis_a62822d2-45d1-4a03-a1be-f6faff5dc286_terseLabel_en-US" xlink:label="lab_us-gaap_StatementBusinessSegmentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segments [Axis] </link:label>
<link:label id="lab_us-gaap_StatementBusinessSegmentsAxis_label_en-US" xlink:label="lab_us-gaap_StatementBusinessSegmentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segments [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementBusinessSegmentsAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementBusinessSegmentsAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementBusinessSegmentsAxis" xlink:to="lab_us-gaap_StatementBusinessSegmentsAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_f6fa092f-330a-4cc1-b5ca-47867d92a563_verboseLabel_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension Plans and Postretirement Benefits </link:label>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Benefits [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:to="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OwnershipPercentage_f528a896-4480-4737-b3a1-31662897b2f7_terseLabel_en-US" xlink:label="lab_jef_OwnershipPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ownership percentage </link:label>
<link:label id="lab_jef_OwnershipPercentage_b97750c8-041e-4aa7-8ff7-7067cabf4d41_verboseLabel_en-US" xlink:label="lab_jef_OwnershipPercentage" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ownership percentage by noncontrolling owners (less than) </link:label>
<link:label id="lab_jef_OwnershipPercentage_label_en-US" xlink:label="lab_jef_OwnershipPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ownership Percentage </link:label>
<link:label id="lab_jef_OwnershipPercentage_documentation_en-US" xlink:label="lab_jef_OwnershipPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ownership Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OwnershipPercentage" xlink:href="jef-20201130.xsd#jef_OwnershipPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OwnershipPercentage" xlink:to="lab_jef_OwnershipPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock_a90fb8b4-4b0b-40b0-9e7f-bd72addbcda3_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary Of Accumulated Other Comprehensive Income, Net Of Taxes </link:label>
<link:label id="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_1cdc4ede-449f-4efd-9ed0-4449d12fb645_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fulfillment of vesting requirement (USD per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OffsettingSecuritiesSoldUnderAgreementsToResellAbstract_ea4cc8bc-0fd5-4804-aabd-147c1473effc_terseLabel_en-US" xlink:label="lab_us-gaap_OffsettingSecuritiesSoldUnderAgreementsToResellAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase agreements, Liabilities </link:label>
<link:label id="lab_us-gaap_OffsettingSecuritiesSoldUnderAgreementsToResellAbstract_label_en-US" xlink:label="lab_us-gaap_OffsettingSecuritiesSoldUnderAgreementsToResellAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Securities Sold under Agreements to Repurchase [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffsettingSecuritiesSoldUnderAgreementsToResellAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OffsettingSecuritiesSoldUnderAgreementsToResellAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffsettingSecuritiesSoldUnderAgreementsToResellAbstract" xlink:to="lab_us-gaap_OffsettingSecuritiesSoldUnderAgreementsToResellAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_WeightedAverageCommonSharesOutstanding_42b62b4e-6e8a-4858-a592-bef2eb6a5c1f_terseLabel_en-US" xlink:label="lab_jef_WeightedAverageCommonSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average common shares outstanding (in shares) </link:label>
<link:label id="lab_jef_WeightedAverageCommonSharesOutstanding_label_en-US" xlink:label="lab_jef_WeightedAverageCommonSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Common Shares Outstanding </link:label>
<link:label id="lab_jef_WeightedAverageCommonSharesOutstanding_documentation_en-US" xlink:label="lab_jef_WeightedAverageCommonSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Common Shares Outstanding </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_WeightedAverageCommonSharesOutstanding" xlink:href="jef-20201130.xsd#jef_WeightedAverageCommonSharesOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_WeightedAverageCommonSharesOutstanding" xlink:to="lab_jef_WeightedAverageCommonSharesOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationInterestOnUnrecognizedTaxBenefitsPercent_9d2f5eb8-26f8-4b17-a4c7-8106a315c2e6_terseLabel_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationInterestOnUnrecognizedTaxBenefitsPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest on unrecognized tax benefits, Percent </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationInterestOnUnrecognizedTaxBenefitsPercent_label_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationInterestOnUnrecognizedTaxBenefitsPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Interest on Unrecognized Tax Benefits, Percent </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationInterestOnUnrecognizedTaxBenefitsPercent_documentation_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationInterestOnUnrecognizedTaxBenefitsPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Interest on Unrecognized Tax Benefits, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EffectiveIncomeTaxRateReconciliationInterestOnUnrecognizedTaxBenefitsPercent" xlink:href="jef-20201130.xsd#jef_EffectiveIncomeTaxRateReconciliationInterestOnUnrecognizedTaxBenefitsPercent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EffectiveIncomeTaxRateReconciliationInterestOnUnrecognizedTaxBenefitsPercent" xlink:to="lab_jef_EffectiveIncomeTaxRateReconciliationInterestOnUnrecognizedTaxBenefitsPercent" xlink:type="arc" order="1"/>
<link:label id="lab_jef_VolatilityBenchmarkingMember_a916ce22-e358-40ba-9d93-8d6dc17cf4c6_terseLabel_en-US" xlink:label="lab_jef_VolatilityBenchmarkingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Volatility benchmarking </link:label>
<link:label id="lab_jef_VolatilityBenchmarkingMember_label_en-US" xlink:label="lab_jef_VolatilityBenchmarkingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Volatility Benchmarking [Member] </link:label>
<link:label id="lab_jef_VolatilityBenchmarkingMember_documentation_en-US" xlink:label="lab_jef_VolatilityBenchmarkingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Volatility Benchmarking [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_VolatilityBenchmarkingMember" xlink:href="jef-20201130.xsd#jef_VolatilityBenchmarkingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_VolatilityBenchmarkingMember" xlink:to="lab_jef_VolatilityBenchmarkingMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_InvestmentinSeniorSecuredTermLoanMember_dc24a599-30ef-4da1-bd56-6827161a5e51_terseLabel_en-US" xlink:label="lab_jef_InvestmentinSeniorSecuredTermLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment in FXCM </link:label>
<link:label id="lab_jef_InvestmentinSeniorSecuredTermLoanMember_label_en-US" xlink:label="lab_jef_InvestmentinSeniorSecuredTermLoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment in Senior Secured Term Loan [Member] </link:label>
<link:label id="lab_jef_InvestmentinSeniorSecuredTermLoanMember_documentation_en-US" xlink:label="lab_jef_InvestmentinSeniorSecuredTermLoanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment in Senior Secured Term Loan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_InvestmentinSeniorSecuredTermLoanMember" xlink:href="jef-20201130.xsd#jef_InvestmentinSeniorSecuredTermLoanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_InvestmentinSeniorSecuredTermLoanMember" xlink:to="lab_jef_InvestmentinSeniorSecuredTermLoanMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueInputsLevel3Member_55d75d98-61b2-4b36-8f4c-790721970d88_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel3Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Level 3 </link:label>
<link:label id="lab_us-gaap_FairValueInputsLevel3Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel3Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Inputs, Level 3 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel3Member" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInputsLevel3Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel3Member" xlink:to="lab_us-gaap_FairValueInputsLevel3Member" xlink:type="arc" order="1"/>
<link:label id="lab_jef_AdvancestoSubsidiaries_de21eb3a-0955-4d38-b2b1-e35c22459c46_terseLabel_en-US" xlink:label="lab_jef_AdvancestoSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advances to subsidiaries </link:label>
<link:label id="lab_jef_AdvancestoSubsidiaries_label_en-US" xlink:label="lab_jef_AdvancestoSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advances to Subsidiaries </link:label>
<link:label id="lab_jef_AdvancestoSubsidiaries_documentation_en-US" xlink:label="lab_jef_AdvancestoSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advances to Subsidiaries </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_AdvancestoSubsidiaries" xlink:href="jef-20201130.xsd#jef_AdvancestoSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_AdvancestoSubsidiaries" xlink:to="lab_jef_AdvancestoSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GuaranteeObligationsNatureDomain_6e01951f-9a1d-40e6-92c9-4ca4e1d75f6d_terseLabel_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsNatureDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantor Obligations, Nature [Domain] </link:label>
<link:label id="lab_us-gaap_GuaranteeObligationsNatureDomain_label_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsNatureDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantor Obligations, Nature [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GuaranteeObligationsNatureDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GuaranteeObligationsNatureDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GuaranteeObligationsNatureDomain" xlink:to="lab_us-gaap_GuaranteeObligationsNatureDomain" xlink:type="arc" order="1"/>
<link:label id="lab_jef_GainLossOnSaleOfEquityMethodInvestmentsAndAssociatedRealEstateSubsidiaries_30ea730f-82a8-4d1a-8789-2e1f0912f7f6_terseLabel_en-US" xlink:label="lab_jef_GainLossOnSaleOfEquityMethodInvestmentsAndAssociatedRealEstateSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pre-tax gain on sale of equity interests and associated real estate </link:label>
<link:label id="lab_jef_GainLossOnSaleOfEquityMethodInvestmentsAndAssociatedRealEstateSubsidiaries_label_en-US" xlink:label="lab_jef_GainLossOnSaleOfEquityMethodInvestmentsAndAssociatedRealEstateSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain (Loss) On Sale Of Equity Method Investments And Associated Real Estate Subsidiaries </link:label>
<link:label id="lab_jef_GainLossOnSaleOfEquityMethodInvestmentsAndAssociatedRealEstateSubsidiaries_documentation_en-US" xlink:label="lab_jef_GainLossOnSaleOfEquityMethodInvestmentsAndAssociatedRealEstateSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain (Loss) On Sale Of Equity Method Investments And Associated Real Estate Subsidiaries </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_GainLossOnSaleOfEquityMethodInvestmentsAndAssociatedRealEstateSubsidiaries" xlink:href="jef-20201130.xsd#jef_GainLossOnSaleOfEquityMethodInvestmentsAndAssociatedRealEstateSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_GainLossOnSaleOfEquityMethodInvestmentsAndAssociatedRealEstateSubsidiaries" xlink:to="lab_jef_GainLossOnSaleOfEquityMethodInvestmentsAndAssociatedRealEstateSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeLeasesPolicyTextBlock_69cf5e7c-a683-4158-a9e9-05b0813658db_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeLeasesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease Accounting </link:label>
<link:label id="lab_us-gaap_LesseeLeasesPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_LesseeLeasesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Leases [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeLeasesPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeLeasesPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeLeasesPolicyTextBlock" xlink:to="lab_us-gaap_LesseeLeasesPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockRepurchasedDuringPeriodShares_b5843d77-29e5-45db-acbe-e76450d02b09_terseLabel_en-US" xlink:label="lab_us-gaap_StockRepurchasedDuringPeriodShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of shares repurchased during period (in shares) </link:label>
<link:label id="lab_us-gaap_StockRepurchasedDuringPeriodShares_label_en-US" xlink:label="lab_us-gaap_StockRepurchasedDuringPeriodShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Repurchased During Period, Shares </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockRepurchasedDuringPeriodShares" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodShares"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchasedDuringPeriodShares" xlink:to="lab_us-gaap_StockRepurchasedDuringPeriodShares" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ContractualObligation_7c6b3487-4ec8-41f4-9507-7ea3e541b2b1_totalLabel_en-US" xlink:label="lab_us-gaap_ContractualObligation" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum Payout </link:label>
<link:label id="lab_us-gaap_ContractualObligation_label_en-US" xlink:label="lab_us-gaap_ContractualObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contractual Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractualObligation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ContractualObligation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContractualObligation" xlink:to="lab_us-gaap_ContractualObligation" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RoyalBankOfCanadaCreditFacilityMember_34cea1f6-fe72-4a01-a193-fe4e0eb372b7_terseLabel_en-US" xlink:label="lab_jef_RoyalBankOfCanadaCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Royal Bank of Canada credit facility </link:label>
<link:label id="lab_jef_RoyalBankOfCanadaCreditFacilityMember_label_en-US" xlink:label="lab_jef_RoyalBankOfCanadaCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Royal Bank of Canada Credit Facility [Member] </link:label>
<link:label id="lab_jef_RoyalBankOfCanadaCreditFacilityMember_documentation_en-US" xlink:label="lab_jef_RoyalBankOfCanadaCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Royal Bank of Canada Credit Facility </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RoyalBankOfCanadaCreditFacilityMember" xlink:href="jef-20201130.xsd#jef_RoyalBankOfCanadaCreditFacilityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RoyalBankOfCanadaCreditFacilityMember" xlink:to="lab_jef_RoyalBankOfCanadaCreditFacilityMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_MeasurementInputBasisPointsMember_0d694c22-eefc-435b-9187-43aa7e2e9f30_terseLabel_en-US" xlink:label="lab_jef_MeasurementInputBasisPointsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basis points upfront </link:label>
<link:label id="lab_jef_MeasurementInputBasisPointsMember_label_en-US" xlink:label="lab_jef_MeasurementInputBasisPointsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Basis Points [Member] </link:label>
<link:label id="lab_jef_MeasurementInputBasisPointsMember_documentation_en-US" xlink:label="lab_jef_MeasurementInputBasisPointsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Basis Points [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_MeasurementInputBasisPointsMember" xlink:href="jef-20201130.xsd#jef_MeasurementInputBasisPointsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_MeasurementInputBasisPointsMember" xlink:to="lab_jef_MeasurementInputBasisPointsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInPayablesUnderRepurchaseAgreements_45c45304-2187-4df0-bf36-3e9b28cb9da9_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPayablesUnderRepurchaseAgreements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities sold under agreements to repurchase </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInPayablesUnderRepurchaseAgreements_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPayablesUnderRepurchaseAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Payables under Repurchase Agreements </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInPayablesUnderRepurchaseAgreements" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInPayablesUnderRepurchaseAgreements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInPayablesUnderRepurchaseAgreements" xlink:to="lab_us-gaap_IncreaseDecreaseInPayablesUnderRepurchaseAgreements" xlink:type="arc" order="1"/>
<link:label id="lab_jef_BerkadiaTransferredMember_2e9427db-0101-49a6-86e8-2aaae3a075c4_terseLabel_en-US" xlink:label="lab_jef_BerkadiaTransferredMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leucadia Asset Management and Berkadia Transferred </link:label>
<link:label id="lab_jef_BerkadiaTransferredMember_label_en-US" xlink:label="lab_jef_BerkadiaTransferredMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Berkadia Transferred [Member] </link:label>
<link:label id="lab_jef_BerkadiaTransferredMember_documentation_en-US" xlink:label="lab_jef_BerkadiaTransferredMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Berkadia Transferred [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_BerkadiaTransferredMember" xlink:href="jef-20201130.xsd#jef_BerkadiaTransferredMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_BerkadiaTransferredMember" xlink:to="lab_jef_BerkadiaTransferredMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid_02b5ae49-6867-486b-942c-ba6f3d85d802_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Benefits paid </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Benefits Paid </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:to="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssets_9c1cc010-3d88-49ed-be1f-ff17b7a5733d_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative assets </link:label>
<link:label id="lab_us-gaap_DerivativeAssets_992d85e6-f1e7-43b8-b222-3540c31893a4_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net amounts in consolidated statements of financial condition, assets </link:label>
<link:label id="lab_us-gaap_DerivativeAssets_label_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssets" xlink:to="lab_us-gaap_DerivativeAssets" xlink:type="arc" order="1"/>
<link:label id="lab_jef_JefferiesGroupPlanMember_59d6b409-85c4-4c50-9adf-e8226d3a7531_terseLabel_en-US" xlink:label="lab_jef_JefferiesGroupPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jefferies Group Plan </link:label>
<link:label id="lab_jef_JefferiesGroupPlanMember_label_en-US" xlink:label="lab_jef_JefferiesGroupPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jefferies Group Plan [Member] </link:label>
<link:label id="lab_jef_JefferiesGroupPlanMember_documentation_en-US" xlink:label="lab_jef_JefferiesGroupPlanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jefferies Group Plan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_JefferiesGroupPlanMember" xlink:href="jef-20201130.xsd#jef_JefferiesGroupPlanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_JefferiesGroupPlanMember" xlink:to="lab_jef_JefferiesGroupPlanMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LineOfCreditMember_4b1f30bc-cb0f-4a39-aac7-c5c3d2537c60_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of credit </link:label>
<link:label id="lab_us-gaap_LineOfCreditMember_20589036-ad3f-4605-b322-552cedc251f7_verboseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit facility </link:label>
<link:label id="lab_us-gaap_LineOfCreditMember_label_en-US" xlink:label="lab_us-gaap_LineOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditMember" xlink:to="lab_us-gaap_LineOfCreditMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_MinorityInterestIncreaseFromContributionsToParent_f092523b-0547-4549-9398-11e724ed45a3_terseLabel_en-US" xlink:label="lab_jef_MinorityInterestIncreaseFromContributionsToParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contributions from noncontrolling interests </link:label>
<link:label id="lab_jef_MinorityInterestIncreaseFromContributionsToParent_label_en-US" xlink:label="lab_jef_MinorityInterestIncreaseFromContributionsToParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minority Interest, Increase from Contributions to Parent </link:label>
<link:label id="lab_jef_MinorityInterestIncreaseFromContributionsToParent_documentation_en-US" xlink:label="lab_jef_MinorityInterestIncreaseFromContributionsToParent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minority Interest, Increase from Contributions to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_MinorityInterestIncreaseFromContributionsToParent" xlink:href="jef-20201130.xsd#jef_MinorityInterestIncreaseFromContributionsToParent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_MinorityInterestIncreaseFromContributionsToParent" xlink:to="lab_jef_MinorityInterestIncreaseFromContributionsToParent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_05e4c8e5-7359-4a3a-b66c-4a178d2682f8_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Financial Instruments </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments and Hedging Activities Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:to="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtherFundsMember_5d0f39ec-1059-477f-825d-c6c3b24b8719_terseLabel_en-US" xlink:label="lab_jef_OtherFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Funds </link:label>
<link:label id="lab_jef_OtherFundsMember_label_en-US" xlink:label="lab_jef_OtherFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Funds [Member] </link:label>
<link:label id="lab_jef_OtherFundsMember_documentation_en-US" xlink:label="lab_jef_OtherFundsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Funds [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtherFundsMember" xlink:href="jef-20201130.xsd#jef_OtherFundsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtherFundsMember" xlink:to="lab_jef_OtherFundsMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SeniorExecutiveCompensationPlan2016Member_837016bf-cd81-4671-97e0-782c77fc9edc_terseLabel_en-US" xlink:label="lab_jef_SeniorExecutiveCompensationPlan2016Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2016 Plan </link:label>
<link:label id="lab_jef_SeniorExecutiveCompensationPlan2016Member_label_en-US" xlink:label="lab_jef_SeniorExecutiveCompensationPlan2016Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Executive Compensation Plan 2016 [Member] </link:label>
<link:label id="lab_jef_SeniorExecutiveCompensationPlan2016Member_documentation_en-US" xlink:label="lab_jef_SeniorExecutiveCompensationPlan2016Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Executive Compensation Plan 2016 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SeniorExecutiveCompensationPlan2016Member" xlink:href="jef-20201130.xsd#jef_SeniorExecutiveCompensationPlan2016Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SeniorExecutiveCompensationPlan2016Member" xlink:to="lab_jef_SeniorExecutiveCompensationPlan2016Member" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardAmortizationPeriod_fc272db0-de25-42c3-89e0-3d3264d63bd6_terseLabel_en-US" xlink:label="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardAmortizationPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award amortization period </link:label>
<link:label id="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardAmortizationPeriod_label_en-US" xlink:label="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardAmortizationPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement By Share-Based Payment Award, Amortization Period </link:label>
<link:label id="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardAmortizationPeriod_documentation_en-US" xlink:label="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardAmortizationPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Amortization Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardAmortizationPeriod" xlink:href="jef-20201130.xsd#jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardAmortizationPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardAmortizationPeriod" xlink:to="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardAmortizationPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ClearedOTCMember_75d7b4aa-faa2-491d-bb7f-8014ff151684_terseLabel_en-US" xlink:label="lab_jef_ClearedOTCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cleared OTC </link:label>
<link:label id="lab_jef_ClearedOTCMember_label_en-US" xlink:label="lab_jef_ClearedOTCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cleared OTC [Member] </link:label>
<link:label id="lab_jef_ClearedOTCMember_documentation_en-US" xlink:label="lab_jef_ClearedOTCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cleared OTC [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ClearedOTCMember" xlink:href="jef-20201130.xsd#jef_ClearedOTCMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ClearedOTCMember" xlink:to="lab_jef_ClearedOTCMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_IncomeLossesRelatedToAssociatedCompaniesIncludingInvestmentsAccountedForUnderFairValueOption_6534b15d-5e94-4df9-b1c0-79aba6a43c30_terseLabel_en-US" xlink:label="lab_jef_IncomeLossesRelatedToAssociatedCompaniesIncludingInvestmentsAccountedForUnderFairValueOption" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The Company's income related to associated companies </link:label>
<link:label id="lab_jef_IncomeLossesRelatedToAssociatedCompaniesIncludingInvestmentsAccountedForUnderFairValueOption_label_en-US" xlink:label="lab_jef_IncomeLossesRelatedToAssociatedCompaniesIncludingInvestmentsAccountedForUnderFairValueOption" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Losses) Related To Associated Companies, Including Investments Accounted For Under Fair Value Option </link:label>
<link:label id="lab_jef_IncomeLossesRelatedToAssociatedCompaniesIncludingInvestmentsAccountedForUnderFairValueOption_documentation_en-US" xlink:label="lab_jef_IncomeLossesRelatedToAssociatedCompaniesIncludingInvestmentsAccountedForUnderFairValueOption" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Losses) Related To Associated Companies, Including Investments Accounted For Under Fair Value Option </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_IncomeLossesRelatedToAssociatedCompaniesIncludingInvestmentsAccountedForUnderFairValueOption" xlink:href="jef-20201130.xsd#jef_IncomeLossesRelatedToAssociatedCompaniesIncludingInvestmentsAccountedForUnderFairValueOption"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_IncomeLossesRelatedToAssociatedCompaniesIncludingInvestmentsAccountedForUnderFairValueOption" xlink:to="lab_jef_IncomeLossesRelatedToAssociatedCompaniesIncludingInvestmentsAccountedForUnderFairValueOption" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill_57e53476-e5d8-4ce3-b186-ad7695f4ef44_terseLabel_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortizable intangibles </link:label>
<link:label id="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill_label_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible Assets, Net (Excluding Goodwill) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:to="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TrademarksAndTradeNamesMember_339bb4cc-09a6-482e-b790-adddaa9c04b4_terseLabel_en-US" xlink:label="lab_us-gaap_TrademarksAndTradeNamesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trademarks and tradename </link:label>
<link:label id="lab_us-gaap_TrademarksAndTradeNamesMember_label_en-US" xlink:label="lab_us-gaap_TrademarksAndTradeNamesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trademarks and Trade Names [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TrademarksAndTradeNamesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TrademarksAndTradeNamesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TrademarksAndTradeNamesMember" xlink:to="lab_us-gaap_TrademarksAndTradeNamesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MaturityUpTo30DaysMember_a416cd5b-75a9-48ac-ac6c-439fbd693ce4_terseLabel_en-US" xlink:label="lab_us-gaap_MaturityUpTo30DaysMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Up to 30 Days </link:label>
<link:label id="lab_us-gaap_MaturityUpTo30DaysMember_label_en-US" xlink:label="lab_us-gaap_MaturityUpTo30DaysMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maturity Less than 30 Days [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MaturityUpTo30DaysMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MaturityUpTo30DaysMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaturityUpTo30DaysMember" xlink:to="lab_us-gaap_MaturityUpTo30DaysMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SaleOfSubsidiaryMember_b1e7dd9a-bbc2-4315-b842-2586e30e6f1c_terseLabel_en-US" xlink:label="lab_jef_SaleOfSubsidiaryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sale of subsidiary </link:label>
<link:label id="lab_jef_SaleOfSubsidiaryMember_label_en-US" xlink:label="lab_jef_SaleOfSubsidiaryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sale of Subsidiary [Member] </link:label>
<link:label id="lab_jef_SaleOfSubsidiaryMember_documentation_en-US" xlink:label="lab_jef_SaleOfSubsidiaryMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sale of Subsidiary </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SaleOfSubsidiaryMember" xlink:href="jef-20201130.xsd#jef_SaleOfSubsidiaryMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SaleOfSubsidiaryMember" xlink:to="lab_jef_SaleOfSubsidiaryMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ContributionsfromNoncontrollingInterests_172e81df-911f-42ba-82f0-7205a35eb884_terseLabel_en-US" xlink:label="lab_jef_ContributionsfromNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contributions from noncontrolling interests </link:label>
<link:label id="lab_jef_ContributionsfromNoncontrollingInterests_label_en-US" xlink:label="lab_jef_ContributionsfromNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contributions from Noncontrolling Interests </link:label>
<link:label id="lab_jef_ContributionsfromNoncontrollingInterests_documentation_en-US" xlink:label="lab_jef_ContributionsfromNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contributions from Noncontrolling Interests </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ContributionsfromNoncontrollingInterests" xlink:href="jef-20201130.xsd#jef_ContributionsfromNoncontrollingInterests"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ContributionsfromNoncontrollingInterests" xlink:to="lab_jef_ContributionsfromNoncontrollingInterests" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesLoaned_214f5442-5d29-4f7e-82f4-2ebec50f0bdd_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoaned" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities loaned </link:label>
<link:label id="lab_us-gaap_SecuritiesLoaned_5218fcd9-8e26-4fd8-9fbb-48f66ce7c5b0_totalLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoaned" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Amounts in Consolidated Statements of Financial Condition </link:label>
<link:label id="lab_us-gaap_SecuritiesLoaned_label_en-US" xlink:label="lab_us-gaap_SecuritiesLoaned" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesLoaned" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesLoaned"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesLoaned" xlink:to="lab_us-gaap_SecuritiesLoaned" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesBorrowed_efe33aae-6937-4bbd-a3c7-188947040975_verboseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowed" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities borrowed </link:label>
<link:label id="lab_us-gaap_SecuritiesBorrowed_c804bf18-e47d-4228-846f-fe33c5f9ff48_totalLabel_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowed" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Amounts in Consolidated Statements of Financial Condition </link:label>
<link:label id="lab_us-gaap_SecuritiesBorrowed_label_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesBorrowed" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesBorrowed"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesBorrowed" xlink:to="lab_us-gaap_SecuritiesBorrowed" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_b6313ce2-9467-4b45-8921-3e5273b31197_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash provided by (used for) operating activities - continuing operations </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Operating Activities, Continuing Operations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableRateAxis_e3ec0446-988c-4463-b0ea-92ce7ec81839_terseLabel_en-US" xlink:label="lab_us-gaap_VariableRateAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Rate [Axis] </link:label>
<link:label id="lab_us-gaap_VariableRateAxis_label_en-US" xlink:label="lab_us-gaap_VariableRateAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Rate [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableRateAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableRateAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateAxis" xlink:to="lab_us-gaap_VariableRateAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGain_89657218-581d-44e4-925f-16f6369d1efd_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business combination, step acquisition, equity interest in acquiree, remeasurement gain </link:label>
<link:label id="lab_us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGain_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGain" xlink:to="lab_us-gaap_BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommitmentsAndContingencies_93619edf-7e94-4715-a246-15b9203f6a38_verboseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and contingencies </link:label>
<link:label id="lab_us-gaap_CommitmentsAndContingencies_label_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingencies" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingencies"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingencies" xlink:to="lab_us-gaap_CommitmentsAndContingencies" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsForRepurchaseOfCommonStock_daa02d6a-257b-4395-aa5d-0fe405ef3c1a_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchase of common shares for treasury </link:label>
<link:label id="lab_us-gaap_PaymentsForRepurchaseOfCommonStock_label_en-US" xlink:label="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for Repurchase of Common Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="lab_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesLoanedAsset_9dcd6564-6212-46a8-8955-98728bb8c32f_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedAsset" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Netting in Consolidated Statements of Financial Condition </link:label>
<link:label id="lab_us-gaap_SecuritiesLoanedAsset_label_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned, Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesLoanedAsset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesLoanedAsset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesLoanedAsset" xlink:to="lab_us-gaap_SecuritiesLoanedAsset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_1fa2a154-a072-4ba8-94b3-4bb2480a2bd9_verboseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vesting period for award granted </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_f7a1a803-aa47-4fa4-9676-df643c11af1f_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2026 and thereafter </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, after Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityAddressStateOrProvince_d39cb9d4-3582-420d-a256-41b0d2cb791b_terseLabel_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, State or Province </link:label>
<link:label id="lab_dei_EntityAddressStateOrProvince_label_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, State or Province </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressStateOrProvince" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressStateOrProvince" xlink:to="lab_dei_EntityAddressStateOrProvince" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestIncome_1e799855-9d47-43b6-bb08-049e3b99edb8_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest income </link:label>
<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestIncome_label_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Including Discontinued Operation, Interest Income </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestIncome" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestIncome"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestIncome" xlink:to="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestIncome" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAdministrationExpenses_741d1a55-9644-4ace-aac4-bde1198dd048_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAdministrationExpenses" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Administrative expenses </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAdministrationExpenses_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAdministrationExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Administration Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAdministrationExpenses" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAdministrationExpenses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAdministrationExpenses" xlink:to="lab_us-gaap_DefinedBenefitPlanAdministrationExpenses" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock_5fe591f5-1291-4aee-b248-31aed75304c9_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Components Of Defined Benefit Pension Plans </link:label>
<link:label id="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Defined Benefit Plans Disclosures [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock" xlink:to="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_6ca4e021-7950-48a8-9b29-376580f2d384_negatedLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fulfillment of vesting requirement (shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_61bb349d-62a8-4062-bd4d-e0940a976e3a_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Computed expected federal income tax </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:to="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RedeemableConvertiblePreferredStockMember_a45e32f3-5b3e-4855-8a2f-bb245a38726d_terseLabel_en-US" xlink:label="lab_us-gaap_RedeemableConvertiblePreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative convertible preferred shares </link:label>
<link:label id="lab_us-gaap_RedeemableConvertiblePreferredStockMember_label_en-US" xlink:label="lab_us-gaap_RedeemableConvertiblePreferredStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Redeemable Convertible Preferred Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RedeemableConvertiblePreferredStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RedeemableConvertiblePreferredStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RedeemableConvertiblePreferredStockMember" xlink:to="lab_us-gaap_RedeemableConvertiblePreferredStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_NoncashFinancingActivitiesRelatedToDistributionOfSpecialDividend_3e847e27-b70b-4db8-a8c3-290e465f10ab_terseLabel_en-US" xlink:label="lab_jef_NoncashFinancingActivitiesRelatedToDistributionOfSpecialDividend" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-cash financing activities related to distribution of special dividend </link:label>
<link:label id="lab_jef_NoncashFinancingActivitiesRelatedToDistributionOfSpecialDividend_label_en-US" xlink:label="lab_jef_NoncashFinancingActivitiesRelatedToDistributionOfSpecialDividend" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-cash Financing Activities Related To Distribution Of Special Dividend </link:label>
<link:label id="lab_jef_NoncashFinancingActivitiesRelatedToDistributionOfSpecialDividend_documentation_en-US" xlink:label="lab_jef_NoncashFinancingActivitiesRelatedToDistributionOfSpecialDividend" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-cash Financing Activities Related To Distribution Of Special Dividend </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_NoncashFinancingActivitiesRelatedToDistributionOfSpecialDividend" xlink:href="jef-20201130.xsd#jef_NoncashFinancingActivitiesRelatedToDistributionOfSpecialDividend"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_NoncashFinancingActivitiesRelatedToDistributionOfSpecialDividend" xlink:to="lab_jef_NoncashFinancingActivitiesRelatedToDistributionOfSpecialDividend" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SubleaseIncome_7424e664-dca8-460d-9129-343c7ff208b9_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_SubleaseIncome" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Sublease income </link:label>
<link:label id="lab_us-gaap_SubleaseIncome_label_en-US" xlink:label="lab_us-gaap_SubleaseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sublease Income </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubleaseIncome" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubleaseIncome"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubleaseIncome" xlink:to="lab_us-gaap_SubleaseIncome" xlink:type="arc" order="1"/>
<link:label id="lab_srt_AlternativeExcessNetCapital_983ebc28-ab50-4310-86f3-7a06d74140d7_terseLabel_en-US" xlink:label="lab_srt_AlternativeExcessNetCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Excess net capital </link:label>
<link:label id="lab_srt_AlternativeExcessNetCapital_label_en-US" xlink:label="lab_srt_AlternativeExcessNetCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Broker-Dealer, Excess Net Capital, Alternative Standard </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_AlternativeExcessNetCapital" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_AlternativeExcessNetCapital"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_AlternativeExcessNetCapital" xlink:to="lab_srt_AlternativeExcessNetCapital" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuredDebt_e6966d0b-68cd-43f2-b5b4-3538ec98d6c1_terseLabel_en-US" xlink:label="lab_us-gaap_SecuredDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonrecourse indebtedness collateralized by assets </link:label>
<link:label id="lab_us-gaap_SecuredDebt_label_en-US" xlink:label="lab_us-gaap_SecuredDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Secured Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuredDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuredDebt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuredDebt" xlink:to="lab_us-gaap_SecuredDebt" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetainedEarningsAccumulatedDeficit_7109cb21-6d0a-4a38-9dee-5091053da0f2_terseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained earnings </link:label>
<link:label id="lab_us-gaap_RetainedEarningsAccumulatedDeficit_ebcdd3a3-d101-40d7-9402-918da3d3dfe5_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained earnings </link:label>
<link:label id="lab_us-gaap_RetainedEarningsAccumulatedDeficit_label_en-US" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained Earnings (Accumulated Deficit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseRightOfUseAsset_ec99add1-a273-4e69-b0bb-dd666913dc93_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, equipment and leasehold improvements, net - ROU assets </link:label>
<link:label id="lab_us-gaap_OperatingLeaseRightOfUseAsset_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Right-of-Use Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseRightOfUseAsset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseRightOfUseAsset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseRightOfUseAsset" xlink:to="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:type="arc" order="1"/>
<link:label id="lab_jef_MultiassetFundsMember_492d2028-0557-4dfd-a933-9290e462350f_terseLabel_en-US" xlink:label="lab_jef_MultiassetFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Multi-asset Funds </link:label>
<link:label id="lab_jef_MultiassetFundsMember_label_en-US" xlink:label="lab_jef_MultiassetFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Multi-asset Funds [Member] </link:label>
<link:label id="lab_jef_MultiassetFundsMember_documentation_en-US" xlink:label="lab_jef_MultiassetFundsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Multi-asset Funds [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_MultiassetFundsMember" xlink:href="jef-20201130.xsd#jef_MultiassetFundsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_MultiassetFundsMember" xlink:to="lab_jef_MultiassetFundsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFinancialInstrumentsAssetsMember_dc043107-c7ec-4639-b010-96e186a4fe49_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFinancialInstrumentsAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, assets </link:label>
<link:label id="lab_us-gaap_DerivativeFinancialInstrumentsAssetsMember_label_en-US" xlink:label="lab_us-gaap_DerivativeFinancialInstrumentsAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Financial Instruments, Assets [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFinancialInstrumentsAssetsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeFinancialInstrumentsAssetsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFinancialInstrumentsAssetsMember" xlink:to="lab_us-gaap_DerivativeFinancialInstrumentsAssetsMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationChangeinEnactedTaxRateRemeasurementOfDeferredTaxAssetPercent_efabc14a-7c6a-4f75-917b-e1c83cef202d_terseLabel_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationChangeinEnactedTaxRateRemeasurementOfDeferredTaxAssetPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax asset remeasurement related to the Tax Act, percent </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationChangeinEnactedTaxRateRemeasurementOfDeferredTaxAssetPercent_label_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationChangeinEnactedTaxRateRemeasurementOfDeferredTaxAssetPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Remeasurement Of Deferred Tax Asset, Percent </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationChangeinEnactedTaxRateRemeasurementOfDeferredTaxAssetPercent_documentation_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationChangeinEnactedTaxRateRemeasurementOfDeferredTaxAssetPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Remeasurement Of Deferred Tax Asset, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EffectiveIncomeTaxRateReconciliationChangeinEnactedTaxRateRemeasurementOfDeferredTaxAssetPercent" xlink:href="jef-20201130.xsd#jef_EffectiveIncomeTaxRateReconciliationChangeinEnactedTaxRateRemeasurementOfDeferredTaxAssetPercent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EffectiveIncomeTaxRateReconciliationChangeinEnactedTaxRateRemeasurementOfDeferredTaxAssetPercent" xlink:to="lab_jef_EffectiveIncomeTaxRateReconciliationChangeinEnactedTaxRateRemeasurementOfDeferredTaxAssetPercent" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SuretyPolicyIssued_4c761cd9-5aee-4510-9466-0af6c052fb20_terseLabel_en-US" xlink:label="lab_jef_SuretyPolicyIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Surety policy issued </link:label>
<link:label id="lab_jef_SuretyPolicyIssued_label_en-US" xlink:label="lab_jef_SuretyPolicyIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Surety policy issued </link:label>
<link:label id="lab_jef_SuretyPolicyIssued_documentation_en-US" xlink:label="lab_jef_SuretyPolicyIssued" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Surety policy issued </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SuretyPolicyIssued" xlink:href="jef-20201130.xsd#jef_SuretyPolicyIssued"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SuretyPolicyIssued" xlink:to="lab_jef_SuretyPolicyIssued" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FairValueOptionAggregateDifferencesLongtermDebtAndShorttermBorrowing_97066139-75c6-4ee2-a077-f86d6e134a7e_terseLabel_en-US" xlink:label="lab_jef_FairValueOptionAggregateDifferencesLongtermDebtAndShorttermBorrowing" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt and short-term borrowings </link:label>
<link:label id="lab_jef_FairValueOptionAggregateDifferencesLongtermDebtAndShorttermBorrowing_label_en-US" xlink:label="lab_jef_FairValueOptionAggregateDifferencesLongtermDebtAndShorttermBorrowing" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Aggregate Differences, Long-term Debt And Short-term Borrowing </link:label>
<link:label id="lab_jef_FairValueOptionAggregateDifferencesLongtermDebtAndShorttermBorrowing_documentation_en-US" xlink:label="lab_jef_FairValueOptionAggregateDifferencesLongtermDebtAndShorttermBorrowing" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Aggregate Differences, Long-term Debt And Short-term Borrowing </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FairValueOptionAggregateDifferencesLongtermDebtAndShorttermBorrowing" xlink:href="jef-20201130.xsd#jef_FairValueOptionAggregateDifferencesLongtermDebtAndShorttermBorrowing"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FairValueOptionAggregateDifferencesLongtermDebtAndShorttermBorrowing" xlink:to="lab_jef_FairValueOptionAggregateDifferencesLongtermDebtAndShorttermBorrowing" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract_6409bfd4-9a2e-4289-9c9f-7e7616c976f6_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets: </link:label>
<link:label id="lab_us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments, Owned, at Fair Value [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract" xlink:to="lab_us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_srt_HotelMember_aed8236e-9946-4c86-b1a9-f910cc700be6_terseLabel_en-US" xlink:label="lab_srt_HotelMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hotel </link:label>
<link:label id="lab_srt_HotelMember_label_en-US" xlink:label="lab_srt_HotelMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hotel [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_HotelMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_HotelMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_HotelMember" xlink:to="lab_srt_HotelMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMeasurementInputTerm_cd93d026-8c35-45c2-84fb-2d9e24dffa8a_terseLabel_en-US" xlink:label="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMeasurementInputTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities purchased under agreements to resell, measurement input, term </link:label>
<link:label id="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMeasurementInputTerm_label_en-US" xlink:label="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMeasurementInputTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased Under Agreements To Resell, Measurement Input, Term </link:label>
<link:label id="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMeasurementInputTerm_documentation_en-US" xlink:label="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMeasurementInputTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased Under Agreements To Resell, Measurement Input, Term </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SecuritiesPurchasedUnderAgreementsToResellMeasurementInputTerm" xlink:href="jef-20201130.xsd#jef_SecuritiesPurchasedUnderAgreementsToResellMeasurementInputTerm"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SecuritiesPurchasedUnderAgreementsToResellMeasurementInputTerm" xlink:to="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMeasurementInputTerm" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ValuationTechniqueMarketApproachAndScenarioAnalysisMember_c0fe1f85-166c-40d2-b1c4-b569d6c2260b_terseLabel_en-US" xlink:label="lab_jef_ValuationTechniqueMarketApproachAndScenarioAnalysisMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Market approach and scenario analysis </link:label>
<link:label id="lab_jef_ValuationTechniqueMarketApproachAndScenarioAnalysisMember_label_en-US" xlink:label="lab_jef_ValuationTechniqueMarketApproachAndScenarioAnalysisMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Market Approach and Scenario Analysis [Member] </link:label>
<link:label id="lab_jef_ValuationTechniqueMarketApproachAndScenarioAnalysisMember_documentation_en-US" xlink:label="lab_jef_ValuationTechniqueMarketApproachAndScenarioAnalysisMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Market Approach and Scenario Analysis </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ValuationTechniqueMarketApproachAndScenarioAnalysisMember" xlink:href="jef-20201130.xsd#jef_ValuationTechniqueMarketApproachAndScenarioAnalysisMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ValuationTechniqueMarketApproachAndScenarioAnalysisMember" xlink:to="lab_jef_ValuationTechniqueMarketApproachAndScenarioAnalysisMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RepurchaseAndResaleAgreementsPolicy_151f94db-dcd2-472a-ab0d-28268822c0ab_terseLabel_en-US" xlink:label="lab_us-gaap_RepurchaseAndResaleAgreementsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase </link:label>
<link:label id="lab_us-gaap_RepurchaseAndResaleAgreementsPolicy_label_en-US" xlink:label="lab_us-gaap_RepurchaseAndResaleAgreementsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repurchase and Resale Agreements Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepurchaseAndResaleAgreementsPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RepurchaseAndResaleAgreementsPolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepurchaseAndResaleAgreementsPolicy" xlink:to="lab_us-gaap_RepurchaseAndResaleAgreementsPolicy" xlink:type="arc" order="1"/>
<link:label id="lab_jef_InvestmentsInAndAdvancesToAffiliatesMeasurementInput_fe7525c7-61e5-414c-a831-245c943c5992_terseLabel_en-US" xlink:label="lab_jef_InvestmentsInAndAdvancesToAffiliatesMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in and advances to affiliates, measurement input </link:label>
<link:label id="lab_jef_InvestmentsInAndAdvancesToAffiliatesMeasurementInput_label_en-US" xlink:label="lab_jef_InvestmentsInAndAdvancesToAffiliatesMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments In And Advances To Affiliates, Measurement Input </link:label>
<link:label id="lab_jef_InvestmentsInAndAdvancesToAffiliatesMeasurementInput_documentation_en-US" xlink:label="lab_jef_InvestmentsInAndAdvancesToAffiliatesMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments In And Advances To Affiliates, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_InvestmentsInAndAdvancesToAffiliatesMeasurementInput" xlink:href="jef-20201130.xsd#jef_InvestmentsInAndAdvancesToAffiliatesMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_InvestmentsInAndAdvancesToAffiliatesMeasurementInput" xlink:to="lab_jef_InvestmentsInAndAdvancesToAffiliatesMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues_ad79a654-b209-4e49-b8d1-5230006d0dc1_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Issuances </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongLivedAssetsHeldForSaleLineItems_e03015ac-bd45-43c7-a897-17f631a471fc_terseLabel_en-US" xlink:label="lab_us-gaap_LongLivedAssetsHeldForSaleLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long Lived Assets Held-for-sale [Line Items] </link:label>
<link:label id="lab_us-gaap_LongLivedAssetsHeldForSaleLineItems_label_en-US" xlink:label="lab_us-gaap_LongLivedAssetsHeldForSaleLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long Lived Assets Held-for-sale [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongLivedAssetsHeldForSaleLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongLivedAssetsHeldForSaleLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongLivedAssetsHeldForSaleLineItems" xlink:to="lab_us-gaap_LongLivedAssetsHeldForSaleLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditConcentrationRiskMember_94017e11-60f2-43df-ab31-db13e5b850ec_terseLabel_en-US" xlink:label="lab_us-gaap_CreditConcentrationRiskMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit concentration risk </link:label>
<link:label id="lab_us-gaap_CreditConcentrationRiskMember_label_en-US" xlink:label="lab_us-gaap_CreditConcentrationRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Concentration Risk [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditConcentrationRiskMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditConcentrationRiskMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditConcentrationRiskMember" xlink:to="lab_us-gaap_CreditConcentrationRiskMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain_dd53bcfb-15f7-4f30-929d-57959b65c8d0_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value by Liability Class [Domain] </link:label>
<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain_label_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value by Liability Class [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:to="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationByLiabilityClassDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxPolicyTextBlock_9de917fd-8827-440f-8e3f-215f5b5e0a7d_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Taxes </link:label>
<link:label id="lab_us-gaap_IncomeTaxPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxPolicyTextBlock" xlink:to="lab_us-gaap_IncomeTaxPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgingDesignationDomain_8bcaed73-157c-45ab-96e6-6301c5029406_terseLabel_en-US" xlink:label="lab_us-gaap_HedgingDesignationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Designation [Domain] </link:label>
<link:label id="lab_us-gaap_HedgingDesignationDomain_label_en-US" xlink:label="lab_us-gaap_HedgingDesignationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Designation [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgingDesignationDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HedgingDesignationDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgingDesignationDomain" xlink:to="lab_us-gaap_HedgingDesignationDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInPayablesToCustomers_9c50682a-2765-4c5b-b5b2-bf7391d521dd_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPayablesToCustomers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payables to customers of securities operations </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInPayablesToCustomers_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPayablesToCustomers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Payables to Customers </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInPayablesToCustomers" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInPayablesToCustomers"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInPayablesToCustomers" xlink:to="lab_us-gaap_IncreaseDecreaseInPayablesToCustomers" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LeaseCost_f9ea0f01-c741-4692-b0af-ab73437b8064_totalLabel_en-US" xlink:label="lab_us-gaap_LeaseCost" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total lease cost, net </link:label>
<link:label id="lab_us-gaap_LeaseCost_label_en-US" xlink:label="lab_us-gaap_LeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease, Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeaseCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LeaseCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeaseCost" xlink:to="lab_us-gaap_LeaseCost" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_USTreasuryAndGovernmentMember_6a8e75a6-a616-4a8b-939e-df30147fc622_verboseLabel_en-US" xlink:label="lab_us-gaap_USTreasuryAndGovernmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. government and federal agency securities </link:label>
<link:label id="lab_us-gaap_USTreasuryAndGovernmentMember_label_en-US" xlink:label="lab_us-gaap_USTreasuryAndGovernmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Treasury and Government [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_USTreasuryAndGovernmentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_USTreasuryAndGovernmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_USTreasuryAndGovernmentMember" xlink:to="lab_us-gaap_USTreasuryAndGovernmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_PriorOwnershipPercentage_5bb5f1b5-eba9-4669-8539-ef4174efaf82_terseLabel_en-US" xlink:label="lab_jef_PriorOwnershipPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prior ownership percentage </link:label>
<link:label id="lab_jef_PriorOwnershipPercentage_label_en-US" xlink:label="lab_jef_PriorOwnershipPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prior Ownership Percentage </link:label>
<link:label id="lab_jef_PriorOwnershipPercentage_documentation_en-US" xlink:label="lab_jef_PriorOwnershipPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prior Ownership Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_PriorOwnershipPercentage" xlink:href="jef-20201130.xsd#jef_PriorOwnershipPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_PriorOwnershipPercentage" xlink:to="lab_jef_PriorOwnershipPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_jef_IncomeLossfromContinuingOperationsbeforeEquityinEarningsofSubsidiaries_9b1a6f76-bef9-4213-b691-d501f644d0b4_totalLabel_en-US" xlink:label="lab_jef_IncomeLossfromContinuingOperationsbeforeEquityinEarningsofSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (loss) from continuing operations before equity in earnings of subsidiaries </link:label>
<link:label id="lab_jef_IncomeLossfromContinuingOperationsbeforeEquityinEarningsofSubsidiaries_label_en-US" xlink:label="lab_jef_IncomeLossfromContinuingOperationsbeforeEquityinEarningsofSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations before Equity in Earnings of Subsidiaries </link:label>
<link:label id="lab_jef_IncomeLossfromContinuingOperationsbeforeEquityinEarningsofSubsidiaries_documentation_en-US" xlink:label="lab_jef_IncomeLossfromContinuingOperationsbeforeEquityinEarningsofSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations before Equity in Earnings of Subsidiaries </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_IncomeLossfromContinuingOperationsbeforeEquityinEarningsofSubsidiaries" xlink:href="jef-20201130.xsd#jef_IncomeLossfromContinuingOperationsbeforeEquityinEarningsofSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_IncomeLossfromContinuingOperationsbeforeEquityinEarningsofSubsidiaries" xlink:to="lab_jef_IncomeLossfromContinuingOperationsbeforeEquityinEarningsofSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CollateralAlreadyPostedAggregateFairValue_0ee6e044-6c63-4673-b058-9108d3e71382_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral posted </link:label>
<link:label id="lab_us-gaap_CollateralAlreadyPostedAggregateFairValue_label_en-US" xlink:label="lab_us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral Already Posted, Aggregate Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CollateralAlreadyPostedAggregateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:to="lab_us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ReimbursementOfLossesIncurredMaximumPercentage_2294df1f-9a45-4715-948b-5f0ad1cf2edb_terseLabel_en-US" xlink:label="lab_jef_ReimbursementOfLossesIncurredMaximumPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reimbursement of losses incurred, maximum percentage </link:label>
<link:label id="lab_jef_ReimbursementOfLossesIncurredMaximumPercentage_label_en-US" xlink:label="lab_jef_ReimbursementOfLossesIncurredMaximumPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reimbursement Of Losses Incurred, Maximum Percentage </link:label>
<link:label id="lab_jef_ReimbursementOfLossesIncurredMaximumPercentage_documentation_en-US" xlink:label="lab_jef_ReimbursementOfLossesIncurredMaximumPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reimbursement of losses incurred, maximum percentage. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ReimbursementOfLossesIncurredMaximumPercentage" xlink:href="jef-20201130.xsd#jef_ReimbursementOfLossesIncurredMaximumPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ReimbursementOfLossesIncurredMaximumPercentage" xlink:to="lab_jef_ReimbursementOfLossesIncurredMaximumPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ValuationTechniqueDomain_96031bf4-90eb-4abc-bc4d-ad1005d42580_terseLabel_en-US" xlink:label="lab_us-gaap_ValuationTechniqueDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Approach and Technique [Domain] </link:label>
<link:label id="lab_us-gaap_ValuationTechniqueDomain_label_en-US" xlink:label="lab_us-gaap_ValuationTechniqueDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Approach and Technique [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ValuationTechniqueDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ValuationTechniqueDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ValuationTechniqueDomain" xlink:to="lab_us-gaap_ValuationTechniqueDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ServicingAssetMeasurementInput_f9f62cd2-01e8-4556-acd6-33bebfed4a6b_terseLabel_en-US" xlink:label="lab_us-gaap_ServicingAssetMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Servicing asset, measurement input </link:label>
<link:label id="lab_us-gaap_ServicingAssetMeasurementInput_label_en-US" xlink:label="lab_us-gaap_ServicingAssetMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Servicing Asset, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ServicingAssetMeasurementInput" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ServicingAssetMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ServicingAssetMeasurementInput" xlink:to="lab_us-gaap_ServicingAssetMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_f831a795-a9e1-400b-866b-151734bafb9f_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_label_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for (Proceeds from) Other Investing Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsForProceedsFromOtherInvestingActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:to="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ProceedsFromSalesOfInvestments_6284bbab-967e-4e13-92e1-08464c6e9c48_verboseLabel_en-US" xlink:label="lab_jef_ProceedsFromSalesOfInvestments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from sales of investments </link:label>
<link:label id="lab_jef_ProceedsFromSalesOfInvestments_label_en-US" xlink:label="lab_jef_ProceedsFromSalesOfInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from sales of investments </link:label>
<link:label id="lab_jef_ProceedsFromSalesOfInvestments_documentation_en-US" xlink:label="lab_jef_ProceedsFromSalesOfInvestments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from sales of investments. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ProceedsFromSalesOfInvestments" xlink:href="jef-20201130.xsd#jef_ProceedsFromSalesOfInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ProceedsFromSalesOfInvestments" xlink:to="lab_jef_ProceedsFromSalesOfInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RevenueFromContractWithCustomerOtherMember_f5f30038-f68a-4883-8fa7-d7318f940062_terseLabel_en-US" xlink:label="lab_jef_RevenueFromContractWithCustomerOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_jef_RevenueFromContractWithCustomerOtherMember_label_en-US" xlink:label="lab_jef_RevenueFromContractWithCustomerOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue From Contract With Customer, Other [Member] </link:label>
<link:label id="lab_jef_RevenueFromContractWithCustomerOtherMember_documentation_en-US" xlink:label="lab_jef_RevenueFromContractWithCustomerOtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue From Contract With Customer, Other [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RevenueFromContractWithCustomerOtherMember" xlink:href="jef-20201130.xsd#jef_RevenueFromContractWithCustomerOtherMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RevenueFromContractWithCustomerOtherMember" xlink:to="lab_jef_RevenueFromContractWithCustomerOtherMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesBorrowedGross_74fe8bd7-dd73-4b55-ba0a-5780280a7a16_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Amounts </link:label>
<link:label id="lab_us-gaap_SecuritiesBorrowedGross_label_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed, Gross </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesBorrowedGross" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesBorrowedGross"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesBorrowedGross" xlink:to="lab_us-gaap_SecuritiesBorrowedGross" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueByLiabilityClassAxis_51d5021c-994e-41df-89c2-4c52ffe1c208_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByLiabilityClassAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability Class [Axis] </link:label>
<link:label id="lab_us-gaap_FairValueByLiabilityClassAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByLiabilityClassAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability Class [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByLiabilityClassAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueByLiabilityClassAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByLiabilityClassAxis" xlink:to="lab_us-gaap_FairValueByLiabilityClassAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DomesticPlanMember_4ef6ed2b-236e-457b-a5b5-dd0f2f90b596_terseLabel_en-US" xlink:label="lab_us-gaap_DomesticPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Domestic Plan </link:label>
<link:label id="lab_us-gaap_DomesticPlanMember_label_en-US" xlink:label="lab_us-gaap_DomesticPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Domestic Plan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DomesticPlanMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DomesticPlanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DomesticPlanMember" xlink:to="lab_us-gaap_DomesticPlanMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_0dace9e9-6aaa-40e1-a6d3-c33090a5ec09_verboseLabel_en-US" xlink:label="lab_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based compensation expense </link:label>
<link:label id="lab_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_label_en-US" xlink:label="lab_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> APIC, Share-based Payment Arrangement, Increase for Cost Recognition </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:to="lab_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017TransitionTaxOnAccumulatedForeignEarningsAmount_12b18b86-b4b3-4323-9500-1017e57fd60c_verboseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017TransitionTaxOnAccumulatedForeignEarningsAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transition tax on foreign earnings related to the Tax Act </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017TransitionTaxOnAccumulatedForeignEarningsAmount_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017TransitionTaxOnAccumulatedForeignEarningsAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Transition Tax on Accumulated Foreign Earnings, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017TransitionTaxOnAccumulatedForeignEarningsAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017TransitionTaxOnAccumulatedForeignEarningsAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017TransitionTaxOnAccumulatedForeignEarningsAmount" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017TransitionTaxOnAccumulatedForeignEarningsAmount" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DeferredTaxAssetsLongTermDebt_42b99f47-0867-4e04-ba65-097f7226e142_terseLabel_en-US" xlink:label="lab_jef_DeferredTaxAssetsLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt </link:label>
<link:label id="lab_jef_DeferredTaxAssetsLongTermDebt_label_en-US" xlink:label="lab_jef_DeferredTaxAssetsLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Long-Term Debt </link:label>
<link:label id="lab_jef_DeferredTaxAssetsLongTermDebt_documentation_en-US" xlink:label="lab_jef_DeferredTaxAssetsLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Long-Term Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DeferredTaxAssetsLongTermDebt" xlink:href="jef-20201130.xsd#jef_DeferredTaxAssetsLongTermDebt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DeferredTaxAssetsLongTermDebt" xlink:to="lab_jef_DeferredTaxAssetsLongTermDebt" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember_a2d945c4-459a-4d0b-86b9-f71167c206cd_terseLabel_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative effect, period of adoption, adjusted balance </link:label>
<link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember_label_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption, Adjusted Balance [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember" xlink:to="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_e9558ba3-2192-406f-86a6-960e9f0d7df7_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total revenues from contracts with customers </link:label>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_label_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from Contract with Customer, Excluding Assessed Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax" xlink:to="lab_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_fb503260-58fc-4ade-b552-d1d8823ec0be_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Structured notes matures in 2026 and thereafter </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, after Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LineOfCreditFacilityAxis_3b5c753e-b4cf-4882-b102-6850b5d22129_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lender Name [Axis] </link:label>
<link:label id="lab_us-gaap_LineOfCreditFacilityAxis_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lender Name [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditFacilityAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditFacilityAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityAxis" xlink:to="lab_us-gaap_LineOfCreditFacilityAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OperatingLeaseAndFinanceLeaseLiability_2aa137f1-14a2-43bd-8173-17bfd1e7b854_terseLabel_en-US" xlink:label="lab_jef_OperatingLeaseAndFinanceLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease liabilities </link:label>
<link:label id="lab_jef_OperatingLeaseAndFinanceLeaseLiability_1370d603-2331-4aab-91ac-e5efce4a199b_totalLabel_en-US" xlink:label="lab_jef_OperatingLeaseAndFinanceLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease liabilities </link:label>
<link:label id="lab_jef_OperatingLeaseAndFinanceLeaseLiability_label_en-US" xlink:label="lab_jef_OperatingLeaseAndFinanceLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease And Finance Lease, Liability </link:label>
<link:label id="lab_jef_OperatingLeaseAndFinanceLeaseLiability_documentation_en-US" xlink:label="lab_jef_OperatingLeaseAndFinanceLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease And Finance Lease, Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OperatingLeaseAndFinanceLeaseLiability" xlink:href="jef-20201130.xsd#jef_OperatingLeaseAndFinanceLeaseLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OperatingLeaseAndFinanceLeaseLiability" xlink:to="lab_jef_OperatingLeaseAndFinanceLeaseLiability" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_a4bac1ff-6172-4a29-aef5-57ed5c0b2dc9_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchases </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases" xlink:type="arc" order="1"/>
<link:label id="lab_jef_GainLossOnDisposalOfDiscontinuedOperationsNetOfTaxAttributableToParent_5a5b02d8-0876-49c8-bf89-df1915044297_terseLabel_en-US" xlink:label="lab_jef_GainLossOnDisposalOfDiscontinuedOperationsNetOfTaxAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on disposal of discontinued operations, net of taxes </link:label>
<link:label id="lab_jef_GainLossOnDisposalOfDiscontinuedOperationsNetOfTaxAttributableToParent_label_en-US" xlink:label="lab_jef_GainLossOnDisposalOfDiscontinuedOperationsNetOfTaxAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain Loss On Disposal Of Discontinued Operations Net Of Tax Attributable To Parent </link:label>
<link:label id="lab_jef_GainLossOnDisposalOfDiscontinuedOperationsNetOfTaxAttributableToParent_documentation_en-US" xlink:label="lab_jef_GainLossOnDisposalOfDiscontinuedOperationsNetOfTaxAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain Loss On Disposal Of Discontinued Operations Net Of Tax Attributable To Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_GainLossOnDisposalOfDiscontinuedOperationsNetOfTaxAttributableToParent" xlink:href="jef-20201130.xsd#jef_GainLossOnDisposalOfDiscontinuedOperationsNetOfTaxAttributableToParent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_GainLossOnDisposalOfDiscontinuedOperationsNetOfTaxAttributableToParent" xlink:to="lab_jef_GainLossOnDisposalOfDiscontinuedOperationsNetOfTaxAttributableToParent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessAcquisitionAxis_b0e23369-e40a-40ce-a171-946b68402b00_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition [Axis] </link:label>
<link:label id="lab_us-gaap_BusinessAcquisitionAxis_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessAcquisitionAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionAxis" xlink:to="lab_us-gaap_BusinessAcquisitionAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CapitalizedContractCostAmortization_7a2af5a0-93b7-4a4f-831a-d7e9b4163e57_terseLabel_en-US" xlink:label="lab_us-gaap_CapitalizedContractCostAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expenses related to capitalized costs to fulfill a contract </link:label>
<link:label id="lab_us-gaap_CapitalizedContractCostAmortization_label_en-US" xlink:label="lab_us-gaap_CapitalizedContractCostAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capitalized Contract Cost, Amortization </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalizedContractCostAmortization" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CapitalizedContractCostAmortization"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CapitalizedContractCostAmortization" xlink:to="lab_us-gaap_CapitalizedContractCostAmortization" xlink:type="arc" order="1"/>
<link:label id="lab_srt_SegmentGeographicalDomain_1c6e2c07-18a1-42a6-bfd6-c8f180eb507d_terseLabel_en-US" xlink:label="lab_srt_SegmentGeographicalDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographical [Domain] </link:label>
<link:label id="lab_srt_SegmentGeographicalDomain_label_en-US" xlink:label="lab_srt_SegmentGeographicalDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographical [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_SegmentGeographicalDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_SegmentGeographicalDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_SegmentGeographicalDomain" xlink:to="lab_srt_SegmentGeographicalDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract_311d3d4d-4c5a-4d07-8db9-194af6a9eec8_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_PayablesExpenseAccrualsAndOtherLiabilities_224ea7f7-2776-4a76-9119-2c574e72c9e6_terseLabel_en-US" xlink:label="lab_jef_PayablesExpenseAccrualsAndOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payables, expense accruals and other liabilities </link:label>
<link:label id="lab_jef_PayablesExpenseAccrualsAndOtherLiabilities_label_en-US" xlink:label="lab_jef_PayablesExpenseAccrualsAndOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payables, expense accruals and other liabilities </link:label>
<link:label id="lab_jef_PayablesExpenseAccrualsAndOtherLiabilities_documentation_en-US" xlink:label="lab_jef_PayablesExpenseAccrualsAndOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payables, expense accruals and other liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_PayablesExpenseAccrualsAndOtherLiabilities" xlink:href="jef-20201130.xsd#jef_PayablesExpenseAccrualsAndOtherLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_PayablesExpenseAccrualsAndOtherLiabilities" xlink:to="lab_jef_PayablesExpenseAccrualsAndOtherLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1_355296dc-bded-4583-9ded-9fa250e893d8_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement charge </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1" xlink:to="lab_us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems_60520afd-27f5-43cf-bbac-3a1e412f1b87_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan Disclosure [Line Items] </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan Disclosure [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanDisclosureLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:to="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityMethodInvestmentsFairValueDisclosure_5ef09d04-f386-43e0-b26e-6f1e9fe31a47_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity method investments, fair value </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestmentsFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentsFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestmentsFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentsFairValueDisclosure" xlink:to="lab_us-gaap_EquityMethodInvestmentsFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesAcquisitions_dd79edcf-710d-4b72-b05d-746d59dbe850_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesAcquisitions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock issued related to acquisition (in shares) </link:label>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesAcquisitions_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesAcquisitions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Issued During Period, Shares, Acquisitions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesAcquisitions" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesAcquisitions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesAcquisitions" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesAcquisitions" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RestrictedCashAwardsCompensationExpense_b89171ed-6fa8-4a49-9d8a-aa9c5eb35fe4_terseLabel_en-US" xlink:label="lab_jef_RestrictedCashAwardsCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted cash awards, compensation expense </link:label>
<link:label id="lab_jef_RestrictedCashAwardsCompensationExpense_label_en-US" xlink:label="lab_jef_RestrictedCashAwardsCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Cash Awards, Compensation Expense </link:label>
<link:label id="lab_jef_RestrictedCashAwardsCompensationExpense_documentation_en-US" xlink:label="lab_jef_RestrictedCashAwardsCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Cash Awards, Compensation Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RestrictedCashAwardsCompensationExpense" xlink:href="jef-20201130.xsd#jef_RestrictedCashAwardsCompensationExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RestrictedCashAwardsCompensationExpense" xlink:to="lab_jef_RestrictedCashAwardsCompensationExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredForeignIncomeTaxExpenseBenefit_099cd24f-e0a1-4ee4-8649-e246a876df10_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign </link:label>
<link:label id="lab_us-gaap_DeferredForeignIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Foreign Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredForeignIncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredForeignIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_jef_CommissionAndOtherFeesMember_226bee35-2426-4d75-9afb-53fd012edb92_terseLabel_en-US" xlink:label="lab_jef_CommissionAndOtherFeesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commissions and other fees </link:label>
<link:label id="lab_jef_CommissionAndOtherFeesMember_label_en-US" xlink:label="lab_jef_CommissionAndOtherFeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commission And Other Fees [Member] </link:label>
<link:label id="lab_jef_CommissionAndOtherFeesMember_documentation_en-US" xlink:label="lab_jef_CommissionAndOtherFeesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commission And Other Fees [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_CommissionAndOtherFeesMember" xlink:href="jef-20201130.xsd#jef_CommissionAndOtherFeesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_CommissionAndOtherFeesMember" xlink:to="lab_jef_CommissionAndOtherFeesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedAmortizationNextFiscalYear_51e2de7f-a542-4823-a6a3-473d434893ba_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedAmortizationNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated net loss that will be amortized from AOCI next year </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedAmortizationNextFiscalYear_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedAmortizationNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Amortization, Next Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedAmortizationNextFiscalYear" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedAmortizationNextFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedAmortizationNextFiscalYear" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedAmortizationNextFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RestrictedAssetsduetoregulatoryrequirementsorregulatoryapprovalsMember_ad6c7ad9-50d4-4e6c-a515-f2f4acfc2756_terseLabel_en-US" xlink:label="lab_jef_RestrictedAssetsduetoregulatoryrequirementsorregulatoryapprovalsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted assets due to regulatory requirements or regulatory approvals </link:label>
<link:label id="lab_jef_RestrictedAssetsduetoregulatoryrequirementsorregulatoryapprovalsMember_label_en-US" xlink:label="lab_jef_RestrictedAssetsduetoregulatoryrequirementsorregulatoryapprovalsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Assets due to regulatory requirements or regulatory approvals [Member] </link:label>
<link:label id="lab_jef_RestrictedAssetsduetoregulatoryrequirementsorregulatoryapprovalsMember_documentation_en-US" xlink:label="lab_jef_RestrictedAssetsduetoregulatoryrequirementsorregulatoryapprovalsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Assets due to regulatory requirements or regulatory approvals [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RestrictedAssetsduetoregulatoryrequirementsorregulatoryapprovalsMember" xlink:href="jef-20201130.xsd#jef_RestrictedAssetsduetoregulatoryrequirementsorregulatoryapprovalsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RestrictedAssetsduetoregulatoryrequirementsorregulatoryapprovalsMember" xlink:to="lab_jef_RestrictedAssetsduetoregulatoryrequirementsorregulatoryapprovalsMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_LineOfCreditTerminationNoticePeriod_1fdd6a3b-4b18-447b-aa7c-da0f8d8ae0dc_terseLabel_en-US" xlink:label="lab_jef_LineOfCreditTerminationNoticePeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit facility termination notice period </link:label>
<link:label id="lab_jef_LineOfCreditTerminationNoticePeriod_label_en-US" xlink:label="lab_jef_LineOfCreditTerminationNoticePeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line Of Credit Termination Notice Period </link:label>
<link:label id="lab_jef_LineOfCreditTerminationNoticePeriod_documentation_en-US" xlink:label="lab_jef_LineOfCreditTerminationNoticePeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line Of Credit Termination Notice Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_LineOfCreditTerminationNoticePeriod" xlink:href="jef-20201130.xsd#jef_LineOfCreditTerminationNoticePeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_LineOfCreditTerminationNoticePeriod" xlink:to="lab_jef_LineOfCreditTerminationNoticePeriod" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityVoluntaryFilers_bb3ea978-2fd7-4a3d-9f93-30ae5952b1c5_terseLabel_en-US" xlink:label="lab_dei_EntityVoluntaryFilers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Voluntary Filers </link:label>
<link:label id="lab_dei_EntityVoluntaryFilers_label_en-US" xlink:label="lab_dei_EntityVoluntaryFilers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Voluntary Filers </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityVoluntaryFilers" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityVoluntaryFilers"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityVoluntaryFilers" xlink:to="lab_dei_EntityVoluntaryFilers" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EstimatedPeriodForLiquidationOfUnderlyingAssets_ff20addd-2b4a-4ad1-bf16-2264c7853bb9_terseLabel_en-US" xlink:label="lab_jef_EstimatedPeriodForLiquidationOfUnderlyingAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated period for the liquidation of the underlying assets </link:label>
<link:label id="lab_jef_EstimatedPeriodForLiquidationOfUnderlyingAssets_label_en-US" xlink:label="lab_jef_EstimatedPeriodForLiquidationOfUnderlyingAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated period for the liquidation of the underlying assets </link:label>
<link:label id="lab_jef_EstimatedPeriodForLiquidationOfUnderlyingAssets_documentation_en-US" xlink:label="lab_jef_EstimatedPeriodForLiquidationOfUnderlyingAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated period for the liquidation of the underlying assets, </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EstimatedPeriodForLiquidationOfUnderlyingAssets" xlink:href="jef-20201130.xsd#jef_EstimatedPeriodForLiquidationOfUnderlyingAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EstimatedPeriodForLiquidationOfUnderlyingAssets" xlink:to="lab_jef_EstimatedPeriodForLiquidationOfUnderlyingAssets" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DebtInstrumentDebtExtensionPeriod_31e4def0-391c-4c2c-a1ae-d832fb472e55_terseLabel_en-US" xlink:label="lab_jef_DebtInstrumentDebtExtensionPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt instrument, debt extension period </link:label>
<link:label id="lab_jef_DebtInstrumentDebtExtensionPeriod_label_en-US" xlink:label="lab_jef_DebtInstrumentDebtExtensionPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Debt Extension Period </link:label>
<link:label id="lab_jef_DebtInstrumentDebtExtensionPeriod_documentation_en-US" xlink:label="lab_jef_DebtInstrumentDebtExtensionPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Debt Extension Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DebtInstrumentDebtExtensionPeriod" xlink:href="jef-20201130.xsd#jef_DebtInstrumentDebtExtensionPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DebtInstrumentDebtExtensionPeriod" xlink:to="lab_jef_DebtInstrumentDebtExtensionPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditFacilityAxis_9701876c-ca30-4767-8ff3-2f4979e12138_terseLabel_en-US" xlink:label="lab_us-gaap_CreditFacilityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Facility [Axis] </link:label>
<link:label id="lab_us-gaap_CreditFacilityAxis_label_en-US" xlink:label="lab_us-gaap_CreditFacilityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Facility [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditFacilityAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditFacilityAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditFacilityAxis" xlink:to="lab_us-gaap_CreditFacilityAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_IncreaseDecreaseInOperatingLeaseLiabilities_1e97a04d-0588-4c51-b495-1f7998987f1f_terseLabel_en-US" xlink:label="lab_jef_IncreaseDecreaseInOperatingLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease liabilities </link:label>
<link:label id="lab_jef_IncreaseDecreaseInOperatingLeaseLiabilities_label_en-US" xlink:label="lab_jef_IncreaseDecreaseInOperatingLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) In Operating Lease Liabilities </link:label>
<link:label id="lab_jef_IncreaseDecreaseInOperatingLeaseLiabilities_documentation_en-US" xlink:label="lab_jef_IncreaseDecreaseInOperatingLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Lease Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_IncreaseDecreaseInOperatingLeaseLiabilities" xlink:href="jef-20201130.xsd#jef_IncreaseDecreaseInOperatingLeaseLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_IncreaseDecreaseInOperatingLeaseLiabilities" xlink:to="lab_jef_IncreaseDecreaseInOperatingLeaseLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetainedInterestFairValueDisclosure_a22cefe4-f14d-44a5-83c0-96a30b604557_terseLabel_en-US" xlink:label="lab_us-gaap_RetainedInterestFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained Interests </link:label>
<link:label id="lab_us-gaap_RetainedInterestFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_RetainedInterestFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained Interest, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedInterestFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetainedInterestFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedInterestFairValueDisclosure" xlink:to="lab_us-gaap_RetainedInterestFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInTradingLiabilities_923a5d6a-5573-4646-9dc8-2938a04fdf34_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInTradingLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial instruments sold, not yet purchased, at fair value </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInTradingLiabilities_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInTradingLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Trading Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInTradingLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInTradingLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInTradingLiabilities" xlink:to="lab_us-gaap_IncreaseDecreaseInTradingLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RegulatoryCapitalRequirementsDisclosureTextBlock_fbc643d6-7c29-4fe8-be7b-e0390992f709_terseLabel_en-US" xlink:label="lab_jef_RegulatoryCapitalRequirementsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Capital Requirements </link:label>
<link:label id="lab_jef_RegulatoryCapitalRequirementsDisclosureTextBlock_label_en-US" xlink:label="lab_jef_RegulatoryCapitalRequirementsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Capital Requirements Disclosure [Text Block] </link:label>
<link:label id="lab_jef_RegulatoryCapitalRequirementsDisclosureTextBlock_documentation_en-US" xlink:label="lab_jef_RegulatoryCapitalRequirementsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory capital requirements disclosure. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RegulatoryCapitalRequirementsDisclosureTextBlock" xlink:href="jef-20201130.xsd#jef_RegulatoryCapitalRequirementsDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RegulatoryCapitalRequirementsDisclosureTextBlock" xlink:to="lab_jef_RegulatoryCapitalRequirementsDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract_7b1604f5-1c81-40d7-9ca0-1f0ab4d41db9_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Projected benefit obligation: </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DebtInstrumentIssuedDuringPeriodPrincipalAmountNetOfRetirements_31b7b2fb-1017-450c-a356-e3755f2a30bc_terseLabel_en-US" xlink:label="lab_jef_DebtInstrumentIssuedDuringPeriodPrincipalAmountNetOfRetirements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt issued during period, principal amount, net of retirements </link:label>
<link:label id="lab_jef_DebtInstrumentIssuedDuringPeriodPrincipalAmountNetOfRetirements_label_en-US" xlink:label="lab_jef_DebtInstrumentIssuedDuringPeriodPrincipalAmountNetOfRetirements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Issued During Period, Principal Amount, Net Of Retirements </link:label>
<link:label id="lab_jef_DebtInstrumentIssuedDuringPeriodPrincipalAmountNetOfRetirements_documentation_en-US" xlink:label="lab_jef_DebtInstrumentIssuedDuringPeriodPrincipalAmountNetOfRetirements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Issued During Period, Principal Amount, Net Of Retirements </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DebtInstrumentIssuedDuringPeriodPrincipalAmountNetOfRetirements" xlink:href="jef-20201130.xsd#jef_DebtInstrumentIssuedDuringPeriodPrincipalAmountNetOfRetirements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DebtInstrumentIssuedDuringPeriodPrincipalAmountNetOfRetirements" xlink:to="lab_jef_DebtInstrumentIssuedDuringPeriodPrincipalAmountNetOfRetirements" xlink:type="arc" order="1"/>
<link:label id="lab_jef_AnnualTargetedLongTermCompensation_372ec498-9e04-42f7-b4c9-33d665f73261_terseLabel_en-US" xlink:label="lab_jef_AnnualTargetedLongTermCompensation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance measurement, targeted long-term compensation </link:label>
<link:label id="lab_jef_AnnualTargetedLongTermCompensation_label_en-US" xlink:label="lab_jef_AnnualTargetedLongTermCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annual Targeted Long-Term Compensation </link:label>
<link:label id="lab_jef_AnnualTargetedLongTermCompensation_documentation_en-US" xlink:label="lab_jef_AnnualTargetedLongTermCompensation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annual Targeted Long-Term Compensation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_AnnualTargetedLongTermCompensation" xlink:href="jef-20201130.xsd#jef_AnnualTargetedLongTermCompensation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_AnnualTargetedLongTermCompensation" xlink:to="lab_jef_AnnualTargetedLongTermCompensation" xlink:type="arc" order="1"/>
<link:label id="lab_jef_VariableInterestEntityCarryingAmountOfAssetsNonConsolidatedVie_461e0905-3e39-4941-8871-2ed6ffb25e24_terseLabel_en-US" xlink:label="lab_jef_VariableInterestEntityCarryingAmountOfAssetsNonConsolidatedVie" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> VIE Assets </link:label>
<link:label id="lab_jef_VariableInterestEntityCarryingAmountOfAssetsNonConsolidatedVie_label_en-US" xlink:label="lab_jef_VariableInterestEntityCarryingAmountOfAssetsNonConsolidatedVie" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity Carrying Amount Of Assets Non Consolidated Vie </link:label>
<link:label id="lab_jef_VariableInterestEntityCarryingAmountOfAssetsNonConsolidatedVie_documentation_en-US" xlink:label="lab_jef_VariableInterestEntityCarryingAmountOfAssetsNonConsolidatedVie" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity Carrying Amount Of Assets Non Consolidated Vie </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_VariableInterestEntityCarryingAmountOfAssetsNonConsolidatedVie" xlink:href="jef-20201130.xsd#jef_VariableInterestEntityCarryingAmountOfAssetsNonConsolidatedVie"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_VariableInterestEntityCarryingAmountOfAssetsNonConsolidatedVie" xlink:to="lab_jef_VariableInterestEntityCarryingAmountOfAssetsNonConsolidatedVie" xlink:type="arc" order="1"/>
<link:label id="lab_jef_NonagencyMortgageAndAssetBackedVehiclesMember_d4f57714-d307-4657-a56a-325c8832cb94_terseLabel_en-US" xlink:label="lab_jef_NonagencyMortgageAndAssetBackedVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-agency mortgage- and other asset-backed securities </link:label>
<link:label id="lab_jef_NonagencyMortgageAndAssetBackedVehiclesMember_label_en-US" xlink:label="lab_jef_NonagencyMortgageAndAssetBackedVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-agency Mortgage And Asset Backed Vehicles [Member] </link:label>
<link:label id="lab_jef_NonagencyMortgageAndAssetBackedVehiclesMember_documentation_en-US" xlink:label="lab_jef_NonagencyMortgageAndAssetBackedVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-agency Mortgage- and asset-backed vehicles </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_NonagencyMortgageAndAssetBackedVehiclesMember" xlink:href="jef-20201130.xsd#jef_NonagencyMortgageAndAssetBackedVehiclesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_NonagencyMortgageAndAssetBackedVehiclesMember" xlink:to="lab_jef_NonagencyMortgageAndAssetBackedVehiclesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetirementPlanNameDomain_b93d8f9b-27af-4544-8f6c-fbeda56957f3_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Name [Domain] </link:label>
<link:label id="lab_us-gaap_RetirementPlanNameDomain_label_en-US" xlink:label="lab_us-gaap_RetirementPlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Name [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetirementPlanNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanNameDomain" xlink:to="lab_us-gaap_RetirementPlanNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ProceedsFromSaleOfAssociatedCompanies_9d6ef1aa-ad42-4867-9829-476fbaa320d5_terseLabel_en-US" xlink:label="lab_jef_ProceedsFromSaleOfAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from sale of associated companies </link:label>
<link:label id="lab_jef_ProceedsFromSaleOfAssociatedCompanies_label_en-US" xlink:label="lab_jef_ProceedsFromSaleOfAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds From Sale Of Associated Companies </link:label>
<link:label id="lab_jef_ProceedsFromSaleOfAssociatedCompanies_documentation_en-US" xlink:label="lab_jef_ProceedsFromSaleOfAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds From Sale Of Associated Companies </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ProceedsFromSaleOfAssociatedCompanies" xlink:href="jef-20201130.xsd#jef_ProceedsFromSaleOfAssociatedCompanies"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ProceedsFromSaleOfAssociatedCompanies" xlink:to="lab_jef_ProceedsFromSaleOfAssociatedCompanies" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_ecf59c6a-3149-48e4-a6be-d49db7eebb25_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Stockholders' Equity [Roll Forward] </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Stockholders' Equity [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ExternalCreditRatingByGroupingDomain_4655ed36-5c0c-4826-bfd0-84b0362fb69c_terseLabel_en-US" xlink:label="lab_us-gaap_ExternalCreditRatingByGroupingDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> External Credit Rating by Grouping [Domain] </link:label>
<link:label id="lab_us-gaap_ExternalCreditRatingByGroupingDomain_label_en-US" xlink:label="lab_us-gaap_ExternalCreditRatingByGroupingDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> External Credit Rating by Grouping [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ExternalCreditRatingByGroupingDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ExternalCreditRatingByGroupingDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ExternalCreditRatingByGroupingDomain" xlink:to="lab_us-gaap_ExternalCreditRatingByGroupingDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromIssuanceOfCommonStock_242b5309-9167-4911-a6b1-272ab1e73613_verboseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Issuance of common shares </link:label>
<link:label id="lab_us-gaap_ProceedsFromIssuanceOfCommonStock_label_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Issuance of Common Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EquityMethodInvestmentsContributionstoDistributionsFromAssociatedCompaniesNet_a8be3d22-4810-49a3-b1f6-a8fe10ad873f_terseLabel_en-US" xlink:label="lab_jef_EquityMethodInvestmentsContributionstoDistributionsFromAssociatedCompaniesNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contributions to (distributions from) associated companies, net </link:label>
<link:label id="lab_jef_EquityMethodInvestmentsContributionstoDistributionsFromAssociatedCompaniesNet_label_en-US" xlink:label="lab_jef_EquityMethodInvestmentsContributionstoDistributionsFromAssociatedCompaniesNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments, Contributions to (Distributions From) Associated Companies, Net </link:label>
<link:label id="lab_jef_EquityMethodInvestmentsContributionstoDistributionsFromAssociatedCompaniesNet_documentation_en-US" xlink:label="lab_jef_EquityMethodInvestmentsContributionstoDistributionsFromAssociatedCompaniesNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments, Contributions to (Distributions From) Associated Companies, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EquityMethodInvestmentsContributionstoDistributionsFromAssociatedCompaniesNet" xlink:href="jef-20201130.xsd#jef_EquityMethodInvestmentsContributionstoDistributionsFromAssociatedCompaniesNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EquityMethodInvestmentsContributionstoDistributionsFromAssociatedCompaniesNet" xlink:to="lab_jef_EquityMethodInvestmentsContributionstoDistributionsFromAssociatedCompaniesNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_5620a1a7-78da-404d-b5f7-8c796d1b3e01_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share Computation </link:label>
<link:label id="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDue_f4caecf1-ba2b-4b28-838d-e8eba05b6a02_totalLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Future minimum annual rentals </link:label>
<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDue_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leases, Future Minimum Payments Due </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:type="arc" order="1"/>
<link:label id="lab_jef_CustomerAndOtherRelationshipsMember_c9c27a59-c124-492e-9c5d-d925f15798c4_terseLabel_en-US" xlink:label="lab_jef_CustomerAndOtherRelationshipsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer and other relationships </link:label>
<link:label id="lab_jef_CustomerAndOtherRelationshipsMember_label_en-US" xlink:label="lab_jef_CustomerAndOtherRelationshipsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer And Other Relationships [Member] </link:label>
<link:label id="lab_jef_CustomerAndOtherRelationshipsMember_documentation_en-US" xlink:label="lab_jef_CustomerAndOtherRelationshipsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer And Other Relationships [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_CustomerAndOtherRelationshipsMember" xlink:href="jef-20201130.xsd#jef_CustomerAndOtherRelationshipsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_CustomerAndOtherRelationshipsMember" xlink:to="lab_jef_CustomerAndOtherRelationshipsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable_2681ab82-01a3-43a3-a0c7-d3d03acbc816_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income taxes receivable/payable, net </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Income Taxes Payable, Net of Income Taxes Receivable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable" xlink:to="lab_us-gaap_IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationTax_50650e58-9a43-474e-afad-ae5355dcbbe3_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), tax provision (benefit) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationTax_ee56f758-e262-4dbe-a803-1469c5fa2906_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: reclassification adjustment for foreign exchange (gains) losses included in net income (loss), tax provision (benefit) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationTax" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EquityRiskPremiumoverRiskFreeAssets_f6df43af-401c-4a3e-bc59-c1b10e163695_terseLabel_en-US" xlink:label="lab_jef_EquityRiskPremiumoverRiskFreeAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity risk premium over cash </link:label>
<link:label id="lab_jef_EquityRiskPremiumoverRiskFreeAssets_label_en-US" xlink:label="lab_jef_EquityRiskPremiumoverRiskFreeAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Risk Premium over Risk Free Assets </link:label>
<link:label id="lab_jef_EquityRiskPremiumoverRiskFreeAssets_documentation_en-US" xlink:label="lab_jef_EquityRiskPremiumoverRiskFreeAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Risk Premium over Risk Free Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EquityRiskPremiumoverRiskFreeAssets" xlink:href="jef-20201130.xsd#jef_EquityRiskPremiumoverRiskFreeAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EquityRiskPremiumoverRiskFreeAssets" xlink:to="lab_jef_EquityRiskPremiumoverRiskFreeAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_f4e4ed28-9c26-47ef-ad4b-8f9146d8b8c6_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] </link:label>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:to="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccretionExpense_e387ac01-2fcd-4700-b884-32d5dd690641_terseLabel_en-US" xlink:label="lab_us-gaap_AccretionExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accretion of interest </link:label>
<link:label id="lab_us-gaap_AccretionExpense_label_en-US" xlink:label="lab_us-gaap_AccretionExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accretion Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccretionExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccretionExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccretionExpense" xlink:to="lab_us-gaap_AccretionExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold_8f36d3de-a7fa-4282-9f27-2f9458d4e6f5_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cost of sales </link:label>
<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold_label_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Including Discontinued Operation, Costs of Goods Sold </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold" xlink:to="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeFinanceLeasesTextBlock_22124852-6a7c-4fe9-9273-a0cd82c6ad6b_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeFinanceLeasesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases </link:label>
<link:label id="lab_us-gaap_LesseeFinanceLeasesTextBlock_label_en-US" xlink:label="lab_us-gaap_LesseeFinanceLeasesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Finance Leases [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeFinanceLeasesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeFinanceLeasesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeFinanceLeasesTextBlock" xlink:to="lab_us-gaap_LesseeFinanceLeasesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtherVIEsMember_5b58826e-9e4c-4f8f-9f5e-f41425aa44a8_terseLabel_en-US" xlink:label="lab_jef_OtherVIEsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_jef_OtherVIEsMember_label_en-US" xlink:label="lab_jef_OtherVIEsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other VIEs [Member] </link:label>
<link:label id="lab_jef_OtherVIEsMember_documentation_en-US" xlink:label="lab_jef_OtherVIEsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other VIEs </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtherVIEsMember" xlink:href="jef-20201130.xsd#jef_OtherVIEsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtherVIEsMember" xlink:to="lab_jef_OtherVIEsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeAmountsAttributableToReportingEntityDisclosuresAbstract_4cc4963c-dd72-41f7-ac73-b17c90a38017_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeAmountsAttributableToReportingEntityDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts attributable to Jefferies Financial Group Inc. common shareholders: </link:label>
<link:label id="lab_us-gaap_IncomeAmountsAttributableToReportingEntityDisclosuresAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeAmountsAttributableToReportingEntityDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Amounts Attributable to Parent, Disclosures [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeAmountsAttributableToReportingEntityDisclosuresAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeAmountsAttributableToReportingEntityDisclosuresAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeAmountsAttributableToReportingEntityDisclosuresAbstract" xlink:to="lab_us-gaap_IncomeAmountsAttributableToReportingEntityDisclosuresAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax_d28b5f4b-968f-4115-933a-b303160ecb62_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in pension liability and postretirement benefits, tax provision (benefit) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LineOfCredit_c19ae748-6000-42a5-9490-fff22d340074_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term line of credit </link:label>
<link:label id="lab_us-gaap_LineOfCredit_label_en-US" xlink:label="lab_us-gaap_LineOfCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Line of Credit </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCredit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCredit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCredit" xlink:to="lab_us-gaap_LineOfCredit" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfZeroToTwelveMonths_15cdcdb8-5b7d-4f1d-b875-cea328f5b3e5_terseLabel_en-US" xlink:label="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfZeroToTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 0-12 Months </link:label>
<link:label id="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfZeroToTwelveMonths_label_en-US" xlink:label="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfZeroToTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Otc Derivative Assets Having Maturity Period Of Zero To Twelve Months </link:label>
<link:label id="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfZeroToTwelveMonths_documentation_en-US" xlink:label="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfZeroToTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Over the counter derivative assets having maturity period of zero to twelve months. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtcDerivativeAssetsHavingMaturityPeriodOfZeroToTwelveMonths" xlink:href="jef-20201130.xsd#jef_OtcDerivativeAssetsHavingMaturityPeriodOfZeroToTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtcDerivativeAssetsHavingMaturityPeriodOfZeroToTwelveMonths" xlink:to="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfZeroToTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ComprehensiveIncomeLossNetOfTaxAttributableToRedeemableNoncontrollingInterests_e0f17cd4-a0e8-47d6-9e69-0012130a9f47_negatedLabel_en-US" xlink:label="lab_jef_ComprehensiveIncomeLossNetOfTaxAttributableToRedeemableNoncontrollingInterests" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive (income) loss attributable to the redeemable noncontrolling interests </link:label>
<link:label id="lab_jef_ComprehensiveIncomeLossNetOfTaxAttributableToRedeemableNoncontrollingInterests_label_en-US" xlink:label="lab_jef_ComprehensiveIncomeLossNetOfTaxAttributableToRedeemableNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive Income (Loss) Net Of Tax, Attributable To Redeemable Noncontrolling Interests </link:label>
<link:label id="lab_jef_ComprehensiveIncomeLossNetOfTaxAttributableToRedeemableNoncontrollingInterests_documentation_en-US" xlink:label="lab_jef_ComprehensiveIncomeLossNetOfTaxAttributableToRedeemableNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive income or loss net of tax attributable to redeemable noncontrolling interests. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ComprehensiveIncomeLossNetOfTaxAttributableToRedeemableNoncontrollingInterests" xlink:href="jef-20201130.xsd#jef_ComprehensiveIncomeLossNetOfTaxAttributableToRedeemableNoncontrollingInterests"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ComprehensiveIncomeLossNetOfTaxAttributableToRedeemableNoncontrollingInterests" xlink:to="lab_jef_ComprehensiveIncomeLossNetOfTaxAttributableToRedeemableNoncontrollingInterests" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock_14806e64-e6d9-4c86-b651-38738798dc1b_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurement, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementPolicyPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:to="lab_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_IncomeLossFromPrivateEquityRelatedFunds_fa3cd9fd-67e9-479f-9f16-1531a0bc68b3_terseLabel_en-US" xlink:label="lab_jef_IncomeLossFromPrivateEquityRelatedFunds" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net gains (losses) from private equity related funds </link:label>
<link:label id="lab_jef_IncomeLossFromPrivateEquityRelatedFunds_label_en-US" xlink:label="lab_jef_IncomeLossFromPrivateEquityRelatedFunds" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from private equity related funds </link:label>
<link:label id="lab_jef_IncomeLossFromPrivateEquityRelatedFunds_documentation_en-US" xlink:label="lab_jef_IncomeLossFromPrivateEquityRelatedFunds" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (loss) from private equity related funds </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_IncomeLossFromPrivateEquityRelatedFunds" xlink:href="jef-20201130.xsd#jef_IncomeLossFromPrivateEquityRelatedFunds"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_IncomeLossFromPrivateEquityRelatedFunds" xlink:to="lab_jef_IncomeLossFromPrivateEquityRelatedFunds" xlink:type="arc" order="1"/>
<link:label id="lab_jef_GuaranteesExpectedToBeDueinSeventhYearAndThereafter_fc433f17-bfff-4e7a-9223-de3a84ba3ae3_terseLabel_en-US" xlink:label="lab_jef_GuaranteesExpectedToBeDueinSeventhYearAndThereafter" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2027 and Later </link:label>
<link:label id="lab_jef_GuaranteesExpectedToBeDueinSeventhYearAndThereafter_label_en-US" xlink:label="lab_jef_GuaranteesExpectedToBeDueinSeventhYearAndThereafter" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantees Expected To Be Due in Seventh Year And Thereafter </link:label>
<link:label id="lab_jef_GuaranteesExpectedToBeDueinSeventhYearAndThereafter_documentation_en-US" xlink:label="lab_jef_GuaranteesExpectedToBeDueinSeventhYearAndThereafter" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantees expected to be due within 6 fiscal years and thereafter. These may include, derivative guarantees, etc </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_GuaranteesExpectedToBeDueinSeventhYearAndThereafter" xlink:href="jef-20201130.xsd#jef_GuaranteesExpectedToBeDueinSeventhYearAndThereafter"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_GuaranteesExpectedToBeDueinSeventhYearAndThereafter" xlink:to="lab_jef_GuaranteesExpectedToBeDueinSeventhYearAndThereafter" xlink:type="arc" order="1"/>
<link:label id="lab_jef_InvestmentBankingCapitalMarketsAndAssetManagementSegmentMember_b790cd08-cb1b-4c71-a41d-c05770444d87_verboseLabel_en-US" xlink:label="lab_jef_InvestmentBankingCapitalMarketsAndAssetManagementSegmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment banking, capital markets and asset management segment </link:label>
<link:label id="lab_jef_InvestmentBankingCapitalMarketsAndAssetManagementSegmentMember_label_en-US" xlink:label="lab_jef_InvestmentBankingCapitalMarketsAndAssetManagementSegmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking, Capital Markets And Asset Management Segment [Member] </link:label>
<link:label id="lab_jef_InvestmentBankingCapitalMarketsAndAssetManagementSegmentMember_documentation_en-US" xlink:label="lab_jef_InvestmentBankingCapitalMarketsAndAssetManagementSegmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking, Capital Markets And Asset Management Segment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_InvestmentBankingCapitalMarketsAndAssetManagementSegmentMember" xlink:href="jef-20201130.xsd#jef_InvestmentBankingCapitalMarketsAndAssetManagementSegmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_InvestmentBankingCapitalMarketsAndAssetManagementSegmentMember" xlink:to="lab_jef_InvestmentBankingCapitalMarketsAndAssetManagementSegmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityMethodInvestmentsTextBlock_d501a3c7-02e4-43e9-86e3-111549483baf_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestmentsTextBlock_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestmentsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentsTextBlock" xlink:to="lab_us-gaap_EquityMethodInvestmentsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_2ac4c4c3-219b-4e53-9cf1-b8e86a97ea6a_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash provided by (used for) operating activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Operating Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationDistributionToShareholdersPercent_0cd10fda-0a8e-4a2b-8677-ea2333a4ea71_terseLabel_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationDistributionToShareholdersPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Spectrum Brands distribution, percent </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationDistributionToShareholdersPercent_label_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationDistributionToShareholdersPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Distribution To Shareholders, Percent </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationDistributionToShareholdersPercent_documentation_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationDistributionToShareholdersPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Distribution To Shareholders, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EffectiveIncomeTaxRateReconciliationDistributionToShareholdersPercent" xlink:href="jef-20201130.xsd#jef_EffectiveIncomeTaxRateReconciliationDistributionToShareholdersPercent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EffectiveIncomeTaxRateReconciliationDistributionToShareholdersPercent" xlink:to="lab_jef_EffectiveIncomeTaxRateReconciliationDistributionToShareholdersPercent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales_71c1319b-ad94-4135-a65a-1519c99cd91e_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Sales </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityCentralIndexKey_2c6421dd-e72c-4569-ac63-c9e6b28d890e_terseLabel_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Central Index Key </link:label>
<link:label id="lab_dei_EntityCentralIndexKey_label_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Central Index Key </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityCentralIndexKey" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RelatedPartyDomain_fa479e5d-ccd1-48e1-a7a5-59152851778a_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party [Domain] </link:label>
<link:label id="lab_us-gaap_RelatedPartyDomain_label_en-US" xlink:label="lab_us-gaap_RelatedPartyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RelatedPartyDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyDomain" xlink:to="lab_us-gaap_RelatedPartyDomain" xlink:type="arc" order="1"/>
<link:label id="lab_jef_VitesseEnergyFinanceRevolvingCreditFacilityMember_b1e6e484-275c-47bf-877c-d01f73553fdf_terseLabel_en-US" xlink:label="lab_jef_VitesseEnergyFinanceRevolvingCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vitesse Energy Finance Revolving Credit Facility </link:label>
<link:label id="lab_jef_VitesseEnergyFinanceRevolvingCreditFacilityMember_label_en-US" xlink:label="lab_jef_VitesseEnergyFinanceRevolvingCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vitesse Energy Finance Revolving Credit Facility [Member] </link:label>
<link:label id="lab_jef_VitesseEnergyFinanceRevolvingCreditFacilityMember_documentation_en-US" xlink:label="lab_jef_VitesseEnergyFinanceRevolvingCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vitesse Energy Finance Revolving Credit Facility [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_VitesseEnergyFinanceRevolvingCreditFacilityMember" xlink:href="jef-20201130.xsd#jef_VitesseEnergyFinanceRevolvingCreditFacilityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_VitesseEnergyFinanceRevolvingCreditFacilityMember" xlink:to="lab_jef_VitesseEnergyFinanceRevolvingCreditFacilityMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RelatedPartyTransactionLineItems_842aa932-16ff-4305-8b13-c447e46f39f5_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party Transaction [Line Items] </link:label>
<link:label id="lab_us-gaap_RelatedPartyTransactionLineItems_label_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party Transaction [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RelatedPartyTransactionLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems" xlink:to="lab_us-gaap_RelatedPartyTransactionLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentRiskAxis_1a88db22-4f2e-4650-9fe2-ffe37c15bb2e_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instrument [Axis] </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentRiskAxis_124fc0e8-91f2-4777-8761-b67eac69564b_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, by Nature [Axis] </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentRiskAxis_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instrument [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentRiskAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentRiskAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentRiskAxis" xlink:to="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SixPointFourFivePercentageSeniorDebenturesDueTwoThousandTwentySevenMember_8b276a77-d468-41db-9def-412957bf37a1_terseLabel_en-US" xlink:label="lab_jef_SixPointFourFivePercentageSeniorDebenturesDueTwoThousandTwentySevenMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 6.45% Senior Debentures, due June 8, 2027 </link:label>
<link:label id="lab_jef_SixPointFourFivePercentageSeniorDebenturesDueTwoThousandTwentySevenMember_label_en-US" xlink:label="lab_jef_SixPointFourFivePercentageSeniorDebenturesDueTwoThousandTwentySevenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Six Point Four Five Percentage Senior Debentures Due Two Thousand Twenty Seven [Member] </link:label>
<link:label id="lab_jef_SixPointFourFivePercentageSeniorDebenturesDueTwoThousandTwentySevenMember_documentation_en-US" xlink:label="lab_jef_SixPointFourFivePercentageSeniorDebenturesDueTwoThousandTwentySevenMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Six Point Four Five Percentage Senior Debentures Due Two Thousand Twenty Seven [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SixPointFourFivePercentageSeniorDebenturesDueTwoThousandTwentySevenMember" xlink:href="jef-20201130.xsd#jef_SixPointFourFivePercentageSeniorDebenturesDueTwoThousandTwentySevenMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SixPointFourFivePercentageSeniorDebenturesDueTwoThousandTwentySevenMember" xlink:to="lab_jef_SixPointFourFivePercentageSeniorDebenturesDueTwoThousandTwentySevenMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_bf161957-5f63-4b5c-b280-d8bc0fc43313_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets by Major Class [Axis] </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets by Major Class [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SeniorNotesMember_ba06a674-2b15-481f-bc43-ab62151f7f85_terseLabel_en-US" xlink:label="lab_us-gaap_SeniorNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Notes </link:label>
<link:label id="lab_us-gaap_SeniorNotesMember_label_en-US" xlink:label="lab_us-gaap_SeniorNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Notes [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeniorNotesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SeniorNotesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeniorNotesMember" xlink:to="lab_us-gaap_SeniorNotesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent_ba6b9648-f227-4e8c-9ccf-1e132758842d_verboseLabel_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued pension cost </link:label>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent_label_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability, Defined Benefit Plan </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesCurrentAndNoncurrent"/>
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<link:label id="lab_jef_CommodityFundMember_d4368694-bd92-4a9c-a083-a80664dcfc62_terseLabel_en-US" xlink:label="lab_jef_CommodityFundMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity Fund </link:label>
<link:label id="lab_jef_CommodityFundMember_label_en-US" xlink:label="lab_jef_CommodityFundMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity Fund [Member] </link:label>
<link:label id="lab_jef_CommodityFundMember_documentation_en-US" xlink:label="lab_jef_CommodityFundMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity Fund [Member] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_CommodityFundMember" xlink:to="lab_jef_CommodityFundMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_StatementGeographicalAxis_0735ae56-6c81-4a79-b2ab-23f2a010a44b_terseLabel_en-US" xlink:label="lab_srt_StatementGeographicalAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographical [Axis] </link:label>
<link:label id="lab_srt_StatementGeographicalAxis_label_en-US" xlink:label="lab_srt_StatementGeographicalAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Geographical [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_StatementGeographicalAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_StatementGeographicalAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_StatementGeographicalAxis" xlink:to="lab_srt_StatementGeographicalAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetainedEarningsUndistributedEarningsFromEquityMethodInvestees_f5fd756f-95bb-466b-ae92-1eb806a94a4c_verboseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsUndistributedEarningsFromEquityMethodInvestees" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Undistributed earnings of equity method investments </link:label>
<link:label id="lab_us-gaap_RetainedEarningsUndistributedEarningsFromEquityMethodInvestees_490867cf-7ca5-4db0-b596-4331d5bfe1bb_terseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsUndistributedEarningsFromEquityMethodInvestees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Undistributed earnings of unconsolidated subsidiaries </link:label>
<link:label id="lab_us-gaap_RetainedEarningsUndistributedEarningsFromEquityMethodInvestees_label_en-US" xlink:label="lab_us-gaap_RetainedEarningsUndistributedEarningsFromEquityMethodInvestees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained Earnings, Undistributed Earnings from Equity Method Investees </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsUndistributedEarningsFromEquityMethodInvestees" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetainedEarningsUndistributedEarningsFromEquityMethodInvestees"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsUndistributedEarningsFromEquityMethodInvestees" xlink:to="lab_us-gaap_RetainedEarningsUndistributedEarningsFromEquityMethodInvestees" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_5b0f8fab-53eb-4df9-9696-6976002139b9_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Decrease in valuation allowance </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:to="lab_us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReclassificationFromAociCurrentPeriodTax_405164f8-253c-4941-aade-7aa39f665480_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationFromAociCurrentPeriodTax" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification for the period, tax </link:label>
<link:label id="lab_us-gaap_ReclassificationFromAociCurrentPeriodTax_label_en-US" xlink:label="lab_us-gaap_ReclassificationFromAociCurrentPeriodTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification from AOCI, Current Period, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationFromAociCurrentPeriodTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReclassificationFromAociCurrentPeriodTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationFromAociCurrentPeriodTax" xlink:to="lab_us-gaap_ReclassificationFromAociCurrentPeriodTax" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OptionsIssuedToPurchasedNumberOfShares_7dcdc105-58d5-4800-a8aa-65ef75db8329_terseLabel_en-US" xlink:label="lab_jef_OptionsIssuedToPurchasedNumberOfShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Options issued to purchased number of shares (in shares) </link:label>
<link:label id="lab_jef_OptionsIssuedToPurchasedNumberOfShares_label_en-US" xlink:label="lab_jef_OptionsIssuedToPurchasedNumberOfShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Options Issued To Purchased Number Of Shares </link:label>
<link:label id="lab_jef_OptionsIssuedToPurchasedNumberOfShares_documentation_en-US" xlink:label="lab_jef_OptionsIssuedToPurchasedNumberOfShares" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Options Issued To Purchased Number Of Shares </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OptionsIssuedToPurchasedNumberOfShares" xlink:href="jef-20201130.xsd#jef_OptionsIssuedToPurchasedNumberOfShares"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OptionsIssuedToPurchasedNumberOfShares" xlink:to="lab_jef_OptionsIssuedToPurchasedNumberOfShares" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RealEstateOperationsMember_be851fcc-cffb-4cc6-9642-cf6add3290db_terseLabel_en-US" xlink:label="lab_jef_RealEstateOperationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real estate </link:label>
<link:label id="lab_jef_RealEstateOperationsMember_label_en-US" xlink:label="lab_jef_RealEstateOperationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real Estate Operations [Member] </link:label>
<link:label id="lab_jef_RealEstateOperationsMember_documentation_en-US" xlink:label="lab_jef_RealEstateOperationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real Estate Operations [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RealEstateOperationsMember" xlink:href="jef-20201130.xsd#jef_RealEstateOperationsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RealEstateOperationsMember" xlink:to="lab_jef_RealEstateOperationsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SegmentDomain_2f363c33-182c-4a95-bd1e-d64159b04246_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segments [Domain] </link:label>
<link:label id="lab_us-gaap_SegmentDomain_label_en-US" xlink:label="lab_us-gaap_SegmentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segments [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SegmentDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentDomain" xlink:to="lab_us-gaap_SegmentDomain" xlink:type="arc" order="1"/>
<link:label id="lab_jef_VitesseEnergyFinanceMember_cbc6d269-7cde-4540-9fc7-aff1069d365d_terseLabel_en-US" xlink:label="lab_jef_VitesseEnergyFinanceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vitesse Energy Finance </link:label>
<link:label id="lab_jef_VitesseEnergyFinanceMember_label_en-US" xlink:label="lab_jef_VitesseEnergyFinanceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vitesse Energy Finance [Member] </link:label>
<link:label id="lab_jef_VitesseEnergyFinanceMember_documentation_en-US" xlink:label="lab_jef_VitesseEnergyFinanceMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vitesse Energy Finance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_VitesseEnergyFinanceMember" xlink:href="jef-20201130.xsd#jef_VitesseEnergyFinanceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_VitesseEnergyFinanceMember" xlink:to="lab_jef_VitesseEnergyFinanceMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementOfCashFlowsAbstract_e97f5b32-a5d0-4ec3-af59-6be8756553f4_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Cash Flows [Abstract] </link:label>
<link:label id="lab_us-gaap_StatementOfCashFlowsAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Cash Flows [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfCashFlowsAbstract" xlink:to="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansBeforeReclassificationAdjustmentsTax_e26b0a8f-7df2-45d0-b6c0-ff5ae292108f_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansBeforeReclassificationAdjustmentsTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net pension and postretirement gains (losses) arising during the period, tax provision (benefit) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansBeforeReclassificationAdjustmentsTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansBeforeReclassificationAdjustmentsTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansBeforeReclassificationAdjustmentsTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansBeforeReclassificationAdjustmentsTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansBeforeReclassificationAdjustmentsTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansBeforeReclassificationAdjustmentsTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_361642e1-8d6a-44ab-9a6f-63cc72a9ab82_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Structured notes matures in 2024 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_c0db7673-d6d2-43a7-82f1-2f77493fa4c4_verboseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, Year Four </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock_eb5f9c4f-0ccb-4a29-b706-b0cf8acf0036_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Line of Credit Facilities </link:label>
<link:label id="lab_us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Line of Credit Facilities [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock" xlink:to="lab_us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_8c466fea-129e-4690-86ac-30ac9eddcb2f_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total gains (losses) (realized and unrealized) </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_4ace5915-db7e-4713-b797-5b841497c65d_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net gains (losses) on Level 3 assets (realized and unrealized) </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1"/>
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<link:label id="lab_us-gaap_InterestCostsCapitalized_7976722e-0496-448c-8316-4fccd87bb309_terseLabel_en-US" xlink:label="lab_us-gaap_InterestCostsCapitalized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capitalized interest </link:label>
<link:label id="lab_us-gaap_InterestCostsCapitalized_label_en-US" xlink:label="lab_us-gaap_InterestCostsCapitalized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Costs Capitalized </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestCostsCapitalized" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestCostsCapitalized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestCostsCapitalized" xlink:to="lab_us-gaap_InterestCostsCapitalized" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityCommonStockSharesOutstanding_6da4cc40-5625-4f50-b31c-384a168c51e4_verboseLabel_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Common Stock, Shares Outstanding </link:label>
<link:label id="lab_dei_EntityCommonStockSharesOutstanding_label_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Common Stock, Shares Outstanding </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityCommonStockSharesOutstanding" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCommonStockSharesOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_dei_EntityCommonStockSharesOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashMember_001388d6-4968-41f5-9b00-7e0c7a6dfdff_terseLabel_en-US" xlink:label="lab_us-gaap_CashMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash </link:label>
<link:label id="lab_us-gaap_CashMember_label_en-US" xlink:label="lab_us-gaap_CashMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashMember" xlink:to="lab_us-gaap_CashMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OutstandingLoanCommitments_4dc69c2a-a08f-4e27-972e-9ae248f3dbb8_terseLabel_en-US" xlink:label="lab_jef_OutstandingLoanCommitments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loan commitments outstanding </link:label>
<link:label id="lab_jef_OutstandingLoanCommitments_label_en-US" xlink:label="lab_jef_OutstandingLoanCommitments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Outstanding Loan Commitments </link:label>
<link:label id="lab_jef_OutstandingLoanCommitments_documentation_en-US" xlink:label="lab_jef_OutstandingLoanCommitments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Outstanding Loan Commitments to Clients. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OutstandingLoanCommitments" xlink:href="jef-20201130.xsd#jef_OutstandingLoanCommitments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OutstandingLoanCommitments" xlink:to="lab_jef_OutstandingLoanCommitments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TreasuryStockAcquiredAverageCostPerShare_40cfee9d-fe0a-42f8-9a59-c9cde7dfebf1_terseLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockAcquiredAverageCostPerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Average repurchase price per share (USD per share) </link:label>
<link:label id="lab_us-gaap_TreasuryStockAcquiredAverageCostPerShare_label_en-US" xlink:label="lab_us-gaap_TreasuryStockAcquiredAverageCostPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock Acquired, Average Cost Per Share </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockAcquiredAverageCostPerShare" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TreasuryStockAcquiredAverageCostPerShare"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockAcquiredAverageCostPerShare" xlink:to="lab_us-gaap_TreasuryStockAcquiredAverageCostPerShare" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SignonandRetentionAwardsMember_91cd7282-60d6-43f0-9524-60a3a97a65f5_terseLabel_en-US" xlink:label="lab_jef_SignonandRetentionAwardsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sign-on and retention awards </link:label>
<link:label id="lab_jef_SignonandRetentionAwardsMember_label_en-US" xlink:label="lab_jef_SignonandRetentionAwardsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sign-on and Retention Awards [Member] </link:label>
<link:label id="lab_jef_SignonandRetentionAwardsMember_documentation_en-US" xlink:label="lab_jef_SignonandRetentionAwardsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sign-on and Retention Awards [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SignonandRetentionAwardsMember" xlink:href="jef-20201130.xsd#jef_SignonandRetentionAwardsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SignonandRetentionAwardsMember" xlink:to="lab_jef_SignonandRetentionAwardsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax_464f3bb4-62b6-4e0e-b9c8-44dff86b5b27_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total recognized in other comprehensive income (loss) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_37695347-13ee-4cac-9c48-d301d26cf945_verboseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on disposal of discontinued operations, net of income tax provision of $0, $0 and $229,553 </link:label>
<link:label id="lab_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_049348dd-aa25-4eb4-a574-75d700335698_terseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on disposal of discontinued operations, net of taxes </link:label>
<link:label id="lab_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:to="lab_us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TaxesOther_69e57b05-86a5-4f5b-81a0-49ac6c956de0_terseLabel_en-US" xlink:label="lab_us-gaap_TaxesOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Taxes other than income or payroll </link:label>
<link:label id="lab_us-gaap_TaxesOther_label_en-US" xlink:label="lab_us-gaap_TaxesOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Taxes, Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TaxesOther" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TaxesOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TaxesOther" xlink:to="lab_us-gaap_TaxesOther" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CurrentFederalTaxExpenseBenefit_adcc5a19-d40e-4607-acce-4295da5f3ada_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. Federal </link:label>
<link:label id="lab_us-gaap_CurrentFederalTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Federal Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CurrentFederalTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_jef_JefferiesLLCMember_c98c993e-fecd-4ee1-932e-bf0e2add0ba7_terseLabel_en-US" xlink:label="lab_jef_JefferiesLLCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jefferies LLC </link:label>
<link:label id="lab_jef_JefferiesLLCMember_label_en-US" xlink:label="lab_jef_JefferiesLLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jefferies LLC [Member] </link:label>
<link:label id="lab_jef_JefferiesLLCMember_documentation_en-US" xlink:label="lab_jef_JefferiesLLCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jefferies LLC [Member] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_JefferiesLLCMember" xlink:to="lab_jef_JefferiesLLCMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AmortizationOfIntangibleAssets_7f1f65d0-0ad3-43a3-8f8b-c4cb3b04e661_terseLabel_en-US" xlink:label="lab_us-gaap_AmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization expense on intangible assets </link:label>
<link:label id="lab_us-gaap_AmortizationOfIntangibleAssets_label_en-US" xlink:label="lab_us-gaap_AmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization of Intangible Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AmortizationOfIntangibleAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmortizationOfIntangibleAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmortizationOfIntangibleAssets" xlink:to="lab_us-gaap_AmortizationOfIntangibleAssets" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtherFairValueInformationTableTextBlock_51d4eebf-ef94-4976-b734-0fa5610ef1ac_terseLabel_en-US" xlink:label="lab_jef_OtherFairValueInformationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Methods And Assumptions Used To Estimate The Fair Values </link:label>
<link:label id="lab_jef_OtherFairValueInformationTableTextBlock_label_en-US" xlink:label="lab_jef_OtherFairValueInformationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Fair Value Information [Table Text Block] </link:label>
<link:label id="lab_jef_OtherFairValueInformationTableTextBlock_documentation_en-US" xlink:label="lab_jef_OtherFairValueInformationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Fair Value Information [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtherFairValueInformationTableTextBlock" xlink:href="jef-20201130.xsd#jef_OtherFairValueInformationTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtherFairValueInformationTableTextBlock" xlink:to="lab_jef_OtherFairValueInformationTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ContractualObligationDueInThirdAndFourthYears_bc6edde0-7357-4a8d-b2a4-3f7b67316d61_terseLabel_en-US" xlink:label="lab_jef_ContractualObligationDueInThirdAndFourthYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 and 2024 </link:label>
<link:label id="lab_jef_ContractualObligationDueInThirdAndFourthYears_label_en-US" xlink:label="lab_jef_ContractualObligationDueInThirdAndFourthYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contractual Obligation, Due In Third And Fourth Years </link:label>
<link:label id="lab_jef_ContractualObligationDueInThirdAndFourthYears_documentation_en-US" xlink:label="lab_jef_ContractualObligationDueInThirdAndFourthYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and guarantees expected to be due within 3 to 4 fiscal years. These may include, equity, loan, mortgage-related and underwriting commitments, derivative guarantees, etc. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ContractualObligationDueInThirdAndFourthYears" xlink:href="jef-20201130.xsd#jef_ContractualObligationDueInThirdAndFourthYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ContractualObligationDueInThirdAndFourthYears" xlink:to="lab_jef_ContractualObligationDueInThirdAndFourthYears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityMethodInvestmentsDisclosureTextBlock_ebcbf6a4-9476-499e-a2c8-fa837620c06c_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans to and Investments in Associated Companies </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestmentsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments and Joint Ventures Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestmentsDisclosureTextBlock"/>
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<link:label id="lab_jef_AdditionalGoodwillGeneratedByTheEstablishmentOfDeferredTaxLiabilities_label_en-US" xlink:label="lab_jef_AdditionalGoodwillGeneratedByTheEstablishmentOfDeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Goodwill Generated By The Establishment Of Deferred Tax Liabilities </link:label>
<link:label id="lab_jef_AdditionalGoodwillGeneratedByTheEstablishmentOfDeferredTaxLiabilities_documentation_en-US" xlink:label="lab_jef_AdditionalGoodwillGeneratedByTheEstablishmentOfDeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Goodwill Generated By The Establishment Of Deferred Tax Liabilities </link:label>
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<link:label id="lab_us-gaap_MeasurementInputPrepaymentRateMember_04da39b2-4a66-4bcd-ac90-9ade3c87d75e_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputPrepaymentRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Constant prepayment rate </link:label>
<link:label id="lab_us-gaap_MeasurementInputPrepaymentRateMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputPrepaymentRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Prepayment Rate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputPrepaymentRateMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MeasurementInputPrepaymentRateMember"/>
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<link:label id="lab_us-gaap_SegmentReportingDisclosureTextBlock_67cf03e7-a45a-45ae-9d42-1487ff8fbb6b_verboseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Information </link:label>
<link:label id="lab_us-gaap_SegmentReportingDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_SegmentReportingDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SegmentReportingDisclosureTextBlock"/>
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<link:label id="lab_jef_MarketApproachScenarioAnalysisAndDiscountedCashFlowMember_ad80c27c-f30e-4262-964b-8871c2763f7d_terseLabel_en-US" xlink:label="lab_jef_MarketApproachScenarioAnalysisAndDiscountedCashFlowMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and other receivables </link:label>
<link:label id="lab_jef_MarketApproachScenarioAnalysisAndDiscountedCashFlowMember_label_en-US" xlink:label="lab_jef_MarketApproachScenarioAnalysisAndDiscountedCashFlowMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Market Approach Scenario Analysis and Discounted Cash Flow [Member] </link:label>
<link:label id="lab_jef_MarketApproachScenarioAnalysisAndDiscountedCashFlowMember_documentation_en-US" xlink:label="lab_jef_MarketApproachScenarioAnalysisAndDiscountedCashFlowMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Market Approach Scenario Analysis And Discounted Cash Flow[Member] </link:label>
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<link:label id="lab_us-gaap_LongTermDebtMeasurementInput_24585868-2eec-482a-9618-0f020d11f79c_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt, measurement input </link:label>
<link:label id="lab_us-gaap_LongTermDebtMeasurementInput_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Measurement Input </link:label>
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<link:label id="lab_us-gaap_ProceedsFromSaleOfLoansReceivable_ee64bacc-656c-43a6-a642-4e83a8d910ac_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfLoansReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from sales of loan receivables held to maturity </link:label>
<link:label id="lab_us-gaap_ProceedsFromSaleOfLoansReceivable_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfLoansReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Sale of Loans Receivable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleOfLoansReceivable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSaleOfLoansReceivable"/>
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<link:label id="lab_dei_Security12bTitle_5204a22b-3294-4400-bd02-8cbf9bc1529a_terseLabel_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Title of 12(b) Security </link:label>
<link:label id="lab_dei_Security12bTitle_label_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Title of 12(b) Security </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle"/>
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<link:label id="lab_us-gaap_DisposalGroupClassificationAxis_ce567f4f-ea5d-44f8-aced-a1155e7df39d_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupClassificationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group Classification [Axis] </link:label>
<link:label id="lab_us-gaap_DisposalGroupClassificationAxis_label_en-US" xlink:label="lab_us-gaap_DisposalGroupClassificationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group Classification [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupClassificationAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupClassificationAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupClassificationAxis" xlink:to="lab_us-gaap_DisposalGroupClassificationAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_GuaranteesExpectedToBeDueInFiveAndSixYears_9efe18ca-a290-46a0-b4e1-c2fe5db5ea37_terseLabel_en-US" xlink:label="lab_jef_GuaranteesExpectedToBeDueInFiveAndSixYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 and 2026 </link:label>
<link:label id="lab_jef_GuaranteesExpectedToBeDueInFiveAndSixYears_label_en-US" xlink:label="lab_jef_GuaranteesExpectedToBeDueInFiveAndSixYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantees Expected To Be Due In Five And Six Years </link:label>
<link:label id="lab_jef_GuaranteesExpectedToBeDueInFiveAndSixYears_documentation_en-US" xlink:label="lab_jef_GuaranteesExpectedToBeDueInFiveAndSixYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantees expected to be due within 5 to 6 fiscal years. These may include, derivative guarantees, etc. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_GuaranteesExpectedToBeDueInFiveAndSixYears" xlink:href="jef-20201130.xsd#jef_GuaranteesExpectedToBeDueInFiveAndSixYears"/>
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<link:label id="lab_jef_ExcludedSecuritiesFromUnobservableQuantitativeInformationAssets_db0eee3a-c99c-447a-bac8-1d6a1b72f83e_terseLabel_en-US" xlink:label="lab_jef_ExcludedSecuritiesFromUnobservableQuantitativeInformationAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Excluded assets from unobservable quantitative information </link:label>
<link:label id="lab_jef_ExcludedSecuritiesFromUnobservableQuantitativeInformationAssets_label_en-US" xlink:label="lab_jef_ExcludedSecuritiesFromUnobservableQuantitativeInformationAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Excluded Securities from Unobservable Quantitative Information, Assets </link:label>
<link:label id="lab_jef_ExcludedSecuritiesFromUnobservableQuantitativeInformationAssets_documentation_en-US" xlink:label="lab_jef_ExcludedSecuritiesFromUnobservableQuantitativeInformationAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Excluded Securities from Unobservable Quantitative Information, Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ExcludedSecuritiesFromUnobservableQuantitativeInformationAssets" xlink:href="jef-20201130.xsd#jef_ExcludedSecuritiesFromUnobservableQuantitativeInformationAssets"/>
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<link:label id="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax_1cc7721e-52a2-44b8-a442-5518e1774800_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pre-tax income from discontinued operations, including gain on disposal </link:label>
<link:label id="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax"/>
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<link:label id="lab_jef_ClayFamilyMember_9ea61f60-ba41-4662-92a5-1bca9cbc7dad_terseLabel_en-US" xlink:label="lab_jef_ClayFamilyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Clay Family </link:label>
<link:label id="lab_jef_ClayFamilyMember_label_en-US" xlink:label="lab_jef_ClayFamilyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Clay Family [Member] </link:label>
<link:label id="lab_jef_ClayFamilyMember_documentation_en-US" xlink:label="lab_jef_ClayFamilyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Clay Family [Member] </link:label>
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<link:label id="lab_jef_EquityMethodInvestmentMeasurementInput_972f3daa-8c1e-48f7-a4e1-4f9f2e632262_terseLabel_en-US" xlink:label="lab_jef_EquityMethodInvestmentMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity method investment, measurement input </link:label>
<link:label id="lab_jef_EquityMethodInvestmentMeasurementInput_label_en-US" xlink:label="lab_jef_EquityMethodInvestmentMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Measurement Input </link:label>
<link:label id="lab_jef_EquityMethodInvestmentMeasurementInput_documentation_en-US" xlink:label="lab_jef_EquityMethodInvestmentMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Measurement Input </link:label>
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<link:label id="lab_us-gaap_InvestmentHoldingsScheduleOfInvestmentsTableTextBlock_5ad61a4c-897b-4d6f-8386-e66a29788994_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentHoldingsScheduleOfInvestmentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Loans To And Investments In Associated Companies </link:label>
<link:label id="lab_us-gaap_InvestmentHoldingsScheduleOfInvestmentsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_InvestmentHoldingsScheduleOfInvestmentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Holdings, Schedule of Investments [Table Text Block] </link:label>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_0fcf7e12-e764-4159-981c-f405e9c7da89_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net unrealized holding gains (losses) on investments arising during the period, net of income tax provision (benefit) of $117, $165 and $(551) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax"/>
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<link:label id="lab_jef_RestrictedStockUnitsWithFutureServiceRequiredMember_2299a976-1a24-49c8-8306-14fcf13ccaae_terseLabel_en-US" xlink:label="lab_jef_RestrictedStockUnitsWithFutureServiceRequiredMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted stock units with future service required </link:label>
<link:label id="lab_jef_RestrictedStockUnitsWithFutureServiceRequiredMember_label_en-US" xlink:label="lab_jef_RestrictedStockUnitsWithFutureServiceRequiredMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock Units With Future Service Required [Member] </link:label>
<link:label id="lab_jef_RestrictedStockUnitsWithFutureServiceRequiredMember_documentation_en-US" xlink:label="lab_jef_RestrictedStockUnitsWithFutureServiceRequiredMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock Units With Future Service Required [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RestrictedStockUnitsWithFutureServiceRequiredMember" xlink:href="jef-20201130.xsd#jef_RestrictedStockUnitsWithFutureServiceRequiredMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RestrictedStockUnitsWithFutureServiceRequiredMember" xlink:to="lab_jef_RestrictedStockUnitsWithFutureServiceRequiredMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers_1200692e-b253-40a9-92f4-d628d684d686_terseLabel_en-US" xlink:label="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash flows received on retained interests </link:label>
<link:label id="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers_label_en-US" xlink:label="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Flows Between Transferor and Transferee, Proceeds from New Transfers </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers" xlink:to="lab_us-gaap_CashFlowsBetweenTransfereeAndTransferorProceedsFromNewTransfers" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax_66cde9f8-f280-4c9f-864c-2806f534e25c_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net unrealized holding gains (losses) on investments arising during the period, tax provision (benefit) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherAssetsFairValueDisclosure_1e9d57fa-9f41-4bc1-830c-240f3f38c1d6_terseLabel_en-US" xlink:label="lab_us-gaap_OtherAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets, fair value disclosure </link:label>
<link:label id="lab_us-gaap_OtherAssetsFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_OtherAssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssetsFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherAssetsFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssetsFairValueDisclosure" xlink:to="lab_us-gaap_OtherAssetsFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProvisionForLoanAndLeaseLosses_bef94b27-51da-4e67-98b6-328573c31ea2_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_ProvisionForLoanAndLeaseLosses" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for loan and lease losses </link:label>
<link:label id="lab_us-gaap_ProvisionForLoanAndLeaseLosses_label_en-US" xlink:label="lab_us-gaap_ProvisionForLoanAndLeaseLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for Loan and Lease Losses </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProvisionForLoanAndLeaseLosses" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProvisionForLoanAndLeaseLosses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProvisionForLoanAndLeaseLosses" xlink:to="lab_us-gaap_ProvisionForLoanAndLeaseLosses" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestPayableCurrentAndNoncurrent_4ef9d555-8e00-431c-a6e3-58d64770d7c3_terseLabel_en-US" xlink:label="lab_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued interest payable </link:label>
<link:label id="lab_us-gaap_InterestPayableCurrentAndNoncurrent_label_en-US" xlink:label="lab_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Payable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestPayableCurrentAndNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:to="lab_us-gaap_InterestPayableCurrentAndNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ContractualObligationDueInNextTwelveMonths_f4f80866-eb02-433a-820a-1876f968b256_terseLabel_en-US" xlink:label="lab_us-gaap_ContractualObligationDueInNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>
<link:label id="lab_us-gaap_ContractualObligationDueInNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_ContractualObligationDueInNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contractual Obligation, to be Paid, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractualObligationDueInNextTwelveMonths" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ContractualObligationDueInNextTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContractualObligationDueInNextTwelveMonths" xlink:to="lab_us-gaap_ContractualObligationDueInNextTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestExpense_88672444-ca92-4b0c-b52e-3b2a5df5b4d8_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest expense </link:label>
<link:label id="lab_us-gaap_InterestExpense_label_en-US" xlink:label="lab_us-gaap_InterestExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpense" xlink:to="lab_us-gaap_InterestExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward_bb594f00-0d44-4307-957e-cc0d61c9bd26_terseLabel_en-US" xlink:label="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] </link:label>
<link:label id="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward_label_en-US" xlink:label="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:to="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_jef_LineOfCreditFacilityCommitmentUnderJointVentureEntityPortion_0dd934c0-4ce9-4115-aea4-a67813f0d975_terseLabel_en-US" xlink:label="lab_jef_LineOfCreditFacilityCommitmentUnderJointVentureEntityPortion" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of credit facility commitment of Jefferies </link:label>
<link:label id="lab_jef_LineOfCreditFacilityCommitmentUnderJointVentureEntityPortion_label_en-US" xlink:label="lab_jef_LineOfCreditFacilityCommitmentUnderJointVentureEntityPortion" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Facility, Commitment Under Joint Venture, Entity Portion </link:label>
<link:label id="lab_jef_LineOfCreditFacilityCommitmentUnderJointVentureEntityPortion_documentation_en-US" xlink:label="lab_jef_LineOfCreditFacilityCommitmentUnderJointVentureEntityPortion" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Facility, Commitment Under Joint Venture, Entity Portion </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_LineOfCreditFacilityCommitmentUnderJointVentureEntityPortion" xlink:href="jef-20201130.xsd#jef_LineOfCreditFacilityCommitmentUnderJointVentureEntityPortion"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_LineOfCreditFacilityCommitmentUnderJointVentureEntityPortion" xlink:to="lab_jef_LineOfCreditFacilityCommitmentUnderJointVentureEntityPortion" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockholdersEquityOther_6a9bd42d-ba01-406c-b88a-1f6cffe44a1c_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityOther" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_StockholdersEquityOther_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity, Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityOther" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquityOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityOther" xlink:to="lab_us-gaap_StockholdersEquityOther" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DepreciationDepletionAndAmortization_acace04e-6c8f-4e94-b1c8-7039484e2d7a_verboseLabel_en-US" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depreciation and amortization </link:label>
<link:label id="lab_us-gaap_DepreciationDepletionAndAmortization_e008c53f-8ab2-460d-bd86-f04906b29619_terseLabel_en-US" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depreciation and amortization expenses: </link:label>
<link:label id="lab_us-gaap_DepreciationDepletionAndAmortization_label_en-US" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depreciation, Depletion and Amortization </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortization" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepreciationDepletionAndAmortization" xlink:to="lab_us-gaap_DepreciationDepletionAndAmortization" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_dd173eac-c9ea-45aa-bcd4-530c26ee7ed7_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Provision For Income Taxes </link:label>
<link:label id="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_CollateralizedLoanObligationsSecuritizationAssets_2b289702-74bc-47d3-9fcd-f4261ea66ff7_terseLabel_en-US" xlink:label="lab_jef_CollateralizedLoanObligationsSecuritizationAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CLOs </link:label>
<link:label id="lab_jef_CollateralizedLoanObligationsSecuritizationAssets_label_en-US" xlink:label="lab_jef_CollateralizedLoanObligationsSecuritizationAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Loan Obligations Securitization Assets </link:label>
<link:label id="lab_jef_CollateralizedLoanObligationsSecuritizationAssets_documentation_en-US" xlink:label="lab_jef_CollateralizedLoanObligationsSecuritizationAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Loan Obligations Securitization Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_CollateralizedLoanObligationsSecuritizationAssets" xlink:href="jef-20201130.xsd#jef_CollateralizedLoanObligationsSecuritizationAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_CollateralizedLoanObligationsSecuritizationAssets" xlink:to="lab_jef_CollateralizedLoanObligationsSecuritizationAssets" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ProductOrServiceAxis_f8216ee5-5a06-4319-8f3b-14f78c0d1aca_terseLabel_en-US" xlink:label="lab_srt_ProductOrServiceAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service [Axis] </link:label>
<link:label id="lab_srt_ProductOrServiceAxis_label_en-US" xlink:label="lab_srt_ProductOrServiceAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ProductOrServiceAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ProductOrServiceAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ProductOrServiceAxis" xlink:to="lab_srt_ProductOrServiceAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EquityMethodInvestmentPercentageOfInterestSold_22af066c-5727-4e2d-89ee-bf78aaa486b2_terseLabel_en-US" xlink:label="lab_jef_EquityMethodInvestmentPercentageOfInterestSold" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of equity interest sold </link:label>
<link:label id="lab_jef_EquityMethodInvestmentPercentageOfInterestSold_label_en-US" xlink:label="lab_jef_EquityMethodInvestmentPercentageOfInterestSold" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Percentage Of Interest Sold </link:label>
<link:label id="lab_jef_EquityMethodInvestmentPercentageOfInterestSold_documentation_en-US" xlink:label="lab_jef_EquityMethodInvestmentPercentageOfInterestSold" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Percentage Of Interest Sold </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EquityMethodInvestmentPercentageOfInterestSold" xlink:href="jef-20201130.xsd#jef_EquityMethodInvestmentPercentageOfInterestSold"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EquityMethodInvestmentPercentageOfInterestSold" xlink:to="lab_jef_EquityMethodInvestmentPercentageOfInterestSold" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentTypeAxis_492ec374-c07a-42d4-b615-5ea548f8cb66_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Type [Axis] </link:label>
<link:label id="lab_us-gaap_InvestmentTypeAxis_label_en-US" xlink:label="lab_us-gaap_InvestmentTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Type [Axis] </link:label>
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<link:label id="lab_jef_DisposalGroupIncludingDiscontinuedOperationExpensesAbstract_1079f2b0-9565-4d6b-8e4a-dc098d618c68_terseLabel_en-US" xlink:label="lab_jef_DisposalGroupIncludingDiscontinuedOperationExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expenses: </link:label>
<link:label id="lab_jef_DisposalGroupIncludingDiscontinuedOperationExpensesAbstract_label_en-US" xlink:label="lab_jef_DisposalGroupIncludingDiscontinuedOperationExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Including Discontinued Operation, Expenses [Abstract] </link:label>
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<link:label id="lab_us-gaap_ValuationTechniqueAxis_9d16a9fb-3473-4ac0-bfeb-78550f973a83_terseLabel_en-US" xlink:label="lab_us-gaap_ValuationTechniqueAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Approach and Technique [Axis] </link:label>
<link:label id="lab_us-gaap_ValuationTechniqueAxis_label_en-US" xlink:label="lab_us-gaap_ValuationTechniqueAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Approach and Technique [Axis] </link:label>
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<link:label id="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnandTangibleDeployableEquityPercentageMaximum_df5911b3-96cb-4c0d-8c3e-eb2344aa7abf_terseLabel_en-US" xlink:label="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnandTangibleDeployableEquityPercentageMaximum" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance measurement benchmark, growth rate in TSR and ROTDE (up to) </link:label>
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<link:label id="lab_jef_LoansToAndInvestmentsInAssociatedCompaniesPolicyTextBlock_e10681f3-6be5-4c22-8d20-57f1758f3b2f_terseLabel_en-US" xlink:label="lab_jef_LoansToAndInvestmentsInAssociatedCompaniesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans to and Investments in Associated Companies </link:label>
<link:label id="lab_jef_LoansToAndInvestmentsInAssociatedCompaniesPolicyTextBlock_label_en-US" xlink:label="lab_jef_LoansToAndInvestmentsInAssociatedCompaniesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans to and Investments in Associated Companies [Policy Text Block] </link:label>
<link:label id="lab_jef_LoansToAndInvestmentsInAssociatedCompaniesPolicyTextBlock_documentation_en-US" xlink:label="lab_jef_LoansToAndInvestmentsInAssociatedCompaniesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans to and Investments in Associated Companies [Policy Text Block] </link:label>
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<link:label id="lab_jef_FinancialInstrumentsOwnedAtFairValueExcludingInvestmentsAtFairValueBasedOnNAV_45c71468-8e60-44f3-ac78-47da76ac6028_terseLabel_en-US" xlink:label="lab_jef_FinancialInstrumentsOwnedAtFairValueExcludingInvestmentsAtFairValueBasedOnNAV" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total financial instruments owned, at fair value, excluding investments at fair value based on NAV </link:label>
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<link:label id="lab_jef_FinancialInstrumentsOwnedAtFairValueExcludingInvestmentsAtFairValueBasedOnNAV_documentation_en-US" xlink:label="lab_jef_FinancialInstrumentsOwnedAtFairValueExcludingInvestmentsAtFairValueBasedOnNAV" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments, Owned, At Fair Value, Excluding Investments At Fair Value Based On NAV </link:label>
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<link:label id="lab_us-gaap_LoansMember_7e49c809-1594-4d1a-adad-9669be3967e8_terseLabel_en-US" xlink:label="lab_us-gaap_LoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans </link:label>
<link:label id="lab_us-gaap_LoansMember_04837b33-5b7b-4784-ac40-57d31c28e0db_verboseLabel_en-US" xlink:label="lab_us-gaap_LoansMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jefferies Group Secured Bank Loan </link:label>
<link:label id="lab_us-gaap_LoansMember_label_en-US" xlink:label="lab_us-gaap_LoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans [Member] </link:label>
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<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_43b7e81c-38cc-4b4b-b033-6e2ad5e72a26_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, Year Two </link:label>
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<link:label id="lab_jef_AggregateAmountOfInfrastructureImprovementBondsOutstanding_e2b6c6c0-8865-4aea-9424-fd82331ce575_terseLabel_en-US" xlink:label="lab_jef_AggregateAmountOfInfrastructureImprovementBondsOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Aggregate amount of infrastructure improvement bonds outstanding </link:label>
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<link:label id="lab_us-gaap_ContractWithCustomerLiabilityRevenueRecognized_66409033-1194-4693-a772-a4b74fe4711c_terseLabel_en-US" xlink:label="lab_us-gaap_ContractWithCustomerLiabilityRevenueRecognized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred revenue, revenue recognized </link:label>
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<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_611ebd73-1d0b-4e9f-bc1d-bd01156bd162_totalLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share </link:label>
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<link:label id="lab_us-gaap_SecuritiesBorrowedCollateralObligationToReturnSecurities_969bf18a-02cc-4a74-ba0e-297fe7e0b635_negatedLabel_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedCollateralObligationToReturnSecurities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available collateral </link:label>
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<link:label id="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember_85651f69-fb7e-4a1b-9e49-1152b38581b0_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net minimum pension liability </link:label>
<link:label id="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember"/>
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<link:label id="lab_jef_TwoPointSevenFivePercentageSeniorNotesDueTwoThousandThirtyTwoMember_8662f15e-faee-458f-94f7-2815cea5c6b8_terseLabel_en-US" xlink:label="lab_jef_TwoPointSevenFivePercentageSeniorNotesDueTwoThousandThirtyTwoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2.75% Senior Notes, due October 15, 2032 </link:label>
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<link:label id="lab_jef_TwoPointSevenFivePercentageSeniorNotesDueTwoThousandThirtyTwoMember_documentation_en-US" xlink:label="lab_jef_TwoPointSevenFivePercentageSeniorNotesDueTwoThousandThirtyTwoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Two Point Seven Five Percentage Senior Notes Due Two Thousand Thirty Two </link:label>
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<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems_8b797ff0-3c29-4827-bd96-7e985e2edcbd_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] </link:label>
<link:label id="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems"/>
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<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Recurring and Nonrecurring [Table] </link:label>
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<link:label id="lab_jef_JefferiesFinanceLlcMember_7d131a3d-7403-495f-80b4-4ca36315dc1a_terseLabel_en-US" xlink:label="lab_jef_JefferiesFinanceLlcMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jefferies Finance </link:label>
<link:label id="lab_jef_JefferiesFinanceLlcMember_label_en-US" xlink:label="lab_jef_JefferiesFinanceLlcMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jefferies Finance Llc [Member] </link:label>
<link:label id="lab_jef_JefferiesFinanceLlcMember_documentation_en-US" xlink:label="lab_jef_JefferiesFinanceLlcMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jefferies Finance, LLC [Member] </link:label>
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<link:label id="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare_221563a1-81fa-459d-b3ef-7cb5c8b3f6cd_terseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income from discontinued operations (USD per share) </link:label>
<link:label id="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare"/>
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<link:label id="lab_jef_NetIncomeLossAvailableToCommonStockholders_3f61b7c7-5467-48eb-ab34-87365b1382fe_totalLabel_en-US" xlink:label="lab_jef_NetIncomeLossAvailableToCommonStockholders" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income attributable to Jefferies Financial Group Inc. common shareholders </link:label>
<link:label id="lab_jef_NetIncomeLossAvailableToCommonStockholders_3c357f6f-6f7b-4eae-9af8-12d563c95d70_terseLabel_en-US" xlink:label="lab_jef_NetIncomeLossAvailableToCommonStockholders" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Available To Common Stockholders </link:label>
<link:label id="lab_jef_NetIncomeLossAvailableToCommonStockholders_d6765f8b-55a0-4826-9e24-972886954bf0_netLabel_en-US" xlink:label="lab_jef_NetIncomeLossAvailableToCommonStockholders" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income attributable to Jefferies Financial Group Inc. common shareholders </link:label>
<link:label id="lab_jef_NetIncomeLossAvailableToCommonStockholders_label_en-US" xlink:label="lab_jef_NetIncomeLossAvailableToCommonStockholders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Available To Common Stockholders </link:label>
<link:label id="lab_jef_NetIncomeLossAvailableToCommonStockholders_documentation_en-US" xlink:label="lab_jef_NetIncomeLossAvailableToCommonStockholders" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Available To Common Stockholders </link:label>
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<link:label id="lab_jef_OtherSourcesOfRevenueMiscellaneousMember_65a9a614-9910-4eb6-9785-ab366caaf6b8_terseLabel_en-US" xlink:label="lab_jef_OtherSourcesOfRevenueMiscellaneousMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_jef_OtherSourcesOfRevenueMiscellaneousMember_label_en-US" xlink:label="lab_jef_OtherSourcesOfRevenueMiscellaneousMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Sources Of Revenue, Miscellaneous [Member] </link:label>
<link:label id="lab_jef_OtherSourcesOfRevenueMiscellaneousMember_documentation_en-US" xlink:label="lab_jef_OtherSourcesOfRevenueMiscellaneousMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Sources Of Revenue, Miscellaneous [Member] </link:label>
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<link:label id="lab_us-gaap_DebtInstrumentAxis_91d4ae92-f6fc-43cb-b833-24d854a259fa_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument [Axis] </link:label>
<link:label id="lab_us-gaap_DebtInstrumentAxis_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentAxis" xlink:to="lab_us-gaap_DebtInstrumentAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationNonDeductibleExecutiveCompensationPercent_b88ceb5b-fbf1-46fc-aa6a-2bb897984ee1_terseLabel_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationNonDeductibleExecutiveCompensationPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Permanent differences, percent </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationNonDeductibleExecutiveCompensationPercent_label_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationNonDeductibleExecutiveCompensationPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Non-deductible Executive Compensation, Percent </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationNonDeductibleExecutiveCompensationPercent_documentation_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationNonDeductibleExecutiveCompensationPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Non-deductible Executive Compensation, Percent </link:label>
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<link:label id="lab_us-gaap_CreditDerivativesContractTypeDomain_863dc910-8301-4dd5-bd59-b62428d109e7_terseLabel_en-US" xlink:label="lab_us-gaap_CreditDerivativesContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives Contract Type [Domain] </link:label>
<link:label id="lab_us-gaap_CreditDerivativesContractTypeDomain_label_en-US" xlink:label="lab_us-gaap_CreditDerivativesContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives Contract Type [Domain] </link:label>
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<link:label id="lab_us-gaap_AntidilutiveSecuritiesNameDomain_446c00b0-be33-492d-8f38-a8e2a4654a8a_terseLabel_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Antidilutive Securities, Name [Domain] </link:label>
<link:label id="lab_us-gaap_AntidilutiveSecuritiesNameDomain_label_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Antidilutive Securities, Name [Domain] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AntidilutiveSecuritiesNameDomain" xlink:to="lab_us-gaap_AntidilutiveSecuritiesNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FxcmMember_452fc540-3bae-4545-a7da-ed9c1aac6ed6_terseLabel_en-US" xlink:label="lab_jef_FxcmMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FXCM </link:label>
<link:label id="lab_jef_FxcmMember_label_en-US" xlink:label="lab_jef_FxcmMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fxcm [Member] </link:label>
<link:label id="lab_jef_FxcmMember_documentation_en-US" xlink:label="lab_jef_FxcmMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FXCM </link:label>
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<link:label id="lab_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock_063d411b-8655-4694-8918-818936931982_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Selected Quarterly Financial Data </link:label>
<link:label id="lab_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Quarterly Financial Information [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingSegmentsMember_83df069d-68c6-4663-ae1c-61a7db6c4baf_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reportable Segments: </link:label>
<link:label id="lab_us-gaap_OperatingSegmentsMember_label_en-US" xlink:label="lab_us-gaap_OperatingSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Segments [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingSegmentsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingSegmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingSegmentsMember" xlink:to="lab_us-gaap_OperatingSegmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQuality_3a8177ad-a7ab-4b68-b5bb-ae8486387cef_terseLabel_en-US" xlink:label="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQuality" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> A- or higher </link:label>
<link:label id="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQuality_label_en-US" xlink:label="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQuality" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Of OTC Derivatives Assets, Counterparty Credit Quality </link:label>
<link:label id="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQuality_documentation_en-US" xlink:label="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQuality" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of OTC derivatives assets, counterparty credit quality A- or higher. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQuality" xlink:href="jef-20201130.xsd#jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQuality"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQuality" xlink:to="lab_jef_FairValueOfOtcDerivativesAssetsCounterpartyCreditQuality" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ProceedsFromSaleOfEquityMethodInvestmentsAndAssociatedRealEstate_a0839f85-209f-4fe2-bf51-c4022e0a171e_terseLabel_en-US" xlink:label="lab_jef_ProceedsFromSaleOfEquityMethodInvestmentsAndAssociatedRealEstate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from sale of equity interests and associated real estate </link:label>
<link:label id="lab_jef_ProceedsFromSaleOfEquityMethodInvestmentsAndAssociatedRealEstate_label_en-US" xlink:label="lab_jef_ProceedsFromSaleOfEquityMethodInvestmentsAndAssociatedRealEstate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds From Sale Of Equity Method Investments And Associated Real Estate </link:label>
<link:label id="lab_jef_ProceedsFromSaleOfEquityMethodInvestmentsAndAssociatedRealEstate_documentation_en-US" xlink:label="lab_jef_ProceedsFromSaleOfEquityMethodInvestmentsAndAssociatedRealEstate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds From Sale Of Equity Method Investments And Associated Real Estate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ProceedsFromSaleOfEquityMethodInvestmentsAndAssociatedRealEstate" xlink:href="jef-20201130.xsd#jef_ProceedsFromSaleOfEquityMethodInvestmentsAndAssociatedRealEstate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ProceedsFromSaleOfEquityMethodInvestmentsAndAssociatedRealEstate" xlink:to="lab_jef_ProceedsFromSaleOfEquityMethodInvestmentsAndAssociatedRealEstate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisaggregationOfRevenueLineItems_b8e26f82-b9be-4b7a-85ed-b327297d4aec_terseLabel_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Line Items] </link:label>
<link:label id="lab_us-gaap_DisaggregationOfRevenueLineItems_label_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisaggregationOfRevenueLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisaggregationOfRevenueLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisaggregationOfRevenueLineItems" xlink:to="lab_us-gaap_DisaggregationOfRevenueLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TreasuryStockValueAcquiredCostMethod_cc491b4f-3c24-4246-8acc-879a93f2542a_negatedLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchase of common shares for treasury </link:label>
<link:label id="lab_us-gaap_TreasuryStockValueAcquiredCostMethod_label_en-US" xlink:label="lab_us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock, Value, Acquired, Cost Method </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TreasuryStockValueAcquiredCostMethod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:to="lab_us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilities_e500974c-dc29-40b8-8ba1-27a12a74efaf_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative liability </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilities_62ffce26-8f35-43f0-ab08-1b666a9fa89d_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net amounts in consolidated statements of financial condition, liabilities </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilities_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilities" xlink:to="lab_us-gaap_DerivativeLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditSpreadOptionMember_c4c5c67c-9aa3-459b-a6b9-4805f2599748_terseLabel_en-US" xlink:label="lab_us-gaap_CreditSpreadOptionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit spread </link:label>
<link:label id="lab_us-gaap_CreditSpreadOptionMember_label_en-US" xlink:label="lab_us-gaap_CreditSpreadOptionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Spread Option [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditSpreadOptionMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditSpreadOptionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditSpreadOptionMember" xlink:to="lab_us-gaap_CreditSpreadOptionMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_9045a284-4300-4295-88a5-40126e34387b_verboseLabel_en-US" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjustments to reconcile net income to net cash provided by (used for) operations: </link:label>
<link:label id="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SubprimeMember_74a144ad-c697-407c-9020-0006dd373900_terseLabel_en-US" xlink:label="lab_us-gaap_SubprimeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subprime </link:label>
<link:label id="lab_us-gaap_SubprimeMember_label_en-US" xlink:label="lab_us-gaap_SubprimeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subprime [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubprimeMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubprimeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubprimeMember" xlink:to="lab_us-gaap_SubprimeMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ReversalOfCumulativeRedeemableNoncontrollingInterestsFairValueAdjustmentsPriorToDeconsolidation_112c8c14-334a-4dba-9772-834e4f529245_terseLabel_en-US" xlink:label="lab_jef_ReversalOfCumulativeRedeemableNoncontrollingInterestsFairValueAdjustmentsPriorToDeconsolidation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reversal of cumulative National Beef redeemable noncontrolling interests fair value adjustments prior to deconsolidation </link:label>
<link:label id="lab_jef_ReversalOfCumulativeRedeemableNoncontrollingInterestsFairValueAdjustmentsPriorToDeconsolidation_label_en-US" xlink:label="lab_jef_ReversalOfCumulativeRedeemableNoncontrollingInterestsFairValueAdjustmentsPriorToDeconsolidation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reversal Of Cumulative Redeemable Noncontrolling Interests Fair Value Adjustments Prior To Deconsolidation </link:label>
<link:label id="lab_jef_ReversalOfCumulativeRedeemableNoncontrollingInterestsFairValueAdjustmentsPriorToDeconsolidation_documentation_en-US" xlink:label="lab_jef_ReversalOfCumulativeRedeemableNoncontrollingInterestsFairValueAdjustmentsPriorToDeconsolidation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reversal Of Cumulative Redeemable Noncontrolling Interests Fair Value Adjustments Prior To Deconsolidation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ReversalOfCumulativeRedeemableNoncontrollingInterestsFairValueAdjustmentsPriorToDeconsolidation" xlink:href="jef-20201130.xsd#jef_ReversalOfCumulativeRedeemableNoncontrollingInterestsFairValueAdjustmentsPriorToDeconsolidation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ReversalOfCumulativeRedeemableNoncontrollingInterestsFairValueAdjustmentsPriorToDeconsolidation" xlink:to="lab_jef_ReversalOfCumulativeRedeemableNoncontrollingInterestsFairValueAdjustmentsPriorToDeconsolidation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerAbstract_92f6c1dc-df1e-475c-9ba2-f1e82fa266c8_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from Contract with Customer [Abstract] </link:label>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerAbstract_label_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from Contract with Customer [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenueFromContractWithCustomerAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueFromContractWithCustomerAbstract" xlink:to="lab_us-gaap_RevenueFromContractWithCustomerAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputLossSeverityMember_e3ebf7fd-d746-44da-b4e3-de150fda2309_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputLossSeverityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss severity </link:label>
<link:label id="lab_us-gaap_MeasurementInputLossSeverityMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputLossSeverityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Loss Severity [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputLossSeverityMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MeasurementInputLossSeverityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputLossSeverityMember" xlink:to="lab_us-gaap_MeasurementInputLossSeverityMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_InvestmentCommitmentExtensionPeriod_385db95d-c63d-4f63-ae0d-a923e0e5ebf6_terseLabel_en-US" xlink:label="lab_jef_InvestmentCommitmentExtensionPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment commitment extension </link:label>
<link:label id="lab_jef_InvestmentCommitmentExtensionPeriod_label_en-US" xlink:label="lab_jef_InvestmentCommitmentExtensionPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Commitment Extension Period </link:label>
<link:label id="lab_jef_InvestmentCommitmentExtensionPeriod_documentation_en-US" xlink:label="lab_jef_InvestmentCommitmentExtensionPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Commitment Extension Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_InvestmentCommitmentExtensionPeriod" xlink:href="jef-20201130.xsd#jef_InvestmentCommitmentExtensionPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_InvestmentCommitmentExtensionPeriod" xlink:to="lab_jef_InvestmentCommitmentExtensionPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherOperatingIncome_d73c6cad-360f-4d2b-a4eb-936815b81747_terseLabel_en-US" xlink:label="lab_us-gaap_OtherOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_OtherOperatingIncome_label_en-US" xlink:label="lab_us-gaap_OtherOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Operating Income </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherOperatingIncome" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherOperatingIncome"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherOperatingIncome" xlink:to="lab_us-gaap_OtherOperatingIncome" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableLeaseCost_f13a9674-e02b-4a74-8e52-33e58cfb7631_terseLabel_en-US" xlink:label="lab_us-gaap_VariableLeaseCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable lease cost </link:label>
<link:label id="lab_us-gaap_VariableLeaseCost_label_en-US" xlink:label="lab_us-gaap_VariableLeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Lease, Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableLeaseCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableLeaseCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableLeaseCost" xlink:to="lab_us-gaap_VariableLeaseCost" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_0c419312-88d6-4b05-b2c7-e91efe132925_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> State and local income taxes, net of federal income tax benefit </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:to="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ReceivablesMember_ba7a6008-3ac7-49fc-861d-906a73e5c867_terseLabel_en-US" xlink:label="lab_jef_ReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables </link:label>
<link:label id="lab_jef_ReceivablesMember_label_en-US" xlink:label="lab_jef_ReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables [Member] </link:label>
<link:label id="lab_jef_ReceivablesMember_documentation_en-US" xlink:label="lab_jef_ReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ReceivablesMember" xlink:href="jef-20201130.xsd#jef_ReceivablesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ReceivablesMember" xlink:to="lab_jef_ReceivablesMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ProceedsFromMaturitiesOfInvestments_700b4aa4-5782-432b-a200-e16fd7bbc9f9_verboseLabel_en-US" xlink:label="lab_jef_ProceedsFromMaturitiesOfInvestments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from maturities of investments </link:label>
<link:label id="lab_jef_ProceedsFromMaturitiesOfInvestments_label_en-US" xlink:label="lab_jef_ProceedsFromMaturitiesOfInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from maturities of investments </link:label>
<link:label id="lab_jef_ProceedsFromMaturitiesOfInvestments_documentation_en-US" xlink:label="lab_jef_ProceedsFromMaturitiesOfInvestments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from maturities of investments. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ProceedsFromMaturitiesOfInvestments" xlink:href="jef-20201130.xsd#jef_ProceedsFromMaturitiesOfInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ProceedsFromMaturitiesOfInvestments" xlink:to="lab_jef_ProceedsFromMaturitiesOfInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_jef_NoticePeriodRedemptionOfInvestmentsPriorWrittenNoticePeriod_9e063e00-ba52-4a63-8a1d-87790e2e6e3c_terseLabel_en-US" xlink:label="lab_jef_NoticePeriodRedemptionOfInvestmentsPriorWrittenNoticePeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Notice period redemption of investments prior written notice period </link:label>
<link:label id="lab_jef_NoticePeriodRedemptionOfInvestmentsPriorWrittenNoticePeriod_label_en-US" xlink:label="lab_jef_NoticePeriodRedemptionOfInvestmentsPriorWrittenNoticePeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Notice Period Redemption Of Investments Prior Written Notice Period </link:label>
<link:label id="lab_jef_NoticePeriodRedemptionOfInvestmentsPriorWrittenNoticePeriod_documentation_en-US" xlink:label="lab_jef_NoticePeriodRedemptionOfInvestmentsPriorWrittenNoticePeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments at fair value that cannot be redeemed at reporting date and are subject to a prior written redemption request. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_NoticePeriodRedemptionOfInvestmentsPriorWrittenNoticePeriod" xlink:href="jef-20201130.xsd#jef_NoticePeriodRedemptionOfInvestmentsPriorWrittenNoticePeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_NoticePeriodRedemptionOfInvestmentsPriorWrittenNoticePeriod" xlink:to="lab_jef_NoticePeriodRedemptionOfInvestmentsPriorWrittenNoticePeriod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_1267a382-6e4f-4ce0-876f-83603b5268ec_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable interest entity, not primary beneficiary </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Not Primary Beneficiary [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:to="lab_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SubsequentEventMember_1826f4f5-2073-4a31-a915-f53790f40f17_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent event </link:label>
<link:label id="lab_us-gaap_SubsequentEventMember_label_en-US" xlink:label="lab_us-gaap_SubsequentEventMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventMember" xlink:to="lab_us-gaap_SubsequentEventMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense_48605db7-bd61-4d0e-ac61-3a8cc9c3f935_totalLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total expenses </link:label>
<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense_label_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Including Discontinued Operation, Operating Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense" xlink:to="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense" xlink:type="arc" order="1"/>
<link:label id="lab_jef_IncreaseDecreaseReceivablesFromCustomersOfSecuritiesOperations_921afebb-79b6-46a7-8005-1075ca88e90d_negatedLabel_en-US" xlink:label="lab_jef_IncreaseDecreaseReceivablesFromCustomersOfSecuritiesOperations" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables from customers of securities operations </link:label>
<link:label id="lab_jef_IncreaseDecreaseReceivablesFromCustomersOfSecuritiesOperations_label_en-US" xlink:label="lab_jef_IncreaseDecreaseReceivablesFromCustomersOfSecuritiesOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) Receivables from Customers of Securities Operations </link:label>
<link:label id="lab_jef_IncreaseDecreaseReceivablesFromCustomersOfSecuritiesOperations_documentation_en-US" xlink:label="lab_jef_IncreaseDecreaseReceivablesFromCustomersOfSecuritiesOperations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) Receivables from Customers of Securities Operations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_IncreaseDecreaseReceivablesFromCustomersOfSecuritiesOperations" xlink:href="jef-20201130.xsd#jef_IncreaseDecreaseReceivablesFromCustomersOfSecuritiesOperations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_IncreaseDecreaseReceivablesFromCustomersOfSecuritiesOperations" xlink:to="lab_jef_IncreaseDecreaseReceivablesFromCustomersOfSecuritiesOperations" xlink:type="arc" order="1"/>
<link:label id="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnPercentage_86eba0e7-6861-49f3-91bd-efd5dc9482b0_terseLabel_en-US" xlink:label="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance measurement benchmark, growth rate in TSR </link:label>
<link:label id="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnPercentage_label_en-US" xlink:label="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annual Targeted Long-Term Compensation, Performance Measurement Benchmark, Growth Rate In Total Shareholder Return, Percentage </link:label>
<link:label id="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnPercentage_documentation_en-US" xlink:label="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annual Targeted Long-Term Compensation, Performance Measurement Benchmark, Growth Rate In Total Shareholder Return, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnPercentage" xlink:href="jef-20201130.xsd#jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnPercentage" xlink:to="lab_jef_AnnualTargetedLongTermCompensationPerformanceMeasurementBenchmarkGrowthRateInTotalShareholderReturnPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LettersOfCreditOutstandingAmount_1bc6973e-fe5d-44f0-9f69-9f005ded74e7_verboseLabel_en-US" xlink:label="lab_us-gaap_LettersOfCreditOutstandingAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Letters of credit </link:label>
<link:label id="lab_us-gaap_LettersOfCreditOutstandingAmount_label_en-US" xlink:label="lab_us-gaap_LettersOfCreditOutstandingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Letters of Credit Outstanding, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LettersOfCreditOutstandingAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LettersOfCreditOutstandingAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LettersOfCreditOutstandingAmount" xlink:to="lab_us-gaap_LettersOfCreditOutstandingAmount" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RelatedPartyTransactionNumberOfCommonStockExchangedWithRelatedPartyPricePerShare_d3c24b38-1395-4afd-b019-4b352fc3d389_terseLabel_en-US" xlink:label="lab_jef_RelatedPartyTransactionNumberOfCommonStockExchangedWithRelatedPartyPricePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of common stock exchanged with related party, price per share (in USD per share) </link:label>
<link:label id="lab_jef_RelatedPartyTransactionNumberOfCommonStockExchangedWithRelatedPartyPricePerShare_label_en-US" xlink:label="lab_jef_RelatedPartyTransactionNumberOfCommonStockExchangedWithRelatedPartyPricePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party Transaction, Number Of Common Stock Exchanged With Related Party, Price Per Share </link:label>
<link:label id="lab_jef_RelatedPartyTransactionNumberOfCommonStockExchangedWithRelatedPartyPricePerShare_documentation_en-US" xlink:label="lab_jef_RelatedPartyTransactionNumberOfCommonStockExchangedWithRelatedPartyPricePerShare" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party Transaction, Number Of Common Stock Exchanged With Related Party, Price Per Share </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RelatedPartyTransactionNumberOfCommonStockExchangedWithRelatedPartyPricePerShare" xlink:href="jef-20201130.xsd#jef_RelatedPartyTransactionNumberOfCommonStockExchangedWithRelatedPartyPricePerShare"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RelatedPartyTransactionNumberOfCommonStockExchangedWithRelatedPartyPricePerShare" xlink:to="lab_jef_RelatedPartyTransactionNumberOfCommonStockExchangedWithRelatedPartyPricePerShare" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ConcentrationRiskByTypeAxis_8e832b98-40b1-41d0-a69d-0ae3500ebfa3_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Type [Axis] </link:label>
<link:label id="lab_us-gaap_ConcentrationRiskByTypeAxis_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskByTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskByTypeAxis" xlink:to="lab_us-gaap_ConcentrationRiskByTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EarningsPerShareBasicLineItems_713e42bc-e50e-4188-a62b-d8f4a63ee7f4_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] </link:label>
<link:label id="lab_us-gaap_EarningsPerShareBasicLineItems_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareBasicLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareBasicLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasicLineItems" xlink:to="lab_us-gaap_EarningsPerShareBasicLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTable_591b2e81-1434-48a0-8ca7-83157337d7b5_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table] </link:label>
<link:label id="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTable_label_en-US" xlink:label="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTable" xlink:to="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareTable" xlink:type="arc" order="1"/>
<link:label id="lab_jef_IncrementalCommonSharesAttributableToRedeemableConvertiblePreferredShares_afa0985a-ad56-4774-b1b0-046495b00c27_terseLabel_en-US" xlink:label="lab_jef_IncrementalCommonSharesAttributableToRedeemableConvertiblePreferredShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mandatorily redeemable convertible preferred shares (in shares) </link:label>
<link:label id="lab_jef_IncrementalCommonSharesAttributableToRedeemableConvertiblePreferredShares_label_en-US" xlink:label="lab_jef_IncrementalCommonSharesAttributableToRedeemableConvertiblePreferredShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Incremental Common Shares Attributable to Redeemable Convertible Preferred Shares </link:label>
<link:label id="lab_jef_IncrementalCommonSharesAttributableToRedeemableConvertiblePreferredShares_documentation_en-US" xlink:label="lab_jef_IncrementalCommonSharesAttributableToRedeemableConvertiblePreferredShares" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Incremental Common Shares Attributable to Redeemable Convertible Preferred Shares </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_IncrementalCommonSharesAttributableToRedeemableConvertiblePreferredShares" xlink:href="jef-20201130.xsd#jef_IncrementalCommonSharesAttributableToRedeemableConvertiblePreferredShares"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_IncrementalCommonSharesAttributableToRedeemableConvertiblePreferredShares" xlink:to="lab_jef_IncrementalCommonSharesAttributableToRedeemableConvertiblePreferredShares" xlink:type="arc" order="1"/>
<link:label id="lab_jef_UnderwritingCommitmentsMember_ba55fa11-1d0c-4d40-9246-048392bd5b15_terseLabel_en-US" xlink:label="lab_jef_UnderwritingCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Underwriting commitments </link:label>
<link:label id="lab_jef_UnderwritingCommitmentsMember_label_en-US" xlink:label="lab_jef_UnderwritingCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Underwriting Commitments [Member] </link:label>
<link:label id="lab_jef_UnderwritingCommitmentsMember_documentation_en-US" xlink:label="lab_jef_UnderwritingCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Underwriting Commitments [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_UnderwritingCommitmentsMember" xlink:href="jef-20201130.xsd#jef_UnderwritingCommitmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_UnderwritingCommitmentsMember" xlink:to="lab_jef_UnderwritingCommitmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FinancialInstrumentsSoldNotYetPurchasedMeasurementInput_af279b7a-08bc-4db2-ac36-2d3f5a88914d_terseLabel_en-US" xlink:label="lab_jef_FinancialInstrumentsSoldNotYetPurchasedMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading liabilities, measurement input </link:label>
<link:label id="lab_jef_FinancialInstrumentsSoldNotYetPurchasedMeasurementInput_label_en-US" xlink:label="lab_jef_FinancialInstrumentsSoldNotYetPurchasedMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments Sold, Not Yet Purchased, Measurement Input </link:label>
<link:label id="lab_jef_FinancialInstrumentsSoldNotYetPurchasedMeasurementInput_documentation_en-US" xlink:label="lab_jef_FinancialInstrumentsSoldNotYetPurchasedMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments Sold, Not Yet Purchased, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FinancialInstrumentsSoldNotYetPurchasedMeasurementInput" xlink:href="jef-20201130.xsd#jef_FinancialInstrumentsSoldNotYetPurchasedMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FinancialInstrumentsSoldNotYetPurchasedMeasurementInput" xlink:to="lab_jef_FinancialInstrumentsSoldNotYetPurchasedMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ConsolidationOfAssetManagementEntity_f8ea9aa1-4c14-413c-bc09-f7d4ea06d2b2_terseLabel_en-US" xlink:label="lab_jef_ConsolidationOfAssetManagementEntity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation of asset management entity </link:label>
<link:label id="lab_jef_ConsolidationOfAssetManagementEntity_label_en-US" xlink:label="lab_jef_ConsolidationOfAssetManagementEntity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation Of Asset Management Entity </link:label>
<link:label id="lab_jef_ConsolidationOfAssetManagementEntity_documentation_en-US" xlink:label="lab_jef_ConsolidationOfAssetManagementEntity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation Of Asset Management Entity </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ConsolidationOfAssetManagementEntity" xlink:href="jef-20201130.xsd#jef_ConsolidationOfAssetManagementEntity"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ConsolidationOfAssetManagementEntity" xlink:to="lab_jef_ConsolidationOfAssetManagementEntity" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ForeignCurrencyContractsLiabilityFairValueDisclosure_145fbaa2-06e7-4211-b4c2-913a06bb6db7_terseLabel_en-US" xlink:label="lab_us-gaap_ForeignCurrencyContractsLiabilityFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OTC foreign exchange contracts </link:label>
<link:label id="lab_us-gaap_ForeignCurrencyContractsLiabilityFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_ForeignCurrencyContractsLiabilityFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Currency Contracts, Liability, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignCurrencyContractsLiabilityFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ForeignCurrencyContractsLiabilityFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignCurrencyContractsLiabilityFairValueDisclosure" xlink:to="lab_us-gaap_ForeignCurrencyContractsLiabilityFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember_5027e359-215d-42b1-bc4e-c28f4c4e7415_terseLabel_en-US" xlink:label="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value </link:label>
<link:label id="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember_label_en-US" xlink:label="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimate of Fair Value Measurement [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EstimateOfFairValueFairValueDisclosureMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:to="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_NumeratorForEarningsPerShareAbstract_90c4b74d-7bce-48b5-a189-23dc5db13f04_terseLabel_en-US" xlink:label="lab_jef_NumeratorForEarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Numerator for earnings per share: </link:label>
<link:label id="lab_jef_NumeratorForEarningsPerShareAbstract_label_en-US" xlink:label="lab_jef_NumeratorForEarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Numerator For Earnings Per Share [Abstract] </link:label>
<link:label id="lab_jef_NumeratorForEarningsPerShareAbstract_documentation_en-US" xlink:label="lab_jef_NumeratorForEarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Numerator For Earnings Per Share [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_NumeratorForEarningsPerShareAbstract" xlink:href="jef-20201130.xsd#jef_NumeratorForEarningsPerShareAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_NumeratorForEarningsPerShareAbstract" xlink:to="lab_jef_NumeratorForEarningsPerShareAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SpectrumBrandsHoldingsInc.Member_97811742-cc3e-4655-83e0-38a70175bbd1_terseLabel_en-US" xlink:label="lab_jef_SpectrumBrandsHoldingsInc.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Spectrum Brands </link:label>
<link:label id="lab_jef_SpectrumBrandsHoldingsInc.Member_label_en-US" xlink:label="lab_jef_SpectrumBrandsHoldingsInc.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Spectrum Brands Holdings, Inc. [Member] </link:label>
<link:label id="lab_jef_SpectrumBrandsHoldingsInc.Member_documentation_en-US" xlink:label="lab_jef_SpectrumBrandsHoldingsInc.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Spectrum Brands Holdings, Inc. [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SpectrumBrandsHoldingsInc.Member" xlink:href="jef-20201130.xsd#jef_SpectrumBrandsHoldingsInc.Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SpectrumBrandsHoldingsInc.Member" xlink:to="lab_jef_SpectrumBrandsHoldingsInc.Member" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CondensedBalanceSheetStatementsCaptionsLineItems_10501a26-717d-40a1-af21-673a0d049a4d_terseLabel_en-US" xlink:label="lab_srt_CondensedBalanceSheetStatementsCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Balance Sheet Statements, Captions [Line Items] </link:label>
<link:label id="lab_srt_CondensedBalanceSheetStatementsCaptionsLineItems_label_en-US" xlink:label="lab_srt_CondensedBalanceSheetStatementsCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Balance Sheet Statements, Captions [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CondensedBalanceSheetStatementsCaptionsLineItems" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CondensedBalanceSheetStatementsCaptionsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CondensedBalanceSheetStatementsCaptionsLineItems" xlink:to="lab_srt_CondensedBalanceSheetStatementsCaptionsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_c55f421c-4bfd-42a8-b343-56ecdd82364a_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Asset, Expected Amortization, Year Four </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromRepaymentsOfBankOverdrafts_80a08f41-1c65-40f1-aa7d-825bd7e132ea_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromRepaymentsOfBankOverdrafts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in bank overdrafts </link:label>
<link:label id="lab_us-gaap_ProceedsFromRepaymentsOfBankOverdrafts_label_en-US" xlink:label="lab_us-gaap_ProceedsFromRepaymentsOfBankOverdrafts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from (Repayments of) Bank Overdrafts </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromRepaymentsOfBankOverdrafts" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfBankOverdrafts"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromRepaymentsOfBankOverdrafts" xlink:to="lab_us-gaap_ProceedsFromRepaymentsOfBankOverdrafts" xlink:type="arc" order="1"/>
<link:label id="lab_jef_InvestmentBankingMember_d09eff79-ba6b-46b6-a1e2-5445e04ba79b_terseLabel_en-US" xlink:label="lab_jef_InvestmentBankingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment banking </link:label>
<link:label id="lab_jef_InvestmentBankingMember_label_en-US" xlink:label="lab_jef_InvestmentBankingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking [Member] </link:label>
<link:label id="lab_jef_InvestmentBankingMember_documentation_en-US" xlink:label="lab_jef_InvestmentBankingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_InvestmentBankingMember" xlink:href="jef-20201130.xsd#jef_InvestmentBankingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_InvestmentBankingMember" xlink:to="lab_jef_InvestmentBankingMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax_0bacb59f-6f4a-4e8a-b609-1a15472f4331_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in pension liability benefits, net of income tax provision (benefit) of $(13), $(1,983) and $400 </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtherSharesIssuable_73b21a74-7bee-410e-8b7a-38f1142683b7_terseLabel_en-US" xlink:label="lab_jef_OtherSharesIssuable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other shares issuable (in shares) </link:label>
<link:label id="lab_jef_OtherSharesIssuable_label_en-US" xlink:label="lab_jef_OtherSharesIssuable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other shares issuable </link:label>
<link:label id="lab_jef_OtherSharesIssuable_documentation_en-US" xlink:label="lab_jef_OtherSharesIssuable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other shares issuable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtherSharesIssuable" xlink:href="jef-20201130.xsd#jef_OtherSharesIssuable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtherSharesIssuable" xlink:to="lab_jef_OtherSharesIssuable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfGuaranteeObligationsTextBlock_86d81a20-98a5-4d12-9589-9532b03229c8_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfGuaranteeObligationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Notional Amounts Associated with Derivative Contracts Meeting Definition Of Guarantee </link:label>
<link:label id="lab_us-gaap_ScheduleOfGuaranteeObligationsTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfGuaranteeObligationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Guarantor Obligations [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfGuaranteeObligationsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfGuaranteeObligationsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfGuaranteeObligationsTextBlock" xlink:to="lab_us-gaap_ScheduleOfGuaranteeObligationsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLossIncludedInOtherComprehensiveIncome_0eb92c2e-0c1c-426c-af58-58f36ff0e95f_negatedTerseLabel_en-US" xlink:label="lab_jef_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLossIncludedInOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in unrealized gains/(losses) included in other comprehensive income relating to instruments still held </link:label>
<link:label id="lab_jef_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLossIncludedInOtherComprehensiveIncome_label_en-US" xlink:label="lab_jef_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLossIncludedInOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Liabilities Measured On Recurring Basis, Change In Unrealized Gain (Loss) Included In Other Comprehensive Income </link:label>
<link:label id="lab_jef_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLossIncludedInOtherComprehensiveIncome_documentation_en-US" xlink:label="lab_jef_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLossIncludedInOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Liabilities Measured On Recurring Basis, Change In Unrealized Gain (Loss) Included In Other Comprehensive Income </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLossIncludedInOtherComprehensiveIncome" xlink:href="jef-20201130.xsd#jef_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLossIncludedInOtherComprehensiveIncome"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLossIncludedInOtherComprehensiveIncome" xlink:to="lab_jef_FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLossIncludedInOtherComprehensiveIncome" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ComprehensiveIncomeLossNetofTaxBeforePreferredDividends_9d626f92-eb89-4c60-b708-6494c7f239ba_totalLabel_en-US" xlink:label="lab_jef_ComprehensiveIncomeLossNetofTaxBeforePreferredDividends" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive income </link:label>
<link:label id="lab_jef_ComprehensiveIncomeLossNetofTaxBeforePreferredDividends_label_en-US" xlink:label="lab_jef_ComprehensiveIncomeLossNetofTaxBeforePreferredDividends" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive Income (Loss), Net of Tax, Before Preferred Dividends </link:label>
<link:label id="lab_jef_ComprehensiveIncomeLossNetofTaxBeforePreferredDividends_documentation_en-US" xlink:label="lab_jef_ComprehensiveIncomeLossNetofTaxBeforePreferredDividends" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive Income (Loss), Net of Tax, Before Preferred Dividends </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ComprehensiveIncomeLossNetofTaxBeforePreferredDividends" xlink:href="jef-20201130.xsd#jef_ComprehensiveIncomeLossNetofTaxBeforePreferredDividends"/>
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<link:label id="lab_jef_RestrictedCashAwardsCompensationCostNotYetRecognized_aa6aea48-fe9b-4030-a089-2169f4b3e7ba_terseLabel_en-US" xlink:label="lab_jef_RestrictedCashAwardsCompensationCostNotYetRecognized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted cash awards, cost expected to be recognized </link:label>
<link:label id="lab_jef_RestrictedCashAwardsCompensationCostNotYetRecognized_label_en-US" xlink:label="lab_jef_RestrictedCashAwardsCompensationCostNotYetRecognized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Cash Awards, Compensation Cost Not Yet Recognized </link:label>
<link:label id="lab_jef_RestrictedCashAwardsCompensationCostNotYetRecognized_documentation_en-US" xlink:label="lab_jef_RestrictedCashAwardsCompensationCostNotYetRecognized" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Cash Awards, Compensation Cost Not Yet Recognized </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RestrictedCashAwardsCompensationCostNotYetRecognized" xlink:href="jef-20201130.xsd#jef_RestrictedCashAwardsCompensationCostNotYetRecognized"/>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionTax_04519b37-446c-4994-b99a-3c699218567a_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income, income tax provision (benefit) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Reclassification Adjustment from AOCI for Derecognition, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionTax"/>
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<link:label id="lab_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems_89abf45c-8a7f-40bd-81b6-7178cd8ead66_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Quantitative Disclosures [Line Items] </link:label>
<link:label id="lab_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Quantitative Disclosures [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOptionQuantitativeDisclosuresLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems" xlink:to="lab_us-gaap_FairValueOptionQuantitativeDisclosuresLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1_da01f420-1ff4-41ec-ba26-fb9e03c48c1a_terseLabel_en-US" xlink:label="lab_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available for future purchases </link:label>
<link:label id="lab_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1_label_en-US" xlink:label="lab_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Repurchase Program, Remaining Authorized Repurchase Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1"/>
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<link:label id="lab_us-gaap_ResidentialMortgageBackedSecuritiesMember_3cab0d4b-fe21-4acf-8233-e6c59f62fece_terseLabel_en-US" xlink:label="lab_us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential mortgage-backed securities </link:label>
<link:label id="lab_us-gaap_ResidentialMortgageBackedSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential Mortgage Backed Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ResidentialMortgageBackedSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:to="lab_us-gaap_ResidentialMortgageBackedSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EnterpriseValue_ab17cfa8-f3c0-41a9-bc14-895f3ace0118_terseLabel_en-US" xlink:label="lab_jef_EnterpriseValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Enterprise value </link:label>
<link:label id="lab_jef_EnterpriseValue_label_en-US" xlink:label="lab_jef_EnterpriseValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Enterprise Value </link:label>
<link:label id="lab_jef_EnterpriseValue_documentation_en-US" xlink:label="lab_jef_EnterpriseValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Enterprise Value </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EnterpriseValue" xlink:to="lab_jef_EnterpriseValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTax_b320eb18-4a0f-4997-9c04-8520a6aabff0_totalLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive income attributable to Jefferies Financial Group Inc. common shareholders </link:label>
<link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTax_label_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive Income (Loss), Net of Tax, Attributable to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax" xlink:to="lab_us-gaap_ComprehensiveIncomeNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RevenueFromContractWithCustomerMiscellaneousMember_1e239864-cf1b-4040-8411-2dbcfdfb8094_verboseLabel_en-US" xlink:label="lab_jef_RevenueFromContractWithCustomerMiscellaneousMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other revenues </link:label>
<link:label id="lab_jef_RevenueFromContractWithCustomerMiscellaneousMember_label_en-US" xlink:label="lab_jef_RevenueFromContractWithCustomerMiscellaneousMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue From Contract With Customer, Miscellaneous [Member] </link:label>
<link:label id="lab_jef_RevenueFromContractWithCustomerMiscellaneousMember_documentation_en-US" xlink:label="lab_jef_RevenueFromContractWithCustomerMiscellaneousMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue From Contract With Customer, Miscellaneous [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RevenueFromContractWithCustomerMiscellaneousMember" xlink:href="jef-20201130.xsd#jef_RevenueFromContractWithCustomerMiscellaneousMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RevenueFromContractWithCustomerMiscellaneousMember" xlink:to="lab_jef_RevenueFromContractWithCustomerMiscellaneousMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax_4d076f1b-a0a4-4ab9-8cba-ff67613a32d1_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign exchange contracts </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationBusinessAcquisitionAmount_86faf41a-ee19-4af7-b77b-3568ba5925f7_terseLabel_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationBusinessAcquisitionAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Acquisition of HomeFed </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationBusinessAcquisitionAmount_label_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationBusinessAcquisitionAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Business Acquisition, Amount </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationBusinessAcquisitionAmount_documentation_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationBusinessAcquisitionAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Business Acquisition, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EffectiveIncomeTaxRateReconciliationBusinessAcquisitionAmount" xlink:href="jef-20201130.xsd#jef_EffectiveIncomeTaxRateReconciliationBusinessAcquisitionAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EffectiveIncomeTaxRateReconciliationBusinessAcquisitionAmount" xlink:to="lab_jef_EffectiveIncomeTaxRateReconciliationBusinessAcquisitionAmount" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentsIncorporatedByReferenceTextBlock_979ff41f-dfe1-4982-8299-991dac2f9708_terseLabel_en-US" xlink:label="lab_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Documents Incorporated by Reference </link:label>
<link:label id="lab_dei_DocumentsIncorporatedByReferenceTextBlock_label_en-US" xlink:label="lab_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Documents Incorporated by Reference [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentsIncorporatedByReferenceTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="lab_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_18551fcc-e363-4808-9833-85bc4b2318ba_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Reconciliation Of Expected Statutory Federal Income Tax To Actual Income Tax Provision (Benefit) </link:label>
<link:label id="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"/>
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<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_85084e3c-2249-4351-9763-a3f79ec5dd2e_verboseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, Year One </link:label>
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<link:label id="lab_srt_AsiaPacificMember_37c1377a-636d-4bd9-bcab-444d13fd5c89_terseLabel_en-US" xlink:label="lab_srt_AsiaPacificMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asia Pacific </link:label>
<link:label id="lab_srt_AsiaPacificMember_label_en-US" xlink:label="lab_srt_AsiaPacificMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asia Pacific [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_AsiaPacificMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_AsiaPacificMember"/>
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<link:label id="lab_dei_LegalEntityAxis_3ae8026d-6c2f-4868-8919-2d912b0f78fd_terseLabel_en-US" xlink:label="lab_dei_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Legal Entity [Axis] </link:label>
<link:label id="lab_dei_LegalEntityAxis_label_en-US" xlink:label="lab_dei_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Legal Entity [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_LegalEntityAxis" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LegalEntityAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LegalEntityAxis" xlink:to="lab_dei_LegalEntityAxis" xlink:type="arc" order="1"/>
<link:label id="lab_dei_CityAreaCode_b01b4c6f-2a77-472e-a322-0fbd2cd60003_terseLabel_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> City Area Code </link:label>
<link:label id="lab_dei_CityAreaCode_label_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> City Area Code </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CityAreaCode"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CityAreaCode" xlink:to="lab_dei_CityAreaCode" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellGross_4cc1fefc-16ba-4829-aa73-c239a1c7ffc2_verboseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellGross" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Amounts </link:label>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellGross_label_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased under Agreements to Resell, Gross </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResellGross" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesPurchasedUnderAgreementsToResellGross"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResellGross" xlink:to="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellGross" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations_9e7d671f-e956-4f46-93d9-1f4d397b75e5_terseLabel_en-US" xlink:label="lab_us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables from brokers, dealers and clearing organizations </link:label>
<link:label id="lab_us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations_label_en-US" xlink:label="lab_us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables from Brokers-Dealers and Clearing Organizations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReceivablesFromBrokersDealersAndClearingOrganizations"/>
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<link:label id="lab_dei_DocumentPeriodEndDate_45c8d1f1-54ac-4ecd-b09f-7c6c252fd6b7_terseLabel_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Period End Date </link:label>
<link:label id="lab_dei_DocumentPeriodEndDate_label_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Period End Date </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodEndDate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtcDerivativeLiabilitiesIncludedInFinancialInstrumentsSoldNotYetPurchased_c6466cc1-bb74-4839-b8be-e8f419ea7680_totalLabel_en-US" xlink:label="lab_jef_OtcDerivativeLiabilitiesIncludedInFinancialInstrumentsSoldNotYetPurchased" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total OTC derivative liabilities included in Financial instruments sold, not yet purchased, at fair value </link:label>
<link:label id="lab_jef_OtcDerivativeLiabilitiesIncludedInFinancialInstrumentsSoldNotYetPurchased_label_en-US" xlink:label="lab_jef_OtcDerivativeLiabilitiesIncludedInFinancialInstrumentsSoldNotYetPurchased" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Otc Derivative Liabilities Included In Financial Instruments Sold Not Yet Purchased </link:label>
<link:label id="lab_jef_OtcDerivativeLiabilitiesIncludedInFinancialInstrumentsSoldNotYetPurchased_documentation_en-US" xlink:label="lab_jef_OtcDerivativeLiabilitiesIncludedInFinancialInstrumentsSoldNotYetPurchased" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Otc Derivative Liabilities Included In Financial Instruments Sold Not Yet Purchased </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtcDerivativeLiabilitiesIncludedInFinancialInstrumentsSoldNotYetPurchased" xlink:href="jef-20201130.xsd#jef_OtcDerivativeLiabilitiesIncludedInFinancialInstrumentsSoldNotYetPurchased"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtcDerivativeLiabilitiesIncludedInFinancialInstrumentsSoldNotYetPurchased" xlink:to="lab_jef_OtcDerivativeLiabilitiesIncludedInFinancialInstrumentsSoldNotYetPurchased" xlink:type="arc" order="1"/>
<link:label id="lab_jef_VariableInterestEntityConsolidatedCarryingAmountAssetsEliminatedInConsolidation_a28ded3e-a5a0-495a-91de-3d047eaa1a96_terseLabel_en-US" xlink:label="lab_jef_VariableInterestEntityConsolidatedCarryingAmountAssetsEliminatedInConsolidation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> VIE assets, eliminated in consolidation </link:label>
<link:label id="lab_jef_VariableInterestEntityConsolidatedCarryingAmountAssetsEliminatedInConsolidation_label_en-US" xlink:label="lab_jef_VariableInterestEntityConsolidatedCarryingAmountAssetsEliminatedInConsolidation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Consolidated, Carrying Amount, Assets, Eliminated In Consolidation </link:label>
<link:label id="lab_jef_VariableInterestEntityConsolidatedCarryingAmountAssetsEliminatedInConsolidation_documentation_en-US" xlink:label="lab_jef_VariableInterestEntityConsolidatedCarryingAmountAssetsEliminatedInConsolidation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Consolidated, Carrying Amount, Assets, Eliminated In Consolidation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_VariableInterestEntityConsolidatedCarryingAmountAssetsEliminatedInConsolidation" xlink:href="jef-20201130.xsd#jef_VariableInterestEntityConsolidatedCarryingAmountAssetsEliminatedInConsolidation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_VariableInterestEntityConsolidatedCarryingAmountAssetsEliminatedInConsolidation" xlink:to="lab_jef_VariableInterestEntityConsolidatedCarryingAmountAssetsEliminatedInConsolidation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetInvestmentHedgingMember_fa9b1e1e-d7ed-40ca-9775-b245213587b0_terseLabel_en-US" xlink:label="lab_us-gaap_NetInvestmentHedgingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net investment hedging </link:label>
<link:label id="lab_us-gaap_NetInvestmentHedgingMember_label_en-US" xlink:label="lab_us-gaap_NetInvestmentHedgingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Investment Hedging [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetInvestmentHedgingMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetInvestmentHedgingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetInvestmentHedgingMember" xlink:to="lab_us-gaap_NetInvestmentHedgingMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_Receivables_ace398c8-a262-418d-8c82-c051f0a9ae80_terseLabel_en-US" xlink:label="lab_jef_Receivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables </link:label>
<link:label id="lab_jef_Receivables_label_en-US" xlink:label="lab_jef_Receivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables </link:label>
<link:label id="lab_jef_Receivables_documentation_en-US" xlink:label="lab_jef_Receivables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_Receivables" xlink:href="jef-20201130.xsd#jef_Receivables"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_Receivables" xlink:to="lab_jef_Receivables" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockRepurchaseProgramAuthorizedAmount1_73d3310f-6e2d-4a59-92e1-b6f7fcacd9d6_terseLabel_en-US" xlink:label="lab_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock repurchase program, authorized amount </link:label>
<link:label id="lab_us-gaap_StockRepurchaseProgramAuthorizedAmount1_label_en-US" xlink:label="lab_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Repurchase Program, Authorized Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockRepurchaseProgramAuthorizedAmount1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:to="lab_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_39d5b113-f676-47bd-a499-bec692274f14_terseLabel_en-US" xlink:label="lab_us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrealized and realized gains (losses) on derivative contracts </link:label>
<link:label id="lab_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_label_en-US" xlink:label="lab_us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain (Loss) on Derivative Instruments, Net, Pretax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnDerivativeInstrumentsNetPretax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:to="lab_us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax_81182a0f-d054-4c3c-a162-be842fdda9be_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement charge </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProfitLoss_9691e019-d279-4214-8fe6-6530238f5340_totalLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income </link:label>
<link:label id="lab_us-gaap_ProfitLoss_c7477862-3368-455f-adf4-757a51bf3c17_verboseLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income </link:label>
<link:label id="lab_us-gaap_ProfitLoss_b1dc977e-f586-434d-bc64-0c988df7b9ca_terseLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income </link:label>
<link:label id="lab_us-gaap_ProfitLoss_label_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss), Including Portion Attributable to Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProfitLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProfitLoss" xlink:to="lab_us-gaap_ProfitLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisaggregationOfRevenueTableTextBlock_f76b98cb-31bf-4d16-b251-7f7f593a4052_terseLabel_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue </link:label>
<link:label id="lab_us-gaap_DisaggregationOfRevenueTableTextBlock_label_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisaggregationOfRevenueTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:to="lab_us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_cb7b47cd-479d-49fa-b255-81e99a013446_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax </link:label>
<link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_label_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax"/>
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<link:label id="lab_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_413216e0-b26e-47a5-9411-2405209a7d97_terseLabel_en-US" xlink:label="lab_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Impairment of Long-Lived Assets </link:label>
<link:label id="lab_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock"/>
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<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_c0e3fd6f-153a-4e5b-93e6-b6355c6aa29c_negatedLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales"/>
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<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense_c1383c44-1879-4237-a01a-159b3c120ca4_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest expense </link:label>
<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense_label_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Including Discontinued Operation, Interest Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense" xlink:to="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense" xlink:type="arc" order="1"/>
<link:label id="lab_jef_BankOfNewYorkMellonMasterLoanAgreementMember_dc1438d3-200c-4f8c-b5fb-df233910712f_terseLabel_en-US" xlink:label="lab_jef_BankOfNewYorkMellonMasterLoanAgreementMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of New York Mellon master loan agreement </link:label>
<link:label id="lab_jef_BankOfNewYorkMellonMasterLoanAgreementMember_label_en-US" xlink:label="lab_jef_BankOfNewYorkMellonMasterLoanAgreementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of New York Mellon Master Loan Agreement [Member] </link:label>
<link:label id="lab_jef_BankOfNewYorkMellonMasterLoanAgreementMember_documentation_en-US" xlink:label="lab_jef_BankOfNewYorkMellonMasterLoanAgreementMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of New York Mellon Master Loan Agreement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_BankOfNewYorkMellonMasterLoanAgreementMember" xlink:href="jef-20201130.xsd#jef_BankOfNewYorkMellonMasterLoanAgreementMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_BankOfNewYorkMellonMasterLoanAgreementMember" xlink:to="lab_jef_BankOfNewYorkMellonMasterLoanAgreementMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets_04f75e33-1564-4418-9802-01125f160ef3_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial instruments owned, at fair value: </link:label>
<link:label id="lab_us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets_label_en-US" xlink:label="lab_us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Credit Risk, Gains (Losses) on Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets" xlink:to="lab_us-gaap_FairValueOptionCreditRiskGainsLossesOnAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax_35b69ff4-98d3-4384-9d7d-ecea5ad6596c_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: reclassification adjustment for pension and postretirement (gains) losses included in net income (loss), tax provision (benefit) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax" xlink:type="arc" order="1"/>
<link:label id="lab_jef_PurchaseRequirementLineItems_5a72fa3d-87f9-4661-bdf4-e78a0500e0b4_terseLabel_en-US" xlink:label="lab_jef_PurchaseRequirementLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchase Requirement [Line Items] </link:label>
<link:label id="lab_jef_PurchaseRequirementLineItems_label_en-US" xlink:label="lab_jef_PurchaseRequirementLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchase Requirement [Line Items] </link:label>
<link:label id="lab_jef_PurchaseRequirementLineItems_documentation_en-US" xlink:label="lab_jef_PurchaseRequirementLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchase Requirement [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_PurchaseRequirementLineItems" xlink:href="jef-20201130.xsd#jef_PurchaseRequirementLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_PurchaseRequirementLineItems" xlink:to="lab_jef_PurchaseRequirementLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable_363b7862-4f94-4a33-b95b-3f11ace75cf9_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in and Advances to Affiliates [Table] </link:label>
<link:label id="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable_label_en-US" xlink:label="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in and Advances to Affiliates [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable" xlink:to="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross_022b4997-3a11-40a5-a7b8-d3b64d69c6bf_terseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Amounts </link:label>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross_label_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreements to Repurchase, Gross </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross" xlink:to="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ScheduleOfSummarizedDataForInvestmentsInAssociatedCompaniesTableTextBlock_046b1eeb-985e-4cc1-9518-4b8b4813a575_terseLabel_en-US" xlink:label="lab_jef_ScheduleOfSummarizedDataForInvestmentsInAssociatedCompaniesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Summarized Data For Investments In Associated Companies </link:label>
<link:label id="lab_jef_ScheduleOfSummarizedDataForInvestmentsInAssociatedCompaniesTableTextBlock_label_en-US" xlink:label="lab_jef_ScheduleOfSummarizedDataForInvestmentsInAssociatedCompaniesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Summarized Data for Investments in Associated Companies [Table Text Block] </link:label>
<link:label id="lab_jef_ScheduleOfSummarizedDataForInvestmentsInAssociatedCompaniesTableTextBlock_documentation_en-US" xlink:label="lab_jef_ScheduleOfSummarizedDataForInvestmentsInAssociatedCompaniesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Summarized Data for Investments in Associated Companies {table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ScheduleOfSummarizedDataForInvestmentsInAssociatedCompaniesTableTextBlock" xlink:href="jef-20201130.xsd#jef_ScheduleOfSummarizedDataForInvestmentsInAssociatedCompaniesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ScheduleOfSummarizedDataForInvestmentsInAssociatedCompaniesTableTextBlock" xlink:to="lab_jef_ScheduleOfSummarizedDataForInvestmentsInAssociatedCompaniesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesLoanedOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection_6a2bb2d2-a80d-475e-86af-30e120cff11f_totalLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net amount </link:label>
<link:label id="lab_us-gaap_SecuritiesLoanedOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection_label_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesLoanedOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesLoanedOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesLoanedOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection" xlink:to="lab_us-gaap_SecuritiesLoanedOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockRepurchasedDuringPeriodValue_35d28e83-0739-4c22-9f33-d9efcecf1795_terseLabel_en-US" xlink:label="lab_us-gaap_StockRepurchasedDuringPeriodValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock repurchased during period </link:label>
<link:label id="lab_us-gaap_StockRepurchasedDuringPeriodValue_label_en-US" xlink:label="lab_us-gaap_StockRepurchasedDuringPeriodValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Repurchased During Period, Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockRepurchasedDuringPeriodValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockRepurchasedDuringPeriodValue" xlink:to="lab_us-gaap_StockRepurchasedDuringPeriodValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongtermDebtTypeDomain_76008d52-b909-4b6d-97d1-672bffb409f2_terseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Type [Domain] </link:label>
<link:label id="lab_us-gaap_LongtermDebtTypeDomain_label_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongtermDebtTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtTypeDomain" xlink:to="lab_us-gaap_LongtermDebtTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensation_2267798d-eae1-4917-a556-fa19ce4ac70a_verboseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based compensation </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensation_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Noncash Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensation" xlink:to="lab_us-gaap_ShareBasedCompensation" xlink:type="arc" order="1"/>
<link:label id="lab_jef_LineofCreditFacilityExtensionPeriod_2ea75b3e-0c40-402b-af33-ee0a6745562c_terseLabel_en-US" xlink:label="lab_jef_LineofCreditFacilityExtensionPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit facility, extension period </link:label>
<link:label id="lab_jef_LineofCreditFacilityExtensionPeriod_label_en-US" xlink:label="lab_jef_LineofCreditFacilityExtensionPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Facility, Extension Period </link:label>
<link:label id="lab_jef_LineofCreditFacilityExtensionPeriod_documentation_en-US" xlink:label="lab_jef_LineofCreditFacilityExtensionPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Facility, Extension Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_LineofCreditFacilityExtensionPeriod" xlink:href="jef-20201130.xsd#jef_LineofCreditFacilityExtensionPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_LineofCreditFacilityExtensionPeriod" xlink:to="lab_jef_LineofCreditFacilityExtensionPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_b303bc9b-3b42-4d5b-9b9f-19d822532295_verboseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_label_en-US" xlink:label="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from (Payments for) Other Financing Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromPaymentsForOtherFinancingActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:to="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtherInvestmentVehiclesMember_334c6e56-639b-4be6-b417-eb0f06542e8c_terseLabel_en-US" xlink:label="lab_jef_OtherInvestmentVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other investment vehicles </link:label>
<link:label id="lab_jef_OtherInvestmentVehiclesMember_label_en-US" xlink:label="lab_jef_OtherInvestmentVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Investment Vehicles [Member] </link:label>
<link:label id="lab_jef_OtherInvestmentVehiclesMember_documentation_en-US" xlink:label="lab_jef_OtherInvestmentVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Investment Vehicles [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtherInvestmentVehiclesMember" xlink:href="jef-20201130.xsd#jef_OtherInvestmentVehiclesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtherInvestmentVehiclesMember" xlink:to="lab_jef_OtherInvestmentVehiclesMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_CoverAbstract_label_en-US" xlink:label="lab_dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cover [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_CoverAbstract" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CoverAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CoverAbstract" xlink:to="lab_dei_CoverAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BaseRateMember_f87bd6b6-fded-4f69-8f96-0d553dea2adc_terseLabel_en-US" xlink:label="lab_us-gaap_BaseRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Base rate </link:label>
<link:label id="lab_us-gaap_BaseRateMember_label_en-US" xlink:label="lab_us-gaap_BaseRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Base Rate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BaseRateMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BaseRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BaseRateMember" xlink:to="lab_us-gaap_BaseRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_GoldenQueenMiningCoLtdMember_79396f63-db76-4faa-b598-b7df3ae19045_terseLabel_en-US" xlink:label="lab_jef_GoldenQueenMiningCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Golden Queen Mining Co, Ltd </link:label>
<link:label id="lab_jef_GoldenQueenMiningCoLtdMember_label_en-US" xlink:label="lab_jef_GoldenQueenMiningCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Golden Queen Mining Co Ltd [Member] </link:label>
<link:label id="lab_jef_GoldenQueenMiningCoLtdMember_documentation_en-US" xlink:label="lab_jef_GoldenQueenMiningCoLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Golden Queen Mining Co., Ltd. [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_GoldenQueenMiningCoLtdMember" xlink:href="jef-20201130.xsd#jef_GoldenQueenMiningCoLtdMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_GoldenQueenMiningCoLtdMember" xlink:to="lab_jef_GoldenQueenMiningCoLtdMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_PrivateEquityVehiclesMember_d28914fa-517d-4f09-89ae-480192c62f3f_terseLabel_en-US" xlink:label="lab_jef_PrivateEquityVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related party private equity vehicles </link:label>
<link:label id="lab_jef_PrivateEquityVehiclesMember_label_en-US" xlink:label="lab_jef_PrivateEquityVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Private Equity Vehicles [Member] </link:label>
<link:label id="lab_jef_PrivateEquityVehiclesMember_documentation_en-US" xlink:label="lab_jef_PrivateEquityVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Private equity vehicles. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_PrivateEquityVehiclesMember" xlink:href="jef-20201130.xsd#jef_PrivateEquityVehiclesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_PrivateEquityVehiclesMember" xlink:to="lab_jef_PrivateEquityVehiclesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputTypeAxis_71502b03-d05b-49a2-aa81-c9f805871017_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input Type [Axis] </link:label>
<link:label id="lab_us-gaap_MeasurementInputTypeAxis_label_en-US" xlink:label="lab_us-gaap_MeasurementInputTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MeasurementInputTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputTypeAxis" xlink:to="lab_us-gaap_MeasurementInputTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FourPointEightFivePercentageSeniorNotesDueTwoThousandTwentySevenAndTwoPointSevenFivePercentageSeniorNotesDueTwoThousandThirtyTwoMember_98333925-fc43-4df0-8fd7-f7921487da49_terseLabel_en-US" xlink:label="lab_jef_FourPointEightFivePercentageSeniorNotesDueTwoThousandTwentySevenAndTwoPointSevenFivePercentageSeniorNotesDueTwoThousandThirtyTwoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 4.85% Senior notes, due January 15, 2027 and 2.75% senior notes, due October 15, 2032 </link:label>
<link:label id="lab_jef_FourPointEightFivePercentageSeniorNotesDueTwoThousandTwentySevenAndTwoPointSevenFivePercentageSeniorNotesDueTwoThousandThirtyTwoMember_label_en-US" xlink:label="lab_jef_FourPointEightFivePercentageSeniorNotesDueTwoThousandTwentySevenAndTwoPointSevenFivePercentageSeniorNotesDueTwoThousandThirtyTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Four Point Eight Five Percentage Senior Notes Due Two Thousand Twenty Seven and Two Point Seven Five Percentage Senior Notes Due Two Thousand Thirty Two [Member] </link:label>
<link:label id="lab_jef_FourPointEightFivePercentageSeniorNotesDueTwoThousandTwentySevenAndTwoPointSevenFivePercentageSeniorNotesDueTwoThousandThirtyTwoMember_documentation_en-US" xlink:label="lab_jef_FourPointEightFivePercentageSeniorNotesDueTwoThousandTwentySevenAndTwoPointSevenFivePercentageSeniorNotesDueTwoThousandThirtyTwoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Four Point Eight Five Percentage Senior Notes Due Two Thousand Twenty Seven and Two Point Seven Five Percentage Senior Notes Due Two Thousand Thirty Two </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FourPointEightFivePercentageSeniorNotesDueTwoThousandTwentySevenAndTwoPointSevenFivePercentageSeniorNotesDueTwoThousandThirtyTwoMember" xlink:href="jef-20201130.xsd#jef_FourPointEightFivePercentageSeniorNotesDueTwoThousandTwentySevenAndTwoPointSevenFivePercentageSeniorNotesDueTwoThousandThirtyTwoMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FourPointEightFivePercentageSeniorNotesDueTwoThousandTwentySevenAndTwoPointSevenFivePercentageSeniorNotesDueTwoThousandThirtyTwoMember" xlink:to="lab_jef_FourPointEightFivePercentageSeniorNotesDueTwoThousandTwentySevenAndTwoPointSevenFivePercentageSeniorNotesDueTwoThousandThirtyTwoMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtherUnfundedCommitmentsMember_9c0b3dc1-86e2-4324-8eeb-fc0a001e2688_terseLabel_en-US" xlink:label="lab_jef_OtherUnfundedCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other unfunded commitments </link:label>
<link:label id="lab_jef_OtherUnfundedCommitmentsMember_label_en-US" xlink:label="lab_jef_OtherUnfundedCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Unfunded Commitments [Member] </link:label>
<link:label id="lab_jef_OtherUnfundedCommitmentsMember_documentation_en-US" xlink:label="lab_jef_OtherUnfundedCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other unfunded commitments [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtherUnfundedCommitmentsMember" xlink:href="jef-20201130.xsd#jef_OtherUnfundedCommitmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtherUnfundedCommitmentsMember" xlink:to="lab_jef_OtherUnfundedCommitmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_InterestRevenueMember_3a327ddf-ad0c-414e-9a22-8cfd4eebc827_terseLabel_en-US" xlink:label="lab_jef_InterestRevenueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest income </link:label>
<link:label id="lab_jef_InterestRevenueMember_label_en-US" xlink:label="lab_jef_InterestRevenueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Revenue [Member] </link:label>
<link:label id="lab_jef_InterestRevenueMember_documentation_en-US" xlink:label="lab_jef_InterestRevenueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Revenue [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_InterestRevenueMember" xlink:href="jef-20201130.xsd#jef_InterestRevenueMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_InterestRevenueMember" xlink:to="lab_jef_InterestRevenueMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLossOnDerivative_438dee89-7ec5-4720-a830-41da42840c5e_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLossOnDerivative" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative losses </link:label>
<link:label id="lab_us-gaap_DerivativeLossOnDerivative_label_en-US" xlink:label="lab_us-gaap_DerivativeLossOnDerivative" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Loss on Derivative </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLossOnDerivative" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLossOnDerivative"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLossOnDerivative" xlink:to="lab_us-gaap_DerivativeLossOnDerivative" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDue_e6814925-1b57-4892-afaf-ebfe8a73c709_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and other receivables 90 days or greater past due </link:label>
<link:label id="lab_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDue_label_en-US" xlink:label="lab_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDue" xlink:to="lab_us-gaap_FairValueOptionLoansHeldAsAssets90DaysOrMorePastDue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable_c5b029ad-aa7b-40fb-82c6-56aeebef4531_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) by Hedging Relationship, by Income Statement Location, by Derivative Instrument Risk [Table] </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:to="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:type="arc" order="1"/>
<link:label id="lab_jef_InvestmentsatFairValueMember_f182234a-5c7a-4c44-ba5c-40436e4b84f0_terseLabel_en-US" xlink:label="lab_jef_InvestmentsatFairValueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments at fair value </link:label>
<link:label id="lab_jef_InvestmentsatFairValueMember_label_en-US" xlink:label="lab_jef_InvestmentsatFairValueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments at Fair Value [Member] </link:label>
<link:label id="lab_jef_InvestmentsatFairValueMember_documentation_en-US" xlink:label="lab_jef_InvestmentsatFairValueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments at Fair Value [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_InvestmentsatFairValueMember" xlink:href="jef-20201130.xsd#jef_InvestmentsatFairValueMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_InvestmentsatFairValueMember" xlink:to="lab_jef_InvestmentsatFairValueMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_a8738f67-2422-466c-945a-dc0362b45dbd_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Income before Income Tax, U.S. and non-U.S. </link:label>
<link:label id="lab_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOfSecuritiesReceivedAsCollateralThatCanBeResoldOrRepledged_41a48880-1012-4903-8905-fb407db03b18_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOfSecuritiesReceivedAsCollateralThatCanBeResoldOrRepledged" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of securities received as collateral that may be sold or repledged </link:label>
<link:label id="lab_us-gaap_FairValueOfSecuritiesReceivedAsCollateralThatCanBeResoldOrRepledged_label_en-US" xlink:label="lab_us-gaap_FairValueOfSecuritiesReceivedAsCollateralThatCanBeResoldOrRepledged" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value of Securities Received as Collateral that Can be Resold or Repledged </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOfSecuritiesReceivedAsCollateralThatCanBeResoldOrRepledged" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOfSecuritiesReceivedAsCollateralThatCanBeResoldOrRepledged"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOfSecuritiesReceivedAsCollateralThatCanBeResoldOrRepledged" xlink:to="lab_us-gaap_FairValueOfSecuritiesReceivedAsCollateralThatCanBeResoldOrRepledged" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MaturityOver90DaysMember_61a83a5e-05fa-4ad2-8060-7aaf755278fd_terseLabel_en-US" xlink:label="lab_us-gaap_MaturityOver90DaysMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Greater than 90 Days </link:label>
<link:label id="lab_us-gaap_MaturityOver90DaysMember_label_en-US" xlink:label="lab_us-gaap_MaturityOver90DaysMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maturity Greater than 90 Days [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MaturityOver90DaysMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MaturityOver90DaysMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaturityOver90DaysMember" xlink:to="lab_us-gaap_MaturityOver90DaysMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtherInvestmentsCarryingValue_dceaff85-f2c1-4267-960a-36c906b7bf52_terseLabel_en-US" xlink:label="lab_jef_OtherInvestmentsCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other investments carrying value </link:label>
<link:label id="lab_jef_OtherInvestmentsCarryingValue_label_en-US" xlink:label="lab_jef_OtherInvestmentsCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Investments Carrying Value </link:label>
<link:label id="lab_jef_OtherInvestmentsCarryingValue_documentation_en-US" xlink:label="lab_jef_OtherInvestmentsCarryingValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Investments Carrying Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtherInvestmentsCarryingValue" xlink:href="jef-20201130.xsd#jef_OtherInvestmentsCarryingValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtherInvestmentsCarryingValue" xlink:to="lab_jef_OtherInvestmentsCarryingValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebt_dc4f4d0d-3777-4bee-a523-fe1967f51cec_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt </link:label>
<link:label id="lab_us-gaap_LongTermDebt_label_en-US" xlink:label="lab_us-gaap_LongTermDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebt" xlink:to="lab_us-gaap_LongTermDebt" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax_473bb225-3336-4231-ab3c-416adf2fa409_terseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pre-tax gain recognized as result of sale </link:label>
<link:label id="lab_us-gaap_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax_346c9544-b1f7-49c9-82c7-0cb6702b810f_negatedLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on disposal of discontinued operation </link:label>
<link:label id="lab_us-gaap_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax"/>
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<link:label id="lab_us-gaap_LesseeOperatingLeasesTextBlock_b83cb67e-048d-4b94-9dc0-cc7eb47e6e5b_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeasesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeasesTextBlock_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeasesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Leases [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeasesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeasesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeasesTextBlock" xlink:to="lab_us-gaap_LesseeOperatingLeasesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights_ad48880b-f234-4153-bc7d-2064188dd153_terseLabel_en-US" xlink:label="lab_us-gaap_IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average shares of participating securities (in shares) </link:label>
<link:label id="lab_us-gaap_IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights_label_en-US" xlink:label="lab_us-gaap_IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights"/>
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<link:label id="lab_us-gaap_RetirementPlanNameAxis_43335165-05e5-443c-8017-7529affa1d52_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Name [Axis] </link:label>
<link:label id="lab_us-gaap_RetirementPlanNameAxis_label_en-US" xlink:label="lab_us-gaap_RetirementPlanNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Name [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanNameAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetirementPlanNameAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanNameAxis" xlink:to="lab_us-gaap_RetirementPlanNameAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FoursightCreditFacilitiesMember_78d42ba4-2729-449c-985a-81d5f36e9494_terseLabel_en-US" xlink:label="lab_jef_FoursightCreditFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foursight Capital Credit Facilities </link:label>
<link:label id="lab_jef_FoursightCreditFacilitiesMember_label_en-US" xlink:label="lab_jef_FoursightCreditFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foursight Credit Facilities [Member] </link:label>
<link:label id="lab_jef_FoursightCreditFacilitiesMember_documentation_en-US" xlink:label="lab_jef_FoursightCreditFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foursight Credit Facilities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FoursightCreditFacilitiesMember" xlink:href="jef-20201130.xsd#jef_FoursightCreditFacilitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FoursightCreditFacilitiesMember" xlink:to="lab_jef_FoursightCreditFacilitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_c94edbf1-c505-43d2-b53b-fb79740e7031_periodStartLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Beginning Balance </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_45c0d48d-dd93-4b16-ba32-00185f8f418d_periodEndLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ending Balance </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MediumTermNotesMember_5e562a60-c702-4627-92a1-6b9dcfce5f0b_terseLabel_en-US" xlink:label="lab_us-gaap_MediumTermNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Medium-term notes </link:label>
<link:label id="lab_us-gaap_MediumTermNotesMember_label_en-US" xlink:label="lab_us-gaap_MediumTermNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Medium-term Notes [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MediumTermNotesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MediumTermNotesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MediumTermNotesMember" xlink:to="lab_us-gaap_MediumTermNotesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ConcentrationRiskByBenchmarkAxis_f74c929b-06c6-454d-9275-a766404461ca_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Benchmark [Axis] </link:label>
<link:label id="lab_us-gaap_ConcentrationRiskByBenchmarkAxis_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Benchmark [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:to="lab_us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CostOfGoodsAndServicesSold_4eb8143d-586e-4684-ad8c-51c5d675e724_terseLabel_en-US" xlink:label="lab_us-gaap_CostOfGoodsAndServicesSold" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cost of sales </link:label>
<link:label id="lab_us-gaap_CostOfGoodsAndServicesSold_label_en-US" xlink:label="lab_us-gaap_CostOfGoodsAndServicesSold" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cost of Goods and Services Sold </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostOfGoodsAndServicesSold" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CostOfGoodsAndServicesSold"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CostOfGoodsAndServicesSold" xlink:to="lab_us-gaap_CostOfGoodsAndServicesSold" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_b8c5b8de-c9af-4bca-95cc-c2d72f7c367c_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: reclassification adjustment for net (gains) losses included in net income, net of income tax provision (benefit) of $0, $(545,054) and $37 </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CostsAndExpenses_a0991a46-92e6-4dbf-b733-fea8c672ffa3_totalLabel_en-US" xlink:label="lab_us-gaap_CostsAndExpenses" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total expenses </link:label>
<link:label id="lab_us-gaap_CostsAndExpenses_label_en-US" xlink:label="lab_us-gaap_CostsAndExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Costs and Expenses </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostsAndExpenses" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CostsAndExpenses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CostsAndExpenses" xlink:to="lab_us-gaap_CostsAndExpenses" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementEquityComponentsAxis_eec2175d-1b17-460c-a74e-bd1846f8340b_terseLabel_en-US" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Components [Axis] </link:label>
<link:label id="lab_us-gaap_StatementEquityComponentsAxis_label_en-US" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Components [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementEquityComponentsAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementEquityComponentsAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementEquityComponentsAxis" xlink:to="lab_us-gaap_StatementEquityComponentsAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax_2eca15d1-8612-45fc-a308-eb5e8d51b4dc_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in unrealized cash flow hedges gains (losses), net of income tax provision (benefit) of $0, $(161) and $552 </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax_9a55cb84-38df-4693-9dba-d68f1d283d4d_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in unrealized cash flow hedges gains (losses), net of income tax provision (benefit) of $0, $(161) and $552 </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax"/>
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<link:label id="lab_us-gaap_DebtInstrumentNameDomain_afd861d3-d352-4451-b26b-cde12667bd95_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Name [Domain] </link:label>
<link:label id="lab_us-gaap_DebtInstrumentNameDomain_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Name [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentNameDomain" xlink:to="lab_us-gaap_DebtInstrumentNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsGross_356912ea-2da7-48cd-8336-ed49be0e4719_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsGross" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax assets gross </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsGross_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Gross </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsGross" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsGross"/>
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<link:label id="lab_srt_MinimumMember_46d7bb7f-8486-4f8f-8ba4-4a92ed12e1f1_terseLabel_en-US" xlink:label="lab_srt_MinimumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum </link:label>
<link:label id="lab_srt_MinimumMember_label_en-US" xlink:label="lab_srt_MinimumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_MinimumMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MinimumMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MinimumMember" xlink:to="lab_srt_MinimumMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BalanceSheetLocationDomain_3eac577d-ce82-4830-b945-4208bd50dd3e_terseLabel_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Location [Domain] </link:label>
<link:label id="lab_us-gaap_BalanceSheetLocationDomain_label_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Location [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BalanceSheetLocationDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BalanceSheetLocationDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BalanceSheetLocationDomain" xlink:to="lab_us-gaap_BalanceSheetLocationDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_14b52d95-4a54-49b3-9529-b7086a4db351_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity method investment impairment </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Other than Temporary Impairment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:to="lab_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:type="arc" order="1"/>
<link:label id="lab_srt_EuropeMember_f4c8a0ec-fd09-467f-b220-263191e97d92_terseLabel_en-US" xlink:label="lab_srt_EuropeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Europe </link:label>
<link:label id="lab_srt_EuropeMember_label_en-US" xlink:label="lab_srt_EuropeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Europe [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_EuropeMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_EuropeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_EuropeMember" xlink:to="lab_srt_EuropeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock_d4f1b2f5-4826-4851-96e9-4510b7108e43_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Supplemental Cash Flow Information </link:label>
<link:label id="lab_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromSaleAndCollectionOfOtherReceivables_e631068a-6982-4be4-a0d3-83ff6eafc170_verboseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleAndCollectionOfOtherReceivables" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collections on notes, loans and other receivables </link:label>
<link:label id="lab_us-gaap_ProceedsFromSaleAndCollectionOfOtherReceivables_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleAndCollectionOfOtherReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Sale and Collection of Other Receivables </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleAndCollectionOfOtherReceivables" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSaleAndCollectionOfOtherReceivables"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleAndCollectionOfOtherReceivables" xlink:to="lab_us-gaap_ProceedsFromSaleAndCollectionOfOtherReceivables" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RedeemableNoncontrollingInterestEquityOtherCarryingAmount_cf131d76-b4d5-4433-9fdc-963c657e4f34_terseLabel_en-US" xlink:label="lab_us-gaap_RedeemableNoncontrollingInterestEquityOtherCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Redeemable noncontrolling interests </link:label>
<link:label id="lab_us-gaap_RedeemableNoncontrollingInterestEquityOtherCarryingAmount_label_en-US" xlink:label="lab_us-gaap_RedeemableNoncontrollingInterestEquityOtherCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Redeemable Noncontrolling Interest, Equity, Other, Carrying Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RedeemableNoncontrollingInterestEquityOtherCarryingAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RedeemableNoncontrollingInterestEquityOtherCarryingAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RedeemableNoncontrollingInterestEquityOtherCarryingAmount" xlink:to="lab_us-gaap_RedeemableNoncontrollingInterestEquityOtherCarryingAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_fe3ee2e2-886d-41e4-ac89-82e5955fcc1a_negatedLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net loss attributable to the noncontrolling interests </link:label>
<link:label id="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_03c2092e-e8ea-410c-bb48-273981047a68_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net loss attributable to the noncontrolling interests </link:label>
<link:label id="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_81a80557-8bf1-4cb8-ab19-5aad1bbd202e_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net loss attributable to the noncontrolling interest </link:label>
<link:label id="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Attributable to Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:type="arc" order="1"/>
<link:label id="lab_jef_UnfundedCommitmentsMember_21f3fd63-90ac-407b-b2e5-6a52fe4a97be_terseLabel_en-US" xlink:label="lab_jef_UnfundedCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded commitments </link:label>
<link:label id="lab_jef_UnfundedCommitmentsMember_label_en-US" xlink:label="lab_jef_UnfundedCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded Commitments [Member] </link:label>
<link:label id="lab_jef_UnfundedCommitmentsMember_documentation_en-US" xlink:label="lab_jef_UnfundedCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unfunded Commitments [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_UnfundedCommitmentsMember" xlink:href="jef-20201130.xsd#jef_UnfundedCommitmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_UnfundedCommitmentsMember" xlink:to="lab_jef_UnfundedCommitmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract_6fdd284d-1b6d-40fd-89e9-6f335c254aac_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments and Joint Ventures [Abstract] </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments and Joint Ventures [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract" xlink:to="lab_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses_5cef65d4-2792-4eb4-8b86-ade7aeb4dc57_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Actuarial losses </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Amortization of Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:to="lab_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityInteractiveDataCurrent_d7cfa40a-d864-4f85-937c-5f43733c3770_terseLabel_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Interactive Data Current </link:label>
<link:label id="lab_dei_EntityInteractiveDataCurrent_label_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Interactive Data Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityInteractiveDataCurrent" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInteractiveDataCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityInteractiveDataCurrent" xlink:to="lab_dei_EntityInteractiveDataCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_92b00505-02ac-421d-889d-8bcdeac1b9c6_totalLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net periodic pension cost </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Net Periodic Benefit Cost (Credit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:to="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:type="arc" order="1"/>
<link:label id="lab_country_US_c0e991d2-e126-4b45-8be0-a6bf79d36a79_terseLabel_en-US" xlink:label="lab_country_US" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. </link:label>
<link:label id="lab_country_US_label_en-US" xlink:label="lab_country_US" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> UNITED STATES </link:label>
<link:loc xlink:type="locator" xlink:label="loc_country_US" xlink:href="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd#country_US"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_US" xlink:to="lab_country_US" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SecuritiesLoanedTypeDomain_9ed2bb7b-564d-457f-b105-bffc1777fd66_terseLabel_en-US" xlink:label="lab_jef_SecuritiesLoanedTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned Type [Domain] </link:label>
<link:label id="lab_jef_SecuritiesLoanedTypeDomain_label_en-US" xlink:label="lab_jef_SecuritiesLoanedTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned Type [Domain] </link:label>
<link:label id="lab_jef_SecuritiesLoanedTypeDomain_documentation_en-US" xlink:label="lab_jef_SecuritiesLoanedTypeDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Domain] for Securities Loaned Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SecuritiesLoanedTypeDomain" xlink:href="jef-20201130.xsd#jef_SecuritiesLoanedTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SecuritiesLoanedTypeDomain" xlink:to="lab_jef_SecuritiesLoanedTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ConsolidatedOtcDerivativeLiabilitiesNetOfCrossmaturityNetting_eaf242bf-8b16-4000-9f5a-82a0f0a8f5a5_totalLabel_en-US" xlink:label="lab_jef_ConsolidatedOtcDerivativeLiabilitiesNetOfCrossmaturityNetting" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_jef_ConsolidatedOtcDerivativeLiabilitiesNetOfCrossmaturityNetting_label_en-US" xlink:label="lab_jef_ConsolidatedOtcDerivativeLiabilitiesNetOfCrossmaturityNetting" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidated Otc Derivative Liabilities Net Of Crossmaturity Netting </link:label>
<link:label id="lab_jef_ConsolidatedOtcDerivativeLiabilitiesNetOfCrossmaturityNetting_documentation_en-US" xlink:label="lab_jef_ConsolidatedOtcDerivativeLiabilitiesNetOfCrossmaturityNetting" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total OTC derivative liabilities, net of cross-maturity netting. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ConsolidatedOtcDerivativeLiabilitiesNetOfCrossmaturityNetting" xlink:href="jef-20201130.xsd#jef_ConsolidatedOtcDerivativeLiabilitiesNetOfCrossmaturityNetting"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ConsolidatedOtcDerivativeLiabilitiesNetOfCrossmaturityNetting" xlink:to="lab_jef_ConsolidatedOtcDerivativeLiabilitiesNetOfCrossmaturityNetting" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RevenuesAbstract_b0191f57-cd26-4e32-be3c-a623ad6abc30_terseLabel_en-US" xlink:label="lab_us-gaap_RevenuesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues: </link:label>
<link:label id="lab_us-gaap_RevenuesAbstract_label_en-US" xlink:label="lab_us-gaap_RevenuesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenuesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenuesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenuesAbstract" xlink:to="lab_us-gaap_RevenuesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_33cd6bb1-c68e-4713-bf87-67a6f4ba64d2_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash flows from operating activities: </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Operating Activities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherSecuredFinancings_81bbd758-5534-45aa-b7b7-0e0bc1be201f_terseLabel_en-US" xlink:label="lab_us-gaap_OtherSecuredFinancings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other secured financings </link:label>
<link:label id="lab_us-gaap_OtherSecuredFinancings_label_en-US" xlink:label="lab_us-gaap_OtherSecuredFinancings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Secured Financings </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherSecuredFinancings" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherSecuredFinancings"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherSecuredFinancings" xlink:to="lab_us-gaap_OtherSecuredFinancings" xlink:type="arc" order="1"/>
<link:label id="lab_jef_BerkadiaMember_2a2f54fb-4a63-44d8-a046-6f37ff019991_terseLabel_en-US" xlink:label="lab_jef_BerkadiaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Berkadia </link:label>
<link:label id="lab_jef_BerkadiaMember_label_en-US" xlink:label="lab_jef_BerkadiaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Berkadia [Member] </link:label>
<link:label id="lab_jef_BerkadiaMember_documentation_en-US" xlink:label="lab_jef_BerkadiaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Berkadia [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_BerkadiaMember" xlink:href="jef-20201130.xsd#jef_BerkadiaMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_BerkadiaMember" xlink:to="lab_jef_BerkadiaMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommodityContractMember_1d11ad69-e91e-4c9f-b5cb-f6f4185338aa_terseLabel_en-US" xlink:label="lab_us-gaap_CommodityContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity contracts </link:label>
<link:label id="lab_us-gaap_CommodityContractMember_label_en-US" xlink:label="lab_us-gaap_CommodityContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity Contract [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommodityContractMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommodityContractMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommodityContractMember" xlink:to="lab_us-gaap_CommodityContractMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_0029eeca-dfdd-4eef-a8a6-1954c6e8fced_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:to="lab_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CurrentForeignTaxExpenseBenefit_d664745c-032f-4209-866a-89432d86dc75_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentForeignTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign </link:label>
<link:label id="lab_us-gaap_CurrentForeignTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentForeignTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Foreign Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentForeignTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CurrentForeignTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentForeignTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentForeignTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_jef_BilateralOTCMember_4ec5d5b1-6e04-4325-97c6-544d2d09dc87_terseLabel_en-US" xlink:label="lab_jef_BilateralOTCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bilateral OTC </link:label>
<link:label id="lab_jef_BilateralOTCMember_label_en-US" xlink:label="lab_jef_BilateralOTCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bilateral OTC [Member] </link:label>
<link:label id="lab_jef_BilateralOTCMember_documentation_en-US" xlink:label="lab_jef_BilateralOTCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bilateral OTC [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_BilateralOTCMember" xlink:href="jef-20201130.xsd#jef_BilateralOTCMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_BilateralOTCMember" xlink:to="lab_jef_BilateralOTCMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_IncreaseDecreaseInOtherPayablesExpenseAccrualsandOtherLiabilities_4d5fd3cd-3bad-4f45-939e-33903ef5c756_terseLabel_en-US" xlink:label="lab_jef_IncreaseDecreaseInOtherPayablesExpenseAccrualsandOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other payables, expense accruals and other liabilities </link:label>
<link:label id="lab_jef_IncreaseDecreaseInOtherPayablesExpenseAccrualsandOtherLiabilities_label_en-US" xlink:label="lab_jef_IncreaseDecreaseInOtherPayablesExpenseAccrualsandOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) In Other Payables Expense Accruals and Other Liabilities </link:label>
<link:label id="lab_jef_IncreaseDecreaseInOtherPayablesExpenseAccrualsandOtherLiabilities_documentation_en-US" xlink:label="lab_jef_IncreaseDecreaseInOtherPayablesExpenseAccrualsandOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) In Other Payables Expense Accruals and Other Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_IncreaseDecreaseInOtherPayablesExpenseAccrualsandOtherLiabilities" xlink:href="jef-20201130.xsd#jef_IncreaseDecreaseInOtherPayablesExpenseAccrualsandOtherLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_IncreaseDecreaseInOtherPayablesExpenseAccrualsandOtherLiabilities" xlink:to="lab_jef_IncreaseDecreaseInOtherPayablesExpenseAccrualsandOtherLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeTable_d697467a-c0ff-4eff-87ce-6854ea885b54_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Table] </link:label>
<link:label id="lab_us-gaap_DerivativeTable_label_en-US" xlink:label="lab_us-gaap_DerivativeTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeTable" xlink:to="lab_us-gaap_DerivativeTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementOfStockholdersEquityAbstract_b8f6de7a-b4a8-4e19-9e39-3bd9ca9063a2_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Stockholders' Equity [Abstract] </link:label>
<link:label id="lab_us-gaap_StatementOfStockholdersEquityAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Stockholders' Equity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfStockholdersEquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet_83e22827-e541-4ddf-afd1-c000a12cab09_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net transfers into (out of) Level 3 </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths_3c7c7b99-b2ac-46cd-a566-2f42b675376b_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtherSecuredFinancingsAtFairValueMember_aef59480-18e2-482d-8091-7fed3d48d43e_terseLabel_en-US" xlink:label="lab_jef_OtherSecuredFinancingsAtFairValueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other secured financings </link:label>
<link:label id="lab_jef_OtherSecuredFinancingsAtFairValueMember_label_en-US" xlink:label="lab_jef_OtherSecuredFinancingsAtFairValueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Secured Financings At Fair Value [Member] </link:label>
<link:label id="lab_jef_OtherSecuredFinancingsAtFairValueMember_documentation_en-US" xlink:label="lab_jef_OtherSecuredFinancingsAtFairValueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Secured Financings At Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtherSecuredFinancingsAtFairValueMember" xlink:href="jef-20201130.xsd#jef_OtherSecuredFinancingsAtFairValueMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtherSecuredFinancingsAtFairValueMember" xlink:to="lab_jef_OtherSecuredFinancingsAtFairValueMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SecuritiesPurchasedUnderAgreementsToResellatFairValue_ef084599-d46b-4d7e-99fa-ba59781f7b85_terseLabel_en-US" xlink:label="lab_jef_SecuritiesPurchasedUnderAgreementsToResellatFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities purchased under agreements to resell </link:label>
<link:label id="lab_jef_SecuritiesPurchasedUnderAgreementsToResellatFairValue_label_en-US" xlink:label="lab_jef_SecuritiesPurchasedUnderAgreementsToResellatFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased Under Agreements To Resell, at Fair Value </link:label>
<link:label id="lab_jef_SecuritiesPurchasedUnderAgreementsToResellatFairValue_documentation_en-US" xlink:label="lab_jef_SecuritiesPurchasedUnderAgreementsToResellatFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased Under Agreements To Resell, at Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SecuritiesPurchasedUnderAgreementsToResellatFairValue" xlink:href="jef-20201130.xsd#jef_SecuritiesPurchasedUnderAgreementsToResellatFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SecuritiesPurchasedUnderAgreementsToResellatFairValue" xlink:to="lab_jef_SecuritiesPurchasedUnderAgreementsToResellatFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_jef_GarcadiaMember_76e4f47f-37f6-4905-8fc2-d7e2a285b04e_verboseLabel_en-US" xlink:label="lab_jef_GarcadiaMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Garcadia Companies </link:label>
<link:label id="lab_jef_GarcadiaMember_d0a737e0-d606-496d-9b11-74c4b73df033_terseLabel_en-US" xlink:label="lab_jef_GarcadiaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Garcadia </link:label>
<link:label id="lab_jef_GarcadiaMember_label_en-US" xlink:label="lab_jef_GarcadiaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Garcadia [Member] </link:label>
<link:label id="lab_jef_GarcadiaMember_documentation_en-US" xlink:label="lab_jef_GarcadiaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Garcadia </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_GarcadiaMember" xlink:href="jef-20201130.xsd#jef_GarcadiaMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_GarcadiaMember" xlink:to="lab_jef_GarcadiaMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NumberOfReportableSegments_2b88e8bd-7f9f-4593-92be-4cf1c875703b_verboseLabel_en-US" xlink:label="lab_us-gaap_NumberOfReportableSegments" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of reportable segments </link:label>
<link:label id="lab_us-gaap_NumberOfReportableSegments_label_en-US" xlink:label="lab_us-gaap_NumberOfReportableSegments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of Reportable Segments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NumberOfReportableSegments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NumberOfReportableSegments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NumberOfReportableSegments" xlink:to="lab_us-gaap_NumberOfReportableSegments" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ThreePointEightSevenFivePercentageConvertibleSeniorDebenturesDueTwoThousandTwentyNineMember_04a8e2c9-50e5-4d5a-b1e6-eee398ced311_terseLabel_en-US" xlink:label="lab_jef_ThreePointEightSevenFivePercentageConvertibleSeniorDebenturesDueTwoThousandTwentyNineMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 3.875% Convertible Senior Debentures, due November 1, 2029 </link:label>
<link:label id="lab_jef_ThreePointEightSevenFivePercentageConvertibleSeniorDebenturesDueTwoThousandTwentyNineMember_label_en-US" xlink:label="lab_jef_ThreePointEightSevenFivePercentageConvertibleSeniorDebenturesDueTwoThousandTwentyNineMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Three Point Eight Seven Five Percentage Convertible Senior Debentures Due Two Thousand Twenty Nine [Member] </link:label>
<link:label id="lab_jef_ThreePointEightSevenFivePercentageConvertibleSeniorDebenturesDueTwoThousandTwentyNineMember_documentation_en-US" xlink:label="lab_jef_ThreePointEightSevenFivePercentageConvertibleSeniorDebenturesDueTwoThousandTwentyNineMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 3.875% Convertible Senior Debentures, due, 2029. </link:label>
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<link:label id="lab_srt_CondensedIncomeStatementsCaptionsLineItems_ff55181c-46d8-4f61-840a-824ef9bf2a40_terseLabel_en-US" xlink:label="lab_srt_CondensedIncomeStatementsCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Income Statements, Captions [Line Items] </link:label>
<link:label id="lab_srt_CondensedIncomeStatementsCaptionsLineItems_label_en-US" xlink:label="lab_srt_CondensedIncomeStatementsCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Income Statements, Captions [Line Items] </link:label>
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<link:label id="lab_jef_SecuredFundingVehiclesMember_2a65fe1b-3fd9-47ab-b605-a42888d0ae3d_terseLabel_en-US" xlink:label="lab_jef_SecuredFundingVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Secured Funding Vehicles </link:label>
<link:label id="lab_jef_SecuredFundingVehiclesMember_label_en-US" xlink:label="lab_jef_SecuredFundingVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Secured Funding Vehicles [Member] </link:label>
<link:label id="lab_jef_SecuredFundingVehiclesMember_documentation_en-US" xlink:label="lab_jef_SecuredFundingVehiclesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Secured Funding Vehicles [Member] </link:label>
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<link:label id="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable_c440556d-5b8c-4451-ad6a-cfb9a26740ac_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Equity Method Investments [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Equity Method Investments [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentsTable"/>
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<link:label id="lab_srt_ConsolidationItemsAxis_9b1f1676-3f1a-4c24-a223-3f857bab1418_terseLabel_en-US" xlink:label="lab_srt_ConsolidationItemsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation Items [Axis] </link:label>
<link:label id="lab_srt_ConsolidationItemsAxis_label_en-US" xlink:label="lab_srt_ConsolidationItemsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidation Items [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidationItemsAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ConsolidationItemsAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidationItemsAxis" xlink:to="lab_srt_ConsolidationItemsAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SeniorExecutivesCompensationPlan2019And2020Member_943cb532-969b-4bc7-bef3-a8b9ed9bf7a3_terseLabel_en-US" xlink:label="lab_jef_SeniorExecutivesCompensationPlan2019And2020Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2019 Plan and 2020 Plan </link:label>
<link:label id="lab_jef_SeniorExecutivesCompensationPlan2019And2020Member_label_en-US" xlink:label="lab_jef_SeniorExecutivesCompensationPlan2019And2020Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Executives Compensation Plan 2019 And 2020 [Member] </link:label>
<link:label id="lab_jef_SeniorExecutivesCompensationPlan2019And2020Member_documentation_en-US" xlink:label="lab_jef_SeniorExecutivesCompensationPlan2019And2020Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Executives Compensation Plan 2019 And 2020 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SeniorExecutivesCompensationPlan2019And2020Member" xlink:href="jef-20201130.xsd#jef_SeniorExecutivesCompensationPlan2019And2020Member"/>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax_0a745627-09c5-4b87-9f1f-e5fb70ce7219_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net (gains) losses arising during the period </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax"/>
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<link:label id="lab_jef_ContractualObligationDueInFifthAndSixthYears_4bbb1ec3-d9f6-4b02-b303-e53317fd0ee8_terseLabel_en-US" xlink:label="lab_jef_ContractualObligationDueInFifthAndSixthYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 and 2026 </link:label>
<link:label id="lab_jef_ContractualObligationDueInFifthAndSixthYears_label_en-US" xlink:label="lab_jef_ContractualObligationDueInFifthAndSixthYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contractual Obligation, Due In Fifth And Sixth Years </link:label>
<link:label id="lab_jef_ContractualObligationDueInFifthAndSixthYears_documentation_en-US" xlink:label="lab_jef_ContractualObligationDueInFifthAndSixthYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and guarantees expected to be due within 5 to 6 fiscal years. These may include, equity, loan, mortgage-related and underwriting commitments, derivative guarantees, etc. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ContractualObligationDueInFifthAndSixthYears" xlink:href="jef-20201130.xsd#jef_ContractualObligationDueInFifthAndSixthYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ContractualObligationDueInFifthAndSixthYears" xlink:to="lab_jef_ContractualObligationDueInFifthAndSixthYears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NondesignatedMember_ad7635fd-cdd5-4b3d-9246-e75169185dc9_verboseLabel_en-US" xlink:label="lab_us-gaap_NondesignatedMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives not designated as accounting hedges: </link:label>
<link:label id="lab_us-gaap_NondesignatedMember_label_en-US" xlink:label="lab_us-gaap_NondesignatedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Not Designated as Hedging Instrument [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NondesignatedMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NondesignatedMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NondesignatedMember" xlink:to="lab_us-gaap_NondesignatedMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesPledged_8edf15d4-e74b-46d4-8023-6f4123d94da8_terseLabel_en-US" xlink:label="lab_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesPledged" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities pledged </link:label>
<link:label id="lab_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesPledged_label_en-US" xlink:label="lab_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesPledged" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pledged Financial Instruments, Not Separately Reported, Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesPledged" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesPledged"/>
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<link:label id="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedNumber_72ae0f6e-976c-4f60-b841-7a57491019f7_periodStartLabel_en-US" xlink:label="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedNumber" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vested balance, beginning of period (shares) </link:label>
<link:label id="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedNumber_cd7b506d-886a-4dcc-b971-03f953901db1_periodEndLabel_en-US" xlink:label="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedNumber" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vested balance, end of period (shares) </link:label>
<link:label id="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedNumber_label_en-US" xlink:label="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement By Share-Based Payment Award Equity Instruments Other Than Options, Vested, Number </link:label>
<link:label id="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedNumber_documentation_en-US" xlink:label="lab_jef_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedNumber" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-Based Compensation Arrangement By Share-Based Payment Award Equity Instruments Other Than Options, Vested, Number </link:label>
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<link:label id="lab_jef_HomeFedEB5ProgramDebtMember_7fc54bc1-388c-47f1-b17f-dd829b86ab0e_terseLabel_en-US" xlink:label="lab_jef_HomeFedEB5ProgramDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HomeFed EB-5 Program debt </link:label>
<link:label id="lab_jef_HomeFedEB5ProgramDebtMember_label_en-US" xlink:label="lab_jef_HomeFedEB5ProgramDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HomeFed EB-5 Program Debt [Member] </link:label>
<link:label id="lab_jef_HomeFedEB5ProgramDebtMember_documentation_en-US" xlink:label="lab_jef_HomeFedEB5ProgramDebtMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HomeFed EB-5 Program Debt [Member] </link:label>
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<link:label id="lab_jef_DerivativeInstrumentsWithContingentFeaturesTableTextBlock_c6bde02c-0ec6-4c61-b644-22e78483c728_terseLabel_en-US" xlink:label="lab_jef_DerivativeInstrumentsWithContingentFeaturesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments With Contingent Features </link:label>
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<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_bfd5a080-36c8-44a6-b242-80652ae8e00d_totalLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total undiscounted cash flows </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue"/>
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<link:label id="lab_us-gaap_DeferredTaxAssetsOther_b93647bb-0a8e-42e3-8cce-2a8bbf01b0bd_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsOther_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsOther" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsOther" xlink:to="lab_us-gaap_DeferredTaxAssetsOther" xlink:type="arc" order="1"/>
<link:label id="lab_jef_CapitalDistributionsAndLoanRepaymentFromAssociatedCompanies_6acf9d90-1df4-4940-b8ed-fe073f44a7c3_terseLabel_en-US" xlink:label="lab_jef_CapitalDistributionsAndLoanRepaymentFromAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital distributions and loan repayments from associated companies </link:label>
<link:label id="lab_jef_CapitalDistributionsAndLoanRepaymentFromAssociatedCompanies_label_en-US" xlink:label="lab_jef_CapitalDistributionsAndLoanRepaymentFromAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital distributions and loan repayment from associated companies </link:label>
<link:label id="lab_jef_CapitalDistributionsAndLoanRepaymentFromAssociatedCompanies_documentation_en-US" xlink:label="lab_jef_CapitalDistributionsAndLoanRepaymentFromAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital distributions and loan repayment from associated companies. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_CapitalDistributionsAndLoanRepaymentFromAssociatedCompanies" xlink:href="jef-20201130.xsd#jef_CapitalDistributionsAndLoanRepaymentFromAssociatedCompanies"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_CapitalDistributionsAndLoanRepaymentFromAssociatedCompanies" xlink:to="lab_jef_CapitalDistributionsAndLoanRepaymentFromAssociatedCompanies" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_62c7e5c0-5248-47cb-9873-63c174589d22_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash provided by (used for) financing activities - continuing operations </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Financing Activities, Continuing Operations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ClientsMember_01ea4788-7998-4047-9f76-79c802d94382_terseLabel_en-US" xlink:label="lab_jef_ClientsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Clients </link:label>
<link:label id="lab_jef_ClientsMember_label_en-US" xlink:label="lab_jef_ClientsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Clients [Member] </link:label>
<link:label id="lab_jef_ClientsMember_documentation_en-US" xlink:label="lab_jef_ClientsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Clients </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ClientsMember" xlink:href="jef-20201130.xsd#jef_ClientsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ClientsMember" xlink:to="lab_jef_ClientsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued_96fbce90-7634-443e-bfb6-5b41f1f6e953_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest accrued related to unrecognized tax benefits </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Interest on Income Taxes Accrued </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued" xlink:type="arc" order="1"/>
<link:label id="lab_jef_LoansToAndOrEquityInvestmentsInRelatedFunds_de57c1c6-7f8b-485d-a25c-ef8a00f70c85_terseLabel_en-US" xlink:label="lab_jef_LoansToAndOrEquityInvestmentsInRelatedFunds" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans to and/or equity investments in related funds </link:label>
<link:label id="lab_jef_LoansToAndOrEquityInvestmentsInRelatedFunds_label_en-US" xlink:label="lab_jef_LoansToAndOrEquityInvestmentsInRelatedFunds" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans to and/or equity investments in related funds </link:label>
<link:label id="lab_jef_LoansToAndOrEquityInvestmentsInRelatedFunds_documentation_en-US" xlink:label="lab_jef_LoansToAndOrEquityInvestmentsInRelatedFunds" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans to and/or equity investments in related funds </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_LoansToAndOrEquityInvestmentsInRelatedFunds" xlink:href="jef-20201130.xsd#jef_LoansToAndOrEquityInvestmentsInRelatedFunds"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_LoansToAndOrEquityInvestmentsInRelatedFunds" xlink:to="lab_jef_LoansToAndOrEquityInvestmentsInRelatedFunds" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShorttermDebtFairValue_4c8e4228-59d5-4801-933a-7b914dbc969e_terseLabel_en-US" xlink:label="lab_us-gaap_ShorttermDebtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term borrowings </link:label>
<link:label id="lab_us-gaap_ShorttermDebtFairValue_label_en-US" xlink:label="lab_us-gaap_ShorttermDebtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Debt, Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShorttermDebtFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShorttermDebtFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShorttermDebtFairValue" xlink:to="lab_us-gaap_ShorttermDebtFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RevenuesNetOfInterestExpense_aeee0634-ec67-4446-b581-af2089957ef3_totalLabel_en-US" xlink:label="lab_us-gaap_RevenuesNetOfInterestExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net revenues </link:label>
<link:label id="lab_us-gaap_RevenuesNetOfInterestExpense_43dec6f8-4ccd-45bd-9eb9-088896a85bd0_terseLabel_en-US" xlink:label="lab_us-gaap_RevenuesNetOfInterestExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net revenues </link:label>
<link:label id="lab_us-gaap_RevenuesNetOfInterestExpense_label_en-US" xlink:label="lab_us-gaap_RevenuesNetOfInterestExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues, Net of Interest Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenuesNetOfInterestExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenuesNetOfInterestExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenuesNetOfInterestExpense" xlink:to="lab_us-gaap_RevenuesNetOfInterestExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset_95326d8d-e4df-4f72-b421-c5661222b01e_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Netting in Consolidated Statements of Financial Condition </link:label>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset_label_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreements to Repurchase, Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset" xlink:to="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DeferredTaxLiabilitiesAmortizationOfIntangibleAssets_8fc25b98-828e-41a3-a326-6448a5f809c4_negatedTerseLabel_en-US" xlink:label="lab_jef_DeferredTaxLiabilitiesAmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization of intangible assets </link:label>
<link:label id="lab_jef_DeferredTaxLiabilitiesAmortizationOfIntangibleAssets_label_en-US" xlink:label="lab_jef_DeferredTaxLiabilitiesAmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Amortization of Intangible Assets </link:label>
<link:label id="lab_jef_DeferredTaxLiabilitiesAmortizationOfIntangibleAssets_documentation_en-US" xlink:label="lab_jef_DeferredTaxLiabilitiesAmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Amortization of Intangible Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DeferredTaxLiabilitiesAmortizationOfIntangibleAssets" xlink:href="jef-20201130.xsd#jef_DeferredTaxLiabilitiesAmortizationOfIntangibleAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DeferredTaxLiabilitiesAmortizationOfIntangibleAssets" xlink:to="lab_jef_DeferredTaxLiabilitiesAmortizationOfIntangibleAssets" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtherRevenuesandSellingGeneralandOtherExpenses_7cd13dc0-719c-4420-bf86-7b23b8d30456_terseLabel_en-US" xlink:label="lab_jef_OtherRevenuesandSellingGeneralandOtherExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other revenues and Selling, general and other expenses </link:label>
<link:label id="lab_jef_OtherRevenuesandSellingGeneralandOtherExpenses_label_en-US" xlink:label="lab_jef_OtherRevenuesandSellingGeneralandOtherExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Revenues and Selling General and Other Expenses </link:label>
<link:label id="lab_jef_OtherRevenuesandSellingGeneralandOtherExpenses_documentation_en-US" xlink:label="lab_jef_OtherRevenuesandSellingGeneralandOtherExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Revenues and Selling General and Other Expenses </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtherRevenuesandSellingGeneralandOtherExpenses" xlink:href="jef-20201130.xsd#jef_OtherRevenuesandSellingGeneralandOtherExpenses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtherRevenuesandSellingGeneralandOtherExpenses" xlink:to="lab_jef_OtherRevenuesandSellingGeneralandOtherExpenses" xlink:type="arc" order="1"/>
<link:label id="lab_jef_InvestmentInGoldenQueenMember_cd963485-95b2-456f-b656-5ab79fc558ac_terseLabel_en-US" xlink:label="lab_jef_InvestmentInGoldenQueenMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment In Golden Queen </link:label>
<link:label id="lab_jef_InvestmentInGoldenQueenMember_label_en-US" xlink:label="lab_jef_InvestmentInGoldenQueenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment In Golden Queen [Member] </link:label>
<link:label id="lab_jef_InvestmentInGoldenQueenMember_documentation_en-US" xlink:label="lab_jef_InvestmentInGoldenQueenMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment In Golden Queen [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_InvestmentInGoldenQueenMember" xlink:href="jef-20201130.xsd#jef_InvestmentInGoldenQueenMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_InvestmentInGoldenQueenMember" xlink:to="lab_jef_InvestmentInGoldenQueenMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_e49494bb-3b5a-49c0-bf97-815e033821ce_terseLabel_en-US" xlink:label="lab_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Currency Translation </link:label>
<link:label id="lab_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Currency Transactions and Translations Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:to="lab_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EquityMethodInvestmentRollForward_d7c85995-82c8-4785-929c-3d6307b9560a_terseLabel_en-US" xlink:label="lab_jef_EquityMethodInvestmentRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment [Roll Forward] </link:label>
<link:label id="lab_jef_EquityMethodInvestmentRollForward_label_en-US" xlink:label="lab_jef_EquityMethodInvestmentRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment [Roll Forward] </link:label>
<link:label id="lab_jef_EquityMethodInvestmentRollForward_documentation_en-US" xlink:label="lab_jef_EquityMethodInvestmentRollForward" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EquityMethodInvestmentRollForward" xlink:href="jef-20201130.xsd#jef_EquityMethodInvestmentRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EquityMethodInvestmentRollForward" xlink:to="lab_jef_EquityMethodInvestmentRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SixPointTwoFivePercentageSeniorDebenturesDueTwoThousandThirtySixMember_57edabbf-4ed6-4fe7-beb4-6c697470d3a9_terseLabel_en-US" xlink:label="lab_jef_SixPointTwoFivePercentageSeniorDebenturesDueTwoThousandThirtySixMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 6.25% Senior Debentures, due January 15, 2036 </link:label>
<link:label id="lab_jef_SixPointTwoFivePercentageSeniorDebenturesDueTwoThousandThirtySixMember_label_en-US" xlink:label="lab_jef_SixPointTwoFivePercentageSeniorDebenturesDueTwoThousandThirtySixMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Six Point Two Five Percentage Senior Debentures Due Two Thousand Thirty Six [Member] </link:label>
<link:label id="lab_jef_SixPointTwoFivePercentageSeniorDebenturesDueTwoThousandThirtySixMember_documentation_en-US" xlink:label="lab_jef_SixPointTwoFivePercentageSeniorDebenturesDueTwoThousandThirtySixMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 6.25% Senior Debentures, due 2036. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SixPointTwoFivePercentageSeniorDebenturesDueTwoThousandThirtySixMember" xlink:href="jef-20201130.xsd#jef_SixPointTwoFivePercentageSeniorDebenturesDueTwoThousandThirtySixMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SixPointTwoFivePercentageSeniorDebenturesDueTwoThousandThirtySixMember" xlink:to="lab_jef_SixPointTwoFivePercentageSeniorDebenturesDueTwoThousandThirtySixMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_OfficeBuildingMember_975814cd-d4fd-4a73-8267-df6082ebeee3_terseLabel_en-US" xlink:label="lab_srt_OfficeBuildingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Office Building </link:label>
<link:label id="lab_srt_OfficeBuildingMember_label_en-US" xlink:label="lab_srt_OfficeBuildingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Office Building [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_OfficeBuildingMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_OfficeBuildingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_OfficeBuildingMember" xlink:to="lab_srt_OfficeBuildingMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AutomobileLoanMember_2c72bb29-a934-4c97-bf15-39a5ffda5f24_terseLabel_en-US" xlink:label="lab_us-gaap_AutomobileLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Automobile loan </link:label>
<link:label id="lab_us-gaap_AutomobileLoanMember_label_en-US" xlink:label="lab_us-gaap_AutomobileLoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Automobile Loan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AutomobileLoanMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AutomobileLoanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AutomobileLoanMember" xlink:to="lab_us-gaap_AutomobileLoanMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationNonDeductibleExecutiveCompensationAmount_4acd6123-a92e-48cf-adcd-c92f3a5d116d_terseLabel_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationNonDeductibleExecutiveCompensationAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-deductible executive compensation </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationNonDeductibleExecutiveCompensationAmount_label_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationNonDeductibleExecutiveCompensationAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Non-deductible Executive Compensation, Amount </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationNonDeductibleExecutiveCompensationAmount_documentation_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationNonDeductibleExecutiveCompensationAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Non-deductible Executive Compensation, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EffectiveIncomeTaxRateReconciliationNonDeductibleExecutiveCompensationAmount" xlink:href="jef-20201130.xsd#jef_EffectiveIncomeTaxRateReconciliationNonDeductibleExecutiveCompensationAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EffectiveIncomeTaxRateReconciliationNonDeductibleExecutiveCompensationAmount" xlink:to="lab_jef_EffectiveIncomeTaxRateReconciliationNonDeductibleExecutiveCompensationAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember_7646688c-6c66-4961-9d7f-0492c9a5c5c9_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal group, disposed of by sale, not discontinued operations </link:label>
<link:label id="lab_us-gaap_DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember_label_en-US" xlink:label="lab_us-gaap_DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember" xlink:to="lab_us-gaap_DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_PromissoryNoteMember_c6974b8f-a5de-4f12-a2ef-99461972ba78_terseLabel_en-US" xlink:label="lab_jef_PromissoryNoteMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Promissory note </link:label>
<link:label id="lab_jef_PromissoryNoteMember_label_en-US" xlink:label="lab_jef_PromissoryNoteMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Promissory Note [Member] </link:label>
<link:label id="lab_jef_PromissoryNoteMember_documentation_en-US" xlink:label="lab_jef_PromissoryNoteMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Promissory Note [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_PromissoryNoteMember" xlink:href="jef-20201130.xsd#jef_PromissoryNoteMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_PromissoryNoteMember" xlink:to="lab_jef_PromissoryNoteMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesLoanedCollateralRightToReclaimCash_aff25c82-ce6c-4629-bb0f-8ab3fb0add19_negatedLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedCollateralRightToReclaimCash" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional amounts available for setoff </link:label>
<link:label id="lab_us-gaap_SecuritiesLoanedCollateralRightToReclaimCash_label_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedCollateralRightToReclaimCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned, Collateral, Right to Reclaim Cash </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesLoanedCollateralRightToReclaimCash" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesLoanedCollateralRightToReclaimCash"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesLoanedCollateralRightToReclaimCash" xlink:to="lab_us-gaap_SecuritiesLoanedCollateralRightToReclaimCash" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DeferredTaxAssetsOperatingLeaseLiabilities_829f32d1-10fb-4987-b2d8-8f79c1ea148a_terseLabel_en-US" xlink:label="lab_jef_DeferredTaxAssetsOperatingLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease liabilities </link:label>
<link:label id="lab_jef_DeferredTaxAssetsOperatingLeaseLiabilities_label_en-US" xlink:label="lab_jef_DeferredTaxAssetsOperatingLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Operating Lease Liabilities </link:label>
<link:label id="lab_jef_DeferredTaxAssetsOperatingLeaseLiabilities_documentation_en-US" xlink:label="lab_jef_DeferredTaxAssetsOperatingLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Operating Lease Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DeferredTaxAssetsOperatingLeaseLiabilities" xlink:href="jef-20201130.xsd#jef_DeferredTaxAssetsOperatingLeaseLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DeferredTaxAssetsOperatingLeaseLiabilities" xlink:to="lab_jef_DeferredTaxAssetsOperatingLeaseLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod_f3fc56c6-5c8c-4546-b409-a1988497433c_terseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income tax provision </link:label>
<link:label id="lab_us-gaap_DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operation, Tax Effect of Income (Loss) from Discontinued Operation During Phase-out Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod" xlink:to="lab_us-gaap_DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_jef_NotesAndLoansReceivable_2ef3103e-2234-42b2-ba50-80664ce9e4d8_terseLabel_en-US" xlink:label="lab_jef_NotesAndLoansReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Notes and loans receivable </link:label>
<link:label id="lab_jef_NotesAndLoansReceivable_label_en-US" xlink:label="lab_jef_NotesAndLoansReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Notes and Loans Receivable </link:label>
<link:label id="lab_jef_NotesAndLoansReceivable_documentation_en-US" xlink:label="lab_jef_NotesAndLoansReceivable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Notes and loans receivable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_NotesAndLoansReceivable" xlink:href="jef-20201130.xsd#jef_NotesAndLoansReceivable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_NotesAndLoansReceivable" xlink:to="lab_jef_NotesAndLoansReceivable" xlink:type="arc" order="1"/>
<link:label id="lab_jef_MandatoryRedeemablePreferredStockNumberOfSharesInConversion_c793beb7-da7b-493b-bbf4-6e0b940fae4b_terseLabel_en-US" xlink:label="lab_jef_MandatoryRedeemablePreferredStockNumberOfSharesInConversion" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mandatoriy redeemable preferred stock, number of shares in conversion (in shares) </link:label>
<link:label id="lab_jef_MandatoryRedeemablePreferredStockNumberOfSharesInConversion_label_en-US" xlink:label="lab_jef_MandatoryRedeemablePreferredStockNumberOfSharesInConversion" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mandatory Redeemable Preferred Stock, Number of Shares in Conversion </link:label>
<link:label id="lab_jef_MandatoryRedeemablePreferredStockNumberOfSharesInConversion_documentation_en-US" xlink:label="lab_jef_MandatoryRedeemablePreferredStockNumberOfSharesInConversion" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mandatory Redeemable Preferred Stock, Number of Shares in Conversion </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_MandatoryRedeemablePreferredStockNumberOfSharesInConversion" xlink:href="jef-20201130.xsd#jef_MandatoryRedeemablePreferredStockNumberOfSharesInConversion"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_MandatoryRedeemablePreferredStockNumberOfSharesInConversion" xlink:to="lab_jef_MandatoryRedeemablePreferredStockNumberOfSharesInConversion" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentTransitionReport_a1d52668-929c-4722-8730-2f8bd2752431_terseLabel_en-US" xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Transition Report </link:label>
<link:label id="lab_dei_DocumentTransitionReport_label_en-US" xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Transition Report </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentTransitionReport" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentTransitionReport"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentTransitionReport" xlink:to="lab_dei_DocumentTransitionReport" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentBankingRevenue_1b9ac37e-bad4-46f2-8430-50647b9c1f22_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentBankingRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Origination and syndication fee revenues </link:label>
<link:label id="lab_us-gaap_InvestmentBankingRevenue_label_en-US" xlink:label="lab_us-gaap_InvestmentBankingRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking Revenue </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentBankingRevenue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentBankingRevenue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentBankingRevenue" xlink:to="lab_us-gaap_InvestmentBankingRevenue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ImpairmentOfOilAndGasProperties_ff9aed1d-da7b-45ce-bb43-4bbf335f747a_terseLabel_en-US" xlink:label="lab_us-gaap_ImpairmentOfOilAndGasProperties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Impairment of oil and gas properties </link:label>
<link:label id="lab_us-gaap_ImpairmentOfOilAndGasProperties_label_en-US" xlink:label="lab_us-gaap_ImpairmentOfOilAndGasProperties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Impairment of Oil and Gas Properties </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ImpairmentOfOilAndGasProperties" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairmentOfOilAndGasProperties"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairmentOfOilAndGasProperties" xlink:to="lab_us-gaap_ImpairmentOfOilAndGasProperties" xlink:type="arc" order="1"/>
<link:label id="lab_srt_TitleOfIndividualAxis_46d5ce2e-a21a-4606-90cb-9b8a938412ab_terseLabel_en-US" xlink:label="lab_srt_TitleOfIndividualAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Title of Individual [Axis] </link:label>
<link:label id="lab_srt_TitleOfIndividualAxis_label_en-US" xlink:label="lab_srt_TitleOfIndividualAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Title of Individual [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_TitleOfIndividualAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_TitleOfIndividualAxis" xlink:to="lab_srt_TitleOfIndividualAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract_2ab638a4-4a79-4c29-864a-6e80f54f7dd0_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred taxes: </link:label>
<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:to="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_PercentageOfInvestmentsRedeemable_b91038de-a21c-47eb-8b68-c3ef776e8aac_terseLabel_en-US" xlink:label="lab_jef_PercentageOfInvestmentsRedeemable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of investments redeemable </link:label>
<link:label id="lab_jef_PercentageOfInvestmentsRedeemable_label_en-US" xlink:label="lab_jef_PercentageOfInvestmentsRedeemable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage Of Investments Redeemable </link:label>
<link:label id="lab_jef_PercentageOfInvestmentsRedeemable_documentation_en-US" xlink:label="lab_jef_PercentageOfInvestmentsRedeemable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage Of Investments Redeemable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_PercentageOfInvestmentsRedeemable" xlink:href="jef-20201130.xsd#jef_PercentageOfInvestmentsRedeemable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_PercentageOfInvestmentsRedeemable" xlink:to="lab_jef_PercentageOfInvestmentsRedeemable" xlink:type="arc" order="1"/>
<link:label id="lab_jef_HrgGroupMember_8e12fcbe-8b65-4351-8415-e7124e784da4_terseLabel_en-US" xlink:label="lab_jef_HrgGroupMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HRG </link:label>
<link:label id="lab_jef_HrgGroupMember_label_en-US" xlink:label="lab_jef_HrgGroupMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hrg Group [Member] </link:label>
<link:label id="lab_jef_HrgGroupMember_documentation_en-US" xlink:label="lab_jef_HrgGroupMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> HRG Group [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_HrgGroupMember" xlink:href="jef-20201130.xsd#jef_HrgGroupMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_HrgGroupMember" xlink:to="lab_jef_HrgGroupMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_JETXEnergyLLCMember_85408ffb-ee86-4a2c-b563-717f5a4a7441_terseLabel_en-US" xlink:label="lab_jef_JETXEnergyLLCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> JETX Energy </link:label>
<link:label id="lab_jef_JETXEnergyLLCMember_label_en-US" xlink:label="lab_jef_JETXEnergyLLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> JETX Energy, LLC [Member] </link:label>
<link:label id="lab_jef_JETXEnergyLLCMember_documentation_en-US" xlink:label="lab_jef_JETXEnergyLLCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> JETX Energy, LLC [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_JETXEnergyLLCMember" xlink:href="jef-20201130.xsd#jef_JETXEnergyLLCMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_JETXEnergyLLCMember" xlink:to="lab_jef_JETXEnergyLLCMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAsset_42b1d5ac-0622-4dc3-812d-42dca1920fc8_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value, assets </link:label>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAsset_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Fair Value, Gross Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeAsset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OwnershipPercentageUponConversionOfPreferredSharesAndExerciseOfWarrants_280047d2-0a48-4e4a-a5f9-f5d7a20c70f4_terseLabel_en-US" xlink:label="lab_jef_OwnershipPercentageUponConversionOfPreferredSharesAndExerciseOfWarrants" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of ownership upon conversion of preferred shares </link:label>
<link:label id="lab_jef_OwnershipPercentageUponConversionOfPreferredSharesAndExerciseOfWarrants_label_en-US" xlink:label="lab_jef_OwnershipPercentageUponConversionOfPreferredSharesAndExerciseOfWarrants" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ownership Percentage Upon Conversion Of Preferred Shares And Exercise Of Warrants </link:label>
<link:label id="lab_jef_OwnershipPercentageUponConversionOfPreferredSharesAndExerciseOfWarrants_documentation_en-US" xlink:label="lab_jef_OwnershipPercentageUponConversionOfPreferredSharesAndExerciseOfWarrants" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ownership Percentage Upon Conversion of Preferred Shares and Exercise of Warrants </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OwnershipPercentageUponConversionOfPreferredSharesAndExerciseOfWarrants" xlink:href="jef-20201130.xsd#jef_OwnershipPercentageUponConversionOfPreferredSharesAndExerciseOfWarrants"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OwnershipPercentageUponConversionOfPreferredSharesAndExerciseOfWarrants" xlink:to="lab_jef_OwnershipPercentageUponConversionOfPreferredSharesAndExerciseOfWarrants" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OTCDerivativeLiabilitiesAbstract_55d66a2e-edf9-4775-ae92-d27c518a7c41_terseLabel_en-US" xlink:label="lab_jef_OTCDerivativeLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OTC Derivative Liabilities </link:label>
<link:label id="lab_jef_OTCDerivativeLiabilitiesAbstract_label_en-US" xlink:label="lab_jef_OTCDerivativeLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OTC Derivative Liabilities [Abstract] </link:label>
<link:label id="lab_jef_OTCDerivativeLiabilitiesAbstract_documentation_en-US" xlink:label="lab_jef_OTCDerivativeLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OTC Derivative Liabilities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OTCDerivativeLiabilitiesAbstract" xlink:href="jef-20201130.xsd#jef_OTCDerivativeLiabilitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OTCDerivativeLiabilitiesAbstract" xlink:to="lab_jef_OTCDerivativeLiabilitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NonoperatingIncomeExpenseAbstract_9eff82eb-aa85-45bc-9f93-1f4bc8bba53d_terseLabel_en-US" xlink:label="lab_us-gaap_NonoperatingIncomeExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonoperating Income (Expense) [Abstract] </link:label>
<link:label id="lab_us-gaap_NonoperatingIncomeExpenseAbstract_label_en-US" xlink:label="lab_us-gaap_NonoperatingIncomeExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonoperating Income (Expense) [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonoperatingIncomeExpenseAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NonoperatingIncomeExpenseAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonoperatingIncomeExpenseAbstract" xlink:to="lab_us-gaap_NonoperatingIncomeExpenseAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueInputsLevel2Member_60810f03-9793-41de-b10d-5679520190f2_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Level 2 </link:label>
<link:label id="lab_us-gaap_FairValueInputsLevel2Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Inputs, Level 2 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel2Member" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInputsLevel2Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel2Member" xlink:to="lab_us-gaap_FairValueInputsLevel2Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationConsideration_f69f16d2-39b0-48fb-8d09-cbd68ba83522_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationConsideration" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sale of subsidiary </link:label>
<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationConsideration_label_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationConsideration" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Including Discontinued Operation, Consideration </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationConsideration" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationConsideration"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationConsideration" xlink:to="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationConsideration" xlink:type="arc" order="1"/>
<link:label id="lab_jef_CarryingAmountOfEquityInvestments_da5cc41f-35b5-47f6-a273-94e5a28cf765_terseLabel_en-US" xlink:label="lab_jef_CarryingAmountOfEquityInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying amount of equity investment </link:label>
<link:label id="lab_jef_CarryingAmountOfEquityInvestments_label_en-US" xlink:label="lab_jef_CarryingAmountOfEquityInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying Amount Of Equity Investments </link:label>
<link:label id="lab_jef_CarryingAmountOfEquityInvestments_documentation_en-US" xlink:label="lab_jef_CarryingAmountOfEquityInvestments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying amount of equity investments. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_CarryingAmountOfEquityInvestments" xlink:href="jef-20201130.xsd#jef_CarryingAmountOfEquityInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_CarryingAmountOfEquityInvestments" xlink:to="lab_jef_CarryingAmountOfEquityInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfGreaterThanFiveYears_eaa37cf4-4ebf-43f6-9386-840a5c9329ca_terseLabel_en-US" xlink:label="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfGreaterThanFiveYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Greater Than 5 Years </link:label>
<link:label id="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfGreaterThanFiveYears_label_en-US" xlink:label="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfGreaterThanFiveYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Otc Derivative Assets Having Maturity Period Of Greater Than Five Years </link:label>
<link:label id="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfGreaterThanFiveYears_documentation_en-US" xlink:label="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfGreaterThanFiveYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OTC derivative assets having maturity period of greater than five years. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtcDerivativeAssetsHavingMaturityPeriodOfGreaterThanFiveYears" xlink:href="jef-20201130.xsd#jef_OtcDerivativeAssetsHavingMaturityPeriodOfGreaterThanFiveYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtcDerivativeAssetsHavingMaturityPeriodOfGreaterThanFiveYears" xlink:to="lab_jef_OtcDerivativeAssetsHavingMaturityPeriodOfGreaterThanFiveYears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract_53a94303-90e7-410b-81b2-70725347b2d9_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current taxes: </link:label>
<link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Income Tax Expense (Benefit), Continuing Operations [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:to="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtherRevenuesAndIncomeTaxProvisionBenefit_9f1cc3c7-5fae-4f2f-809d-b075bff92c0b_terseLabel_en-US" xlink:label="lab_jef_OtherRevenuesAndIncomeTaxProvisionBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other revenues and Income tax provision (benefit) </link:label>
<link:label id="lab_jef_OtherRevenuesAndIncomeTaxProvisionBenefit_label_en-US" xlink:label="lab_jef_OtherRevenuesAndIncomeTaxProvisionBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Revenues And Income Tax Provision (Benefit) </link:label>
<link:label id="lab_jef_OtherRevenuesAndIncomeTaxProvisionBenefit_documentation_en-US" xlink:label="lab_jef_OtherRevenuesAndIncomeTaxProvisionBenefit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Revenues And Income Tax Provision (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtherRevenuesAndIncomeTaxProvisionBenefit" xlink:href="jef-20201130.xsd#jef_OtherRevenuesAndIncomeTaxProvisionBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtherRevenuesAndIncomeTaxProvisionBenefit" xlink:to="lab_jef_OtherRevenuesAndIncomeTaxProvisionBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_jef_CashCollateralPledged_cb3d7f45-2d8f-4d7e-b640-230feeca6dae_terseLabel_en-US" xlink:label="lab_jef_CashCollateralPledged" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash collateral pledged </link:label>
<link:label id="lab_jef_CashCollateralPledged_label_en-US" xlink:label="lab_jef_CashCollateralPledged" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash collateral pledged </link:label>
<link:label id="lab_jef_CashCollateralPledged_documentation_en-US" xlink:label="lab_jef_CashCollateralPledged" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash collateral pledged that was netted against OTC derivative liabilities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_CashCollateralPledged" xlink:href="jef-20201130.xsd#jef_CashCollateralPledged"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_CashCollateralPledged" xlink:to="lab_jef_CashCollateralPledged" xlink:type="arc" order="1"/>
<link:label id="lab_jef_TwoPointThreeSevenFivePercentageEuroMediumTermNotesDueTwoThousandTwentyMember_118fecdd-d1d5-4e1f-a1af-631f7d1f2013_terseLabel_en-US" xlink:label="lab_jef_TwoPointThreeSevenFivePercentageEuroMediumTermNotesDueTwoThousandTwentyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2.375% Euro Medium Term Notes, due May 20, 2020 </link:label>
<link:label id="lab_jef_TwoPointThreeSevenFivePercentageEuroMediumTermNotesDueTwoThousandTwentyMember_label_en-US" xlink:label="lab_jef_TwoPointThreeSevenFivePercentageEuroMediumTermNotesDueTwoThousandTwentyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Two Point Three Seven Five Percentage Euro Medium Term Notes Due Two Thousand Twenty [Member] </link:label>
<link:label id="lab_jef_TwoPointThreeSevenFivePercentageEuroMediumTermNotesDueTwoThousandTwentyMember_documentation_en-US" xlink:label="lab_jef_TwoPointThreeSevenFivePercentageEuroMediumTermNotesDueTwoThousandTwentyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2.375% Euro Senior Notes, due Two Thousand Twenty [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_TwoPointThreeSevenFivePercentageEuroMediumTermNotesDueTwoThousandTwentyMember" xlink:href="jef-20201130.xsd#jef_TwoPointThreeSevenFivePercentageEuroMediumTermNotesDueTwoThousandTwentyMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_TwoPointThreeSevenFivePercentageEuroMediumTermNotesDueTwoThousandTwentyMember" xlink:to="lab_jef_TwoPointThreeSevenFivePercentageEuroMediumTermNotesDueTwoThousandTwentyMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputLongTermRevenueGrowthRateMember_94b0726a-b89c-4510-ab36-2185e25c7dc0_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputLongTermRevenueGrowthRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue growth </link:label>
<link:label id="lab_us-gaap_MeasurementInputLongTermRevenueGrowthRateMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputLongTermRevenueGrowthRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Long-term Revenue Growth Rate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputLongTermRevenueGrowthRateMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MeasurementInputLongTermRevenueGrowthRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputLongTermRevenueGrowthRateMember" xlink:to="lab_us-gaap_MeasurementInputLongTermRevenueGrowthRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_NetCapitalRequirementsLineItems_8978d163-1098-45cf-89aa-a08232ab2e35_terseLabel_en-US" xlink:label="lab_jef_NetCapitalRequirementsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Capital Requirements [Line Items] </link:label>
<link:label id="lab_jef_NetCapitalRequirementsLineItems_label_en-US" xlink:label="lab_jef_NetCapitalRequirementsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Capital Requirements [Line Items] </link:label>
<link:label id="lab_jef_NetCapitalRequirementsLineItems_documentation_en-US" xlink:label="lab_jef_NetCapitalRequirementsLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Capital Requirements [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_NetCapitalRequirementsLineItems" xlink:href="jef-20201130.xsd#jef_NetCapitalRequirementsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_NetCapitalRequirementsLineItems" xlink:to="lab_jef_NetCapitalRequirementsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherLiabilitiesMember_9082c195-2f07-45d7-aa88-19ae8818e256_terseLabel_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other, liabilities </link:label>
<link:label id="lab_us-gaap_OtherLiabilitiesMember_label_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Liabilities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLiabilitiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherLiabilitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLiabilitiesMember" xlink:to="lab_us-gaap_OtherLiabilitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FairValueOfOverCounterDerivativesAssetsCounterpartyCreditQualityUnrated_252e6e0b-2a83-4136-a66c-a14470688752_terseLabel_en-US" xlink:label="lab_jef_FairValueOfOverCounterDerivativesAssetsCounterpartyCreditQualityUnrated" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrated </link:label>
<link:label id="lab_jef_FairValueOfOverCounterDerivativesAssetsCounterpartyCreditQualityUnrated_label_en-US" xlink:label="lab_jef_FairValueOfOverCounterDerivativesAssetsCounterpartyCreditQualityUnrated" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Of Over Counter Derivatives Assets Counterparty Credit Quality Unrated </link:label>
<link:label id="lab_jef_FairValueOfOverCounterDerivativesAssetsCounterpartyCreditQualityUnrated_documentation_en-US" xlink:label="lab_jef_FairValueOfOverCounterDerivativesAssetsCounterpartyCreditQualityUnrated" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of OTC derivatives assets, counterparty credit quality unrated. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FairValueOfOverCounterDerivativesAssetsCounterpartyCreditQualityUnrated" xlink:href="jef-20201130.xsd#jef_FairValueOfOverCounterDerivativesAssetsCounterpartyCreditQualityUnrated"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FairValueOfOverCounterDerivativesAssetsCounterpartyCreditQualityUnrated" xlink:to="lab_jef_FairValueOfOverCounterDerivativesAssetsCounterpartyCreditQualityUnrated" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAxis_a8ed15a8-886b-40cd-bbcd-3591d7ee76ec_terseLabel_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption [Axis] </link:label>
<link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAxis_label_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CumulativeEffectPeriodOfAdoptionAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:to="lab_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditFacilityDomain_adb4806f-3da7-40be-8306-253e312870c2_terseLabel_en-US" xlink:label="lab_us-gaap_CreditFacilityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Facility [Domain] </link:label>
<link:label id="lab_us-gaap_CreditFacilityDomain_label_en-US" xlink:label="lab_us-gaap_CreditFacilityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Facility [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditFacilityDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditFacilityDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditFacilityDomain" xlink:to="lab_us-gaap_CreditFacilityDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock_f8ec67c1-5736-4b6a-beee-3f38832a51fe_terseLabel_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Developments </link:label>
<link:label id="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock_label_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update and Change in Accounting Principle [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:to="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredandLiabilitiesAssumedRealEstate_40e0b555-cd70-40e0-9251-51b98ae3e53b_terseLabel_en-US" xlink:label="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredandLiabilitiesAssumedRealEstate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real estate recorded in acquisition </link:label>
<link:label id="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredandLiabilitiesAssumedRealEstate_label_en-US" xlink:label="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredandLiabilitiesAssumedRealEstate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Real Estate </link:label>
<link:label id="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredandLiabilitiesAssumedRealEstate_documentation_en-US" xlink:label="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredandLiabilitiesAssumedRealEstate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Real Estate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredandLiabilitiesAssumedRealEstate" xlink:href="jef-20201130.xsd#jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredandLiabilitiesAssumedRealEstate"/>
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<link:label id="lab_jef_RedeemableConvertiblePreferredSharesMember_5e9c04ce-e309-4205-9a21-ee19683182d2_terseLabel_en-US" xlink:label="lab_jef_RedeemableConvertiblePreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Redeemable convertible preferred shares </link:label>
<link:label id="lab_jef_RedeemableConvertiblePreferredSharesMember_label_en-US" xlink:label="lab_jef_RedeemableConvertiblePreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Redeemable Convertible Preferred Shares [Member] </link:label>
<link:label id="lab_jef_RedeemableConvertiblePreferredSharesMember_documentation_en-US" xlink:label="lab_jef_RedeemableConvertiblePreferredSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Redeemable Convertible Preferred Shares [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RedeemableConvertiblePreferredSharesMember" xlink:href="jef-20201130.xsd#jef_RedeemableConvertiblePreferredSharesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RedeemableConvertiblePreferredSharesMember" xlink:to="lab_jef_RedeemableConvertiblePreferredSharesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EarningsPerShareBasic_dab5b144-0222-4347-ad36-c3c99637016c_totalLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income (USD per share) </link:label>
<link:label id="lab_us-gaap_EarningsPerShareBasic_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Basic </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareBasic"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasic" xlink:to="lab_us-gaap_EarningsPerShareBasic" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CondensedCashFlowStatementTable_6055e258-cf05-4275-b0b0-3ed7fcf5293a_terseLabel_en-US" xlink:label="lab_srt_CondensedCashFlowStatementTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Cash Flow Statement [Table] </link:label>
<link:label id="lab_srt_CondensedCashFlowStatementTable_label_en-US" xlink:label="lab_srt_CondensedCashFlowStatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Cash Flow Statement [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CondensedCashFlowStatementTable" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CondensedCashFlowStatementTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CondensedCashFlowStatementTable" xlink:to="lab_srt_CondensedCashFlowStatementTable" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtherResultsOfOperationsInformationTextBlock_9197cb2c-ad42-4006-9875-582cf0b1b796_verboseLabel_en-US" xlink:label="lab_jef_OtherResultsOfOperationsInformationTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Results of Operations Information </link:label>
<link:label id="lab_jef_OtherResultsOfOperationsInformationTextBlock_label_en-US" xlink:label="lab_jef_OtherResultsOfOperationsInformationTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Results Of Operations Information [Text Block] </link:label>
<link:label id="lab_jef_OtherResultsOfOperationsInformationTextBlock_documentation_en-US" xlink:label="lab_jef_OtherResultsOfOperationsInformationTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Results of Operations Information. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtherResultsOfOperationsInformationTextBlock" xlink:href="jef-20201130.xsd#jef_OtherResultsOfOperationsInformationTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtherResultsOfOperationsInformationTextBlock" xlink:to="lab_jef_OtherResultsOfOperationsInformationTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax_36134d2b-7846-454a-bd7e-fe6f0d80a22a_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in unrealized holding gains (losses) on investments, tax provision (benefit) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityFileNumber_50ecee5c-8987-46f8-a817-6eecf920edcd_terseLabel_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity File Number </link:label>
<link:label id="lab_dei_EntityFileNumber_label_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity File Number </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFileNumber"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber" xlink:to="lab_dei_EntityFileNumber" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1_9578d28b-dd03-4855-92b3-82f9c61ccf0a_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Remaining lease term (in years) </link:label>
<link:label id="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Weighted Average Remaining Lease Term </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:to="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:type="arc" order="1"/>
<link:label id="lab_jef_LodgedTaxEffect_6cf07ff2-01ff-427e-a420-91fcd2ec2359_terseLabel_en-US" xlink:label="lab_jef_LodgedTaxEffect" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lodged tax effect </link:label>
<link:label id="lab_jef_LodgedTaxEffect_label_en-US" xlink:label="lab_jef_LodgedTaxEffect" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lodged Tax Effect </link:label>
<link:label id="lab_jef_LodgedTaxEffect_documentation_en-US" xlink:label="lab_jef_LodgedTaxEffect" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lodged Tax Effect </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_LodgedTaxEffect" xlink:href="jef-20201130.xsd#jef_LodgedTaxEffect"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_LodgedTaxEffect" xlink:to="lab_jef_LodgedTaxEffect" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock_e13eccad-e30c-4354-baa4-e55c148d0ea2_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Results of Discontinued Operations </link:label>
<link:label id="lab_us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Groups, Including Discontinued Operations [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock"/>
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<link:label id="lab_us-gaap_ProceedsFromMinorityShareholders_94d0cf49-7b1c-420c-8110-24abbddd2b83_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromMinorityShareholders" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contributions from noncontrolling interests </link:label>
<link:label id="lab_us-gaap_ProceedsFromMinorityShareholders_label_en-US" xlink:label="lab_us-gaap_ProceedsFromMinorityShareholders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Noncontrolling Interests </link:label>
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<link:label id="lab_us-gaap_DividendsCommonStock_40446b02-050f-4dc2-b428-31cbb3078745_negatedLabel_en-US" xlink:label="lab_us-gaap_DividendsCommonStock" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends </link:label>
<link:label id="lab_us-gaap_DividendsCommonStock_label_en-US" xlink:label="lab_us-gaap_DividendsCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends, Common Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DividendsCommonStock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsCommonStock" xlink:to="lab_us-gaap_DividendsCommonStock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue_70432b51-e098-47ac-82fd-0b7ce7b6ebe4_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans to and investments in associated companies </link:label>
<link:label id="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue_label_en-US" xlink:label="lab_us-gaap_InvestmentsInAndAdvancesToAffiliatesAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in and Advances to Affiliates, at Fair Value </link:label>
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<link:label id="lab_us-gaap_DiscontinuedOperationsDisposedOfBySaleMember_0c667fe0-2ff3-40a2-9e67-1afa3f1a4941_terseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationsDisposedOfBySaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued operations, disposed of by sale </link:label>
<link:label id="lab_us-gaap_DiscontinuedOperationsDisposedOfBySaleMember_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationsDisposedOfBySaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operations, Disposed of by Sale [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DiscontinuedOperationsDisposedOfBySaleMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DiscontinuedOperationsDisposedOfBySaleMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DiscontinuedOperationsDisposedOfBySaleMember" xlink:to="lab_us-gaap_DiscontinuedOperationsDisposedOfBySaleMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesLoanedCollateralRightToReclaimSecurities_14911dd7-6bc8-4f33-98e2-53617f8a655c_negatedLabel_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedCollateralRightToReclaimSecurities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available collateral </link:label>
<link:label id="lab_us-gaap_SecuritiesLoanedCollateralRightToReclaimSecurities_label_en-US" xlink:label="lab_us-gaap_SecuritiesLoanedCollateralRightToReclaimSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Loaned, Collateral, Right to Reclaim Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesLoanedCollateralRightToReclaimSecurities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesLoanedCollateralRightToReclaimSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SecuritiesLoanedCollateralRightToReclaimSecurities" xlink:to="lab_us-gaap_SecuritiesLoanedCollateralRightToReclaimSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditDefaultSwapMember_0dad56c2-f25f-4042-bd8c-a21a95d74f8e_netLabel_en-US" xlink:label="lab_us-gaap_CreditDefaultSwapMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit default swaps </link:label>
<link:label id="lab_us-gaap_CreditDefaultSwapMember_ff36333a-102a-4271-97b1-f80421b9a514_verboseLabel_en-US" xlink:label="lab_us-gaap_CreditDefaultSwapMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Single name credit default swaps </link:label>
<link:label id="lab_us-gaap_CreditDefaultSwapMember_label_en-US" xlink:label="lab_us-gaap_CreditDefaultSwapMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Default Swap [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditDefaultSwapMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditDefaultSwapMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditDefaultSwapMember" xlink:to="lab_us-gaap_CreditDefaultSwapMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BalanceSheetLocationAxis_ee3eb43e-7358-459c-bfa6-c23f3832810f_terseLabel_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Location [Axis] </link:label>
<link:label id="lab_us-gaap_BalanceSheetLocationAxis_label_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Location [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BalanceSheetLocationAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BalanceSheetLocationAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BalanceSheetLocationAxis" xlink:to="lab_us-gaap_BalanceSheetLocationAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FinancialInstrumentsOwnedMeasurementInputTerm_1b7de20a-a302-4b06-9a74-6c70c7c22bb3_terseLabel_en-US" xlink:label="lab_jef_FinancialInstrumentsOwnedMeasurementInputTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading assets, measurement input, term </link:label>
<link:label id="lab_jef_FinancialInstrumentsOwnedMeasurementInputTerm_label_en-US" xlink:label="lab_jef_FinancialInstrumentsOwnedMeasurementInputTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments Owned, Measurement Input, Term </link:label>
<link:label id="lab_jef_FinancialInstrumentsOwnedMeasurementInputTerm_documentation_en-US" xlink:label="lab_jef_FinancialInstrumentsOwnedMeasurementInputTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments Owned, Measurement Input, Term </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FinancialInstrumentsOwnedMeasurementInputTerm" xlink:href="jef-20201130.xsd#jef_FinancialInstrumentsOwnedMeasurementInputTerm"/>
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<link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract_95fdd1c6-89f3-4b8c-a3db-198324c046da_terseLabel_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill and Intangible Assets Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Goodwill and Intangible Assets Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract"/>
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<link:label id="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_49eb6468-1d2a-455b-8139-4669b58064b0_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group Name [Axis] </link:label>
<link:label id="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_label_en-US" xlink:label="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group Name [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" xlink:to="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentAnnualReport_7089dc98-2a61-4d1c-b697-d6a00f133d37_terseLabel_en-US" xlink:label="lab_dei_DocumentAnnualReport" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Annual Report </link:label>
<link:label id="lab_dei_DocumentAnnualReport_label_en-US" xlink:label="lab_dei_DocumentAnnualReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Annual Report </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentAnnualReport" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAnnualReport"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentAnnualReport" xlink:to="lab_dei_DocumentAnnualReport" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense_b3d5ae22-aa91-47f0-930d-bfd17c57aabb_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax benefit for issuance of share-based awards </link:label>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense_label_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Expense, Tax Benefit </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:to="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ContractWithCustomerRevenueRelatedtoPerformanceObligationsSatisfiedinPreviousPeriods_d8005be1-87c5-40ff-8cb2-6de94346723c_terseLabel_en-US" xlink:label="lab_jef_ContractWithCustomerRevenueRelatedtoPerformanceObligationsSatisfiedinPreviousPeriods" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue related to performance obligation satisfied </link:label>
<link:label id="lab_jef_ContractWithCustomerRevenueRelatedtoPerformanceObligationsSatisfiedinPreviousPeriods_label_en-US" xlink:label="lab_jef_ContractWithCustomerRevenueRelatedtoPerformanceObligationsSatisfiedinPreviousPeriods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contract With Customer, Revenue Related to Performance Obligations Satisfied in Previous Periods </link:label>
<link:label id="lab_jef_ContractWithCustomerRevenueRelatedtoPerformanceObligationsSatisfiedinPreviousPeriods_documentation_en-US" xlink:label="lab_jef_ContractWithCustomerRevenueRelatedtoPerformanceObligationsSatisfiedinPreviousPeriods" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contract With Customer, Revenue Related to Performance Obligations Satisfied in Previous Periods </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ContractWithCustomerRevenueRelatedtoPerformanceObligationsSatisfiedinPreviousPeriods" xlink:href="jef-20201130.xsd#jef_ContractWithCustomerRevenueRelatedtoPerformanceObligationsSatisfiedinPreviousPeriods"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ContractWithCustomerRevenueRelatedtoPerformanceObligationsSatisfiedinPreviousPeriods" xlink:to="lab_jef_ContractWithCustomerRevenueRelatedtoPerformanceObligationsSatisfiedinPreviousPeriods" xlink:type="arc" order="1"/>
<link:label id="lab_jef_LongTermDebtIssuedPrincipalAmount_92cd1b24-871e-4a8b-b71f-01e451d108a1_terseLabel_en-US" xlink:label="lab_jef_LongTermDebtIssuedPrincipalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt, issued, principal amount </link:label>
<link:label id="lab_jef_LongTermDebtIssuedPrincipalAmount_label_en-US" xlink:label="lab_jef_LongTermDebtIssuedPrincipalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Issued, Principal Amount </link:label>
<link:label id="lab_jef_LongTermDebtIssuedPrincipalAmount_documentation_en-US" xlink:label="lab_jef_LongTermDebtIssuedPrincipalAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Issued, Principal Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_LongTermDebtIssuedPrincipalAmount" xlink:href="jef-20201130.xsd#jef_LongTermDebtIssuedPrincipalAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_LongTermDebtIssuedPrincipalAmount" xlink:to="lab_jef_LongTermDebtIssuedPrincipalAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputPriceVolatilityMember_4b3b63ec-0337-497d-8608-7395dfa20999_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputPriceVolatilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Volatility </link:label>
<link:label id="lab_us-gaap_MeasurementInputPriceVolatilityMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputPriceVolatilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Price Volatility [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputPriceVolatilityMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MeasurementInputPriceVolatilityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputPriceVolatilityMember" xlink:to="lab_us-gaap_MeasurementInputPriceVolatilityMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromOtherDebt_ef0164e1-8dcd-4179-b9f9-dcf944cd8331_verboseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromOtherDebt" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Issuance of debt, net of issuance costs </link:label>
<link:label id="lab_us-gaap_ProceedsFromOtherDebt_label_en-US" xlink:label="lab_us-gaap_ProceedsFromOtherDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Other Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromOtherDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromOtherDebt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromOtherDebt" xlink:to="lab_us-gaap_ProceedsFromOtherDebt" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CompensationAndRetirementDisclosureAbstract_081abfc9-f9c7-4897-9a0b-81e026219680_terseLabel_en-US" xlink:label="lab_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Benefits [Abstract] </link:label>
<link:label id="lab_us-gaap_CompensationAndRetirementDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Benefits [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CompensationAndRetirementDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:to="lab_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RedSkyJZFultonMallMember_8ebdd5b3-e39f-417b-b612-71fea69ccce5_terseLabel_en-US" xlink:label="lab_jef_RedSkyJZFultonMallMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> RedSky JZ Fulton Mall </link:label>
<link:label id="lab_jef_RedSkyJZFultonMallMember_label_en-US" xlink:label="lab_jef_RedSkyJZFultonMallMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> RedSky JZ Fulton Mall [Member] </link:label>
<link:label id="lab_jef_RedSkyJZFultonMallMember_documentation_en-US" xlink:label="lab_jef_RedSkyJZFultonMallMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> RedSky JZ Fulton Mall [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RedSkyJZFultonMallMember" xlink:href="jef-20201130.xsd#jef_RedSkyJZFultonMallMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RedSkyJZFultonMallMember" xlink:to="lab_jef_RedSkyJZFultonMallMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtAndEquitySecuritiesGainLossExcludingOtherThanTemporaryImpairmentLoss_35ae4e4b-d584-4546-9b36-d40a8f20b114_terseLabel_en-US" xlink:label="lab_us-gaap_DebtAndEquitySecuritiesGainLossExcludingOtherThanTemporaryImpairmentLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt and equity securities, gain (loss), excluding other-than-temporary impairment loss </link:label>
<link:label id="lab_us-gaap_DebtAndEquitySecuritiesGainLossExcludingOtherThanTemporaryImpairmentLoss_label_en-US" xlink:label="lab_us-gaap_DebtAndEquitySecuritiesGainLossExcludingOtherThanTemporaryImpairmentLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt and Equity Securities, Gain (Loss), Excluding Other-than-temporary Impairment Loss </link:label>
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<link:label id="lab_us-gaap_SelectedQuarterlyFinancialInformationAbstract_label_en-US" xlink:label="lab_us-gaap_SelectedQuarterlyFinancialInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Selected Quarterly Financial Information [Abstract] </link:label>
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<link:label id="lab_jef_EquityMethodInvestmentsOtherActivityNet_e3b02e3e-a568-459c-9797-38668100c4e4_terseLabel_en-US" xlink:label="lab_jef_EquityMethodInvestmentsOtherActivityNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other, including foreign exchange and unrealized gains (losses) </link:label>
<link:label id="lab_jef_EquityMethodInvestmentsOtherActivityNet_label_en-US" xlink:label="lab_jef_EquityMethodInvestmentsOtherActivityNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments, Other Activity, Net </link:label>
<link:label id="lab_jef_EquityMethodInvestmentsOtherActivityNet_documentation_en-US" xlink:label="lab_jef_EquityMethodInvestmentsOtherActivityNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investments, Other Activity, Net </link:label>
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<link:label id="lab_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock_46128594-c19d-4e0b-8ad1-9c20e77cbcc6_verboseLabel_en-US" xlink:label="lab_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Reconciliation Of Unrecognized Tax Benefits </link:label>
<link:label id="lab_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock_label_en-US" xlink:label="lab_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Income Tax Contingencies [Table Text Block] </link:label>
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<link:label id="lab_us-gaap_DebtInstrumentTable_78737c23-d879-4803-be68-185dae38fb9e_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Long-term Debt Instruments [Table] </link:label>
<link:label id="lab_us-gaap_DebtInstrumentTable_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Long-term Debt Instruments [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentTable"/>
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<link:label id="lab_us-gaap_LineOfCreditFacilityLenderDomain_c847e16a-32e6-4f6e-bc2d-c3b6e82fdc25_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityLenderDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Facility, Lender [Domain] </link:label>
<link:label id="lab_us-gaap_LineOfCreditFacilityLenderDomain_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityLenderDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Facility, Lender [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditFacilityLenderDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditFacilityLenderDomain"/>
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<link:label id="lab_jef_ValuationTechniqueDiscountedCashFlowsAndMarketApproachMember_5e1127d2-66e7-4361-a049-00b76420e352_terseLabel_en-US" xlink:label="lab_jef_ValuationTechniqueDiscountedCashFlowsAndMarketApproachMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discounted cash flows and market approach </link:label>
<link:label id="lab_jef_ValuationTechniqueDiscountedCashFlowsAndMarketApproachMember_label_en-US" xlink:label="lab_jef_ValuationTechniqueDiscountedCashFlowsAndMarketApproachMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Discounted Cash Flows and Market Approach [Member] </link:label>
<link:label id="lab_jef_ValuationTechniqueDiscountedCashFlowsAndMarketApproachMember_documentation_en-US" xlink:label="lab_jef_ValuationTechniqueDiscountedCashFlowsAndMarketApproachMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Discounted Cash Flows and Market Approach </link:label>
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<link:label id="lab_us-gaap_MinorityInterest_84b94bc2-7eda-4a7b-9852-fbddc104980c_terseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncontrolling interests </link:label>
<link:label id="lab_us-gaap_MinorityInterest_label_en-US" xlink:label="lab_us-gaap_MinorityInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity Attributable to Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MinorityInterest"/>
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<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_ecc09709-ec69-4369-9423-8425800ef3b9_verboseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Grants, weighted average grant date fair value (USD per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_8c397813-1eec-42ae-bc5e-53626bc35063_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Grants (USD per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue"/>
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<link:label id="lab_jef_PreferredStockMinimumCommonDividendConsideredForAdditionalQuarterlyPayments_fe351c2b-0517-4d90-b3bf-aac155337e5b_terseLabel_en-US" xlink:label="lab_jef_PreferredStockMinimumCommonDividendConsideredForAdditionalQuarterlyPayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum common dividend considered for additional quarterly payments </link:label>
<link:label id="lab_jef_PreferredStockMinimumCommonDividendConsideredForAdditionalQuarterlyPayments_label_en-US" xlink:label="lab_jef_PreferredStockMinimumCommonDividendConsideredForAdditionalQuarterlyPayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Minimum Common Dividend Considered For Additional Quarterly Payments </link:label>
<link:label id="lab_jef_PreferredStockMinimumCommonDividendConsideredForAdditionalQuarterlyPayments_documentation_en-US" xlink:label="lab_jef_PreferredStockMinimumCommonDividendConsideredForAdditionalQuarterlyPayments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Minimum Common Dividend Considered For Additional Quarterly Payments </link:label>
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<link:label id="lab_jef_RevenueOfOilAndGasProductionAndDevelopmentBusiness_698aac77-926c-4ecd-bb3f-a99aafde9b91_terseLabel_en-US" xlink:label="lab_jef_RevenueOfOilAndGasProductionAndDevelopmentBusiness" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues of oil and gas production and development businesses </link:label>
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<link:label id="lab_us-gaap_ShortTermBorrowings_205f9bd6-264b-48c0-8286-0f63d78cb71c_terseLabel_en-US" xlink:label="lab_us-gaap_ShortTermBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term borrowings </link:label>
<link:label id="lab_us-gaap_ShortTermBorrowings_label_en-US" xlink:label="lab_us-gaap_ShortTermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Debt </link:label>
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<link:label id="lab_jef_NoncashInvestingActivitiesRelatedToSale_1857e3ea-0a1e-47e9-a174-68525bca4eb8_terseLabel_en-US" xlink:label="lab_jef_NoncashInvestingActivitiesRelatedToSale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-cash investing activities related to sale </link:label>
<link:label id="lab_jef_NoncashInvestingActivitiesRelatedToSale_label_en-US" xlink:label="lab_jef_NoncashInvestingActivitiesRelatedToSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-cash Investing Activities Related To Sale </link:label>
<link:label id="lab_jef_NoncashInvestingActivitiesRelatedToSale_documentation_en-US" xlink:label="lab_jef_NoncashInvestingActivitiesRelatedToSale" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-cash Investing Activities Related To Sale </link:label>
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<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_bbd1c66b-d4f7-4014-bdf3-d4453af837ef_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash flows from investing activities: </link:label>
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<link:label id="lab_jef_DevelopmentSiteMember_6920c847-9140-465a-b671-12af2f563643_terseLabel_en-US" xlink:label="lab_jef_DevelopmentSiteMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Development site </link:label>
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<link:label id="lab_jef_DevelopmentSiteMember_documentation_en-US" xlink:label="lab_jef_DevelopmentSiteMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Development Site [Member] </link:label>
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<link:label id="lab_us-gaap_InvestmentOwnedBalanceShares_8cf3630e-af0d-412d-bc3a-cddce02a7ee1_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentOwnedBalanceShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares owned, number (in shares) </link:label>
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<link:label id="lab_jef_MeasurementInputEstimatedRecoveryPercentageMember_291fd1eb-d10f-4afb-b424-d3e23d535900_terseLabel_en-US" xlink:label="lab_jef_MeasurementInputEstimatedRecoveryPercentageMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated recovery percentage </link:label>
<link:label id="lab_jef_MeasurementInputEstimatedRecoveryPercentageMember_label_en-US" xlink:label="lab_jef_MeasurementInputEstimatedRecoveryPercentageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Estimated Recovery Percentage [Member] </link:label>
<link:label id="lab_jef_MeasurementInputEstimatedRecoveryPercentageMember_documentation_en-US" xlink:label="lab_jef_MeasurementInputEstimatedRecoveryPercentageMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Estimated Recovery Percentage [Member] </link:label>
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<link:label id="lab_us-gaap_DeferredTaxLiabilitiesOther_9b4165b0-5bec-400d-8389-2a6d9cd40cbb_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesOther" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax liabilities, other </link:label>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesOther_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesOther" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxLiabilitiesOther"/>
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<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral_f49b763a-6530-4d82-8a81-950039feb896_totalLabel_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net amount </link:label>
<link:label id="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral_label_en-US" xlink:label="lab_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Sold under Agreements to Repurchase, Amount Offset Against Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral"/>
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<link:label id="lab_jef_IncomeLossFromDiscontinuedOperationsBeforeTaxAttributableToParent_856dcdeb-fccf-4e29-b15e-4623dfc3b50c_terseLabel_en-US" xlink:label="lab_jef_IncomeLossFromDiscontinuedOperationsBeforeTaxAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income from discontinued operations before income taxes </link:label>
<link:label id="lab_jef_IncomeLossFromDiscontinuedOperationsBeforeTaxAttributableToParent_label_en-US" xlink:label="lab_jef_IncomeLossFromDiscontinuedOperationsBeforeTaxAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) From Discontinued Operations, Before Tax, Attributable To Parent </link:label>
<link:label id="lab_jef_IncomeLossFromDiscontinuedOperationsBeforeTaxAttributableToParent_documentation_en-US" xlink:label="lab_jef_IncomeLossFromDiscontinuedOperationsBeforeTaxAttributableToParent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) From Discontinued Operations, Before Tax, Attributable To Parent </link:label>
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<link:label id="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_3044b866-0a32-44ab-a86e-508b20e71841_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] </link:label>
<link:label id="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_label_en-US" xlink:label="lab_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems"/>
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<link:label id="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable_8dd58780-a713-4a44-af14-04c9fb39d52c_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Defined Benefit Plans Disclosures [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Defined Benefit Plans Disclosures [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable"/>
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<link:label id="lab_jef_DirectorsPlanMember_edfba464-9b70-4a70-91bb-6f7e20c19634_terseLabel_en-US" xlink:label="lab_jef_DirectorsPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Directors' Plan </link:label>
<link:label id="lab_jef_DirectorsPlanMember_label_en-US" xlink:label="lab_jef_DirectorsPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Directors Plan [Member] </link:label>
<link:label id="lab_jef_DirectorsPlanMember_documentation_en-US" xlink:label="lab_jef_DirectorsPlanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Directors Plan [Member] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DirectorsPlanMember" xlink:to="lab_jef_DirectorsPlanMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInPayablesToBrokerDealers_b2406956-0417-4e44-8a21-4c11c1311014_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPayablesToBrokerDealers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payables to brokers, dealers and clearing organizations </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInPayablesToBrokerDealers_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPayablesToBrokerDealers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Payables to Broker-Dealers and Clearing Organizations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInPayablesToBrokerDealers" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInPayablesToBrokerDealers"/>
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<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossLiability_dffc6209-bed7-4fa9-885b-ecddb25e49ba_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Counterparty and cash collateral netting, assets </link:label>
<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossLiability_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Fair Value, Gross Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeAssetFairValueGrossLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:to="lab_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax_5175a22c-2713-4882-bc4c-2d0dd46e8d7f_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: reclassification adjustment for pension (gains) losses included in net income, net of income tax provision (benefit) of $(957), $(490) and $(697) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax"/>
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<link:label id="lab_jef_TwoPointTwoFivePercentageEuroMediumTermNotesDueTwoThousandTwentyTwoMember_23230f92-175e-423b-a311-cec6b6968e04_terseLabel_en-US" xlink:label="lab_jef_TwoPointTwoFivePercentageEuroMediumTermNotesDueTwoThousandTwentyTwoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2.25% Euro Medium Term Notes, due July 13, 2022 </link:label>
<link:label id="lab_jef_TwoPointTwoFivePercentageEuroMediumTermNotesDueTwoThousandTwentyTwoMember_label_en-US" xlink:label="lab_jef_TwoPointTwoFivePercentageEuroMediumTermNotesDueTwoThousandTwentyTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Two Point Two Five Percentage Euro Medium Term Notes Due Two Thousand Twenty Two [Member] </link:label>
<link:label id="lab_jef_TwoPointTwoFivePercentageEuroMediumTermNotesDueTwoThousandTwentyTwoMember_documentation_en-US" xlink:label="lab_jef_TwoPointTwoFivePercentageEuroMediumTermNotesDueTwoThousandTwentyTwoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Two Point Two Five Percentage Euro Medium Term Notes Due Two Thousand Twenty Two [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_TwoPointTwoFivePercentageEuroMediumTermNotesDueTwoThousandTwentyTwoMember" xlink:href="jef-20201130.xsd#jef_TwoPointTwoFivePercentageEuroMediumTermNotesDueTwoThousandTwentyTwoMember"/>
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<link:label id="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_a97d9397-e53e-4897-9e84-9c37e678b94b_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Comprehensive Income [Abstract] </link:label>
<link:label id="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Comprehensive Income [Abstract] </link:label>
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<link:label id="lab_jef_ThirdPartiesWithStrategicRelationshipsMember_c2423751-0683-4f1c-8d99-68a2e0b613cb_terseLabel_en-US" xlink:label="lab_jef_ThirdPartiesWithStrategicRelationshipsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Third parties with strategic partnerships </link:label>
<link:label id="lab_jef_ThirdPartiesWithStrategicRelationshipsMember_label_en-US" xlink:label="lab_jef_ThirdPartiesWithStrategicRelationshipsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Third Parties With Strategic Relationships [Member] </link:label>
<link:label id="lab_jef_ThirdPartiesWithStrategicRelationshipsMember_documentation_en-US" xlink:label="lab_jef_ThirdPartiesWithStrategicRelationshipsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Third Parties With Strategic Relationships </link:label>
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<link:label id="lab_us-gaap_ConcentrationRiskTypeDomain_5e589861-c9a4-4064-ae4e-4fecce209eec_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Type [Domain] </link:label>
<link:label id="lab_us-gaap_ConcentrationRiskTypeDomain_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskTypeDomain" xlink:to="lab_us-gaap_ConcentrationRiskTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeasesRentExpenseNet_f8e2cb5c-7b2f-46a6-bb70-04b169574f08_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesRentExpenseNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rental expense (net of sublease rental income) </link:label>
<link:label id="lab_us-gaap_OperatingLeasesRentExpenseNet_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesRentExpenseNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leases, Rent Expense, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasesRentExpenseNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasesRentExpenseNet"/>
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<link:label id="lab_us-gaap_GainLossOnFairValueHedgesRecognizedInEarnings_1e4df8fe-ff40-449e-8ed4-10ff84eacca7_terseLabel_en-US" xlink:label="lab_us-gaap_GainLossOnFairValueHedgesRecognizedInEarnings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains (losses) recognized in interest expense of Jefferies Group </link:label>
<link:label id="lab_us-gaap_GainLossOnFairValueHedgesRecognizedInEarnings_091fb4a8-abba-4cbc-b48c-e817ce7b48d2_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_GainLossOnFairValueHedgesRecognizedInEarnings" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains (losses) recognized in interest expense of Jefferies Group </link:label>
<link:label id="lab_us-gaap_GainLossOnFairValueHedgesRecognizedInEarnings_label_en-US" xlink:label="lab_us-gaap_GainLossOnFairValueHedgesRecognizedInEarnings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain (Loss) on Fair Value Hedges Recognized in Earnings </link:label>
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<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquity_ddfc7d36-f446-4cc7-9a2a-1224062265e7_totalLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquity_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities and Equity </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1_9c460a8d-d4e8-4e99-a44e-2e9c46a04162_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other changes in fair value </link:label>
<link:label id="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1_label_en-US" xlink:label="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Changes in Fair Value, Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOptionChangesInFairValueGainLoss1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOptionChangesInFairValueGainLoss1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOptionChangesInFairValueGainLoss1" xlink:to="lab_us-gaap_FairValueOptionChangesInFairValueGainLoss1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LossContingenciesLineItems_b065f147-6c8a-4e5c-942c-242a9da5f1ad_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingenciesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingencies [Line Items] </link:label>
<link:label id="lab_us-gaap_LossContingenciesLineItems_label_en-US" xlink:label="lab_us-gaap_LossContingenciesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingencies [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingenciesLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LossContingenciesLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingenciesLineItems" xlink:to="lab_us-gaap_LossContingenciesLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_0d21898d-5a72-48ad-a457-383886fbb40e_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated other comprehensive income (loss) </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss), Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxDisclosureTextBlock_45d1b1ff-88af-45e2-a124-e512543ee3ce_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Taxes </link:label>
<link:label id="lab_us-gaap_IncomeTaxDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax_615825a2-6daa-4d6c-ac69-fe910ad5f70b_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax, Total </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember_5d460683-967f-4017-bf56-43b65f899132_terseLabel_en-US" xlink:label="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Portion at Fair Value Measurement </link:label>
<link:label id="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember_label_en-US" xlink:label="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Portion at Fair Value Measurement [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PortionAtFairValueFairValueDisclosureMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:to="lab_us-gaap_PortionAtFairValueFairValueDisclosureMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_BusinessAcquisitionEquityInterestIssuedOrIssuableNumberOfSharesPerCommonStockOfAcquiree_2684e642-ba4a-4528-97a6-895ce730d12b_terseLabel_en-US" xlink:label="lab_jef_BusinessAcquisitionEquityInterestIssuedOrIssuableNumberOfSharesPerCommonStockOfAcquiree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of shares issued per common stock of acquiree </link:label>
<link:label id="lab_jef_BusinessAcquisitionEquityInterestIssuedOrIssuableNumberOfSharesPerCommonStockOfAcquiree_label_en-US" xlink:label="lab_jef_BusinessAcquisitionEquityInterestIssuedOrIssuableNumberOfSharesPerCommonStockOfAcquiree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Equity Interest Issued Or Issuable, Number Of Shares Per Common Stock Of Acquiree </link:label>
<link:label id="lab_jef_BusinessAcquisitionEquityInterestIssuedOrIssuableNumberOfSharesPerCommonStockOfAcquiree_documentation_en-US" xlink:label="lab_jef_BusinessAcquisitionEquityInterestIssuedOrIssuableNumberOfSharesPerCommonStockOfAcquiree" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Equity Interest Issued Or Issuable, Number Of Shares Per Common Stock Of Acquiree </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_BusinessAcquisitionEquityInterestIssuedOrIssuableNumberOfSharesPerCommonStockOfAcquiree" xlink:href="jef-20201130.xsd#jef_BusinessAcquisitionEquityInterestIssuedOrIssuableNumberOfSharesPerCommonStockOfAcquiree"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_BusinessAcquisitionEquityInterestIssuedOrIssuableNumberOfSharesPerCommonStockOfAcquiree" xlink:to="lab_jef_BusinessAcquisitionEquityInterestIssuedOrIssuableNumberOfSharesPerCommonStockOfAcquiree" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetManagement1Member_fd23c9e5-38d4-4878-ae59-d6558c595847_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetManagement1Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Management </link:label>
<link:label id="lab_us-gaap_AssetManagement1Member_label_en-US" xlink:label="lab_us-gaap_AssetManagement1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Management [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetManagement1Member" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetManagement1Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetManagement1Member" xlink:to="lab_us-gaap_AssetManagement1Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseCost_8c6a7fa4-4a10-464e-b1fe-cbf749dbee71_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease cost </link:label>
<link:label id="lab_us-gaap_OperatingLeaseCost_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseCost" xlink:to="lab_us-gaap_OperatingLeaseCost" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_614558cc-7c09-4ba1-8949-aa8642ab59d0_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total fair value allocated in acquisition </link:label>
<link:label id="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet_label_en-US" xlink:label="lab_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet"/>
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<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis_518332aa-9151-4afe-9133-cda3d80a87ae_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Relationship [Axis] </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Relationship [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis"/>
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<link:label id="lab_us-gaap_GeneralAndAdministrativeExpense_c65c6466-1449-4845-81d0-913818f10e9d_terseLabel_en-US" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Selling, general and other expenses </link:label>
<link:label id="lab_us-gaap_GeneralAndAdministrativeExpense_3d5e42a1-a5de-4817-adca-c40e751ff34a_negatedLabel_en-US" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Selling, general and other expenses, which includes pension expense </link:label>
<link:label id="lab_us-gaap_GeneralAndAdministrativeExpense_label_en-US" xlink:label="lab_us-gaap_GeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> General and Administrative Expense </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeneralAndAdministrativeExpense" xlink:to="lab_us-gaap_GeneralAndAdministrativeExpense" xlink:type="arc" order="1"/>
<link:label id="lab_jef_IndemnificationLiabilities_b0c45d6f-2bd2-4913-918a-85755cc6eb0f_terseLabel_en-US" xlink:label="lab_jef_IndemnificationLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payables, expense accruals and other liabilities </link:label>
<link:label id="lab_jef_IndemnificationLiabilities_label_en-US" xlink:label="lab_jef_IndemnificationLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Indemnification Liabilities </link:label>
<link:label id="lab_jef_IndemnificationLiabilities_documentation_en-US" xlink:label="lab_jef_IndemnificationLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Indemnification Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_IndemnificationLiabilities" xlink:href="jef-20201130.xsd#jef_IndemnificationLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_IndemnificationLiabilities" xlink:to="lab_jef_IndemnificationLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FXCMTermLoanMember_24c17179-48f0-4d6c-95e1-a66c2d503434_terseLabel_en-US" xlink:label="lab_jef_FXCMTermLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FXCM term loan </link:label>
<link:label id="lab_jef_FXCMTermLoanMember_label_en-US" xlink:label="lab_jef_FXCMTermLoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FXCM Term Loan [Member] </link:label>
<link:label id="lab_jef_FXCMTermLoanMember_documentation_en-US" xlink:label="lab_jef_FXCMTermLoanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FXCM Term Loan [Member] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FXCMTermLoanMember" xlink:to="lab_jef_FXCMTermLoanMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_3164caef-7f62-4284-b6cb-d374454153b3_terseLabel_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities excluded from computation of earnings per share amount (in shares) </link:label>
<link:label id="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_label_en-US" xlink:label="lab_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount"/>
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<link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefit_6753d20d-368f-400b-9573-44dee85b1ef4_totalLabel_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total current income taxes </link:label>
<link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FivePointFiveZeroPercentSeniorNotesDueTwoThousandTwentyThreeMember_a7f1b557-59f5-4b5e-af5d-f2359b737516_terseLabel_en-US" xlink:label="lab_jef_FivePointFiveZeroPercentSeniorNotesDueTwoThousandTwentyThreeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 5.50% Senior Notes due October 18, 2023 </link:label>
<link:label id="lab_jef_FivePointFiveZeroPercentSeniorNotesDueTwoThousandTwentyThreeMember_label_en-US" xlink:label="lab_jef_FivePointFiveZeroPercentSeniorNotesDueTwoThousandTwentyThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Five Point Five Zero Percent Senior Notes Due Two Thousand Twenty Three [Member] </link:label>
<link:label id="lab_jef_FivePointFiveZeroPercentSeniorNotesDueTwoThousandTwentyThreeMember_documentation_en-US" xlink:label="lab_jef_FivePointFiveZeroPercentSeniorNotesDueTwoThousandTwentyThreeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Five Point Five Zero Percent Senior Notes Due Two Thousand Twenty Three [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FivePointFiveZeroPercentSeniorNotesDueTwoThousandTwentyThreeMember" xlink:href="jef-20201130.xsd#jef_FivePointFiveZeroPercentSeniorNotesDueTwoThousandTwentyThreeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FivePointFiveZeroPercentSeniorNotesDueTwoThousandTwentyThreeMember" xlink:to="lab_jef_FivePointFiveZeroPercentSeniorNotesDueTwoThousandTwentyThreeMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FairValueOptionCreditRiskGainsLossesonLoanCommitments_5e07e9bb-be58-47e5-9ca0-088c68ea8045_terseLabel_en-US" xlink:label="lab_jef_FairValueOptionCreditRiskGainsLossesonLoanCommitments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loan commitments </link:label>
<link:label id="lab_jef_FairValueOptionCreditRiskGainsLossesonLoanCommitments_label_en-US" xlink:label="lab_jef_FairValueOptionCreditRiskGainsLossesonLoanCommitments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Credit Risk, Gains (Losses) on Loan Commitments </link:label>
<link:label id="lab_jef_FairValueOptionCreditRiskGainsLossesonLoanCommitments_documentation_en-US" xlink:label="lab_jef_FairValueOptionCreditRiskGainsLossesonLoanCommitments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Credit Risk, Gains (Losses) on Loan Commitments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FairValueOptionCreditRiskGainsLossesonLoanCommitments" xlink:href="jef-20201130.xsd#jef_FairValueOptionCreditRiskGainsLossesonLoanCommitments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FairValueOptionCreditRiskGainsLossesonLoanCommitments" xlink:to="lab_jef_FairValueOptionCreditRiskGainsLossesonLoanCommitments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions_d860964c-7a95-4813-91cc-a4b55cd6672a_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increases based on tax positions related to prior periods </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_bcb32672-9866-4cda-b921-7ada36514d65_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increases based on tax positions related to the current period </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityComponentDomain_6bccf0f0-80a3-4801-aa43-662839fa2d1e_terseLabel_en-US" xlink:label="lab_us-gaap_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Component [Domain] </link:label>
<link:label id="lab_us-gaap_EquityComponentDomain_label_en-US" xlink:label="lab_us-gaap_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Component [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityComponentDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityComponentDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityComponentDomain" xlink:to="lab_us-gaap_EquityComponentDomain" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ForeignCurrencyForwardsSwapsAndOptionsMember_35eff99e-2809-47bf-879d-a21987d0fe2c_terseLabel_en-US" xlink:label="lab_jef_ForeignCurrencyForwardsSwapsAndOptionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign currency forwards, swaps and options </link:label>
<link:label id="lab_jef_ForeignCurrencyForwardsSwapsAndOptionsMember_label_en-US" xlink:label="lab_jef_ForeignCurrencyForwardsSwapsAndOptionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign Currency Forwards Swaps And Options [Member] </link:label>
<link:label id="lab_jef_ForeignCurrencyForwardsSwapsAndOptionsMember_documentation_en-US" xlink:label="lab_jef_ForeignCurrencyForwardsSwapsAndOptionsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foreign currency forwards swaps and options. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ForeignCurrencyForwardsSwapsAndOptionsMember" xlink:href="jef-20201130.xsd#jef_ForeignCurrencyForwardsSwapsAndOptionsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ForeignCurrencyForwardsSwapsAndOptionsMember" xlink:to="lab_jef_ForeignCurrencyForwardsSwapsAndOptionsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_328e6a01-23dc-446c-a558-030a1188d4aa_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in unrealized holding gains (losses) on investments, net of income tax provision (benefit) of $117, $545,219 and $(588) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeAxis_a48f04cb-6481-4d17-8745-25cdbaf5a397_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Nonconsolidated Investee [Axis] </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeAxis_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Nonconsolidated Investee [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeAxis" xlink:to="lab_us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock_8ef69170-95b3-4b13-a185-88512f79c5ab_verboseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Expected Pension Benefit Payments </link:label>
<link:label id="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Expected Benefit Payments [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_jef_MandatorilyRedeemableConvertiblePreferredShares_8e87f2eb-0a6f-4092-bbfa-22e072e78c16_terseLabel_en-US" xlink:label="lab_jef_MandatorilyRedeemableConvertiblePreferredShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mandatorily redeemable convertible preferred shares </link:label>
<link:label id="lab_jef_MandatorilyRedeemableConvertiblePreferredShares_c03e82c5-5cd7-4205-a9aa-09036927e26a_verboseLabel_en-US" xlink:label="lab_jef_MandatorilyRedeemableConvertiblePreferredShares" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mandatorily redeemable convertible preferred shares redemption value </link:label>
<link:label id="lab_jef_MandatorilyRedeemableConvertiblePreferredShares_label_en-US" xlink:label="lab_jef_MandatorilyRedeemableConvertiblePreferredShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mandatorily redeemable convertible preferred shares </link:label>
<link:label id="lab_jef_MandatorilyRedeemableConvertiblePreferredShares_documentation_en-US" xlink:label="lab_jef_MandatorilyRedeemableConvertiblePreferredShares" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mandatorily Redeemable Convertible Preferred Shares </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_MandatorilyRedeemableConvertiblePreferredShares" xlink:href="jef-20201130.xsd#jef_MandatorilyRedeemableConvertiblePreferredShares"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_MandatorilyRedeemableConvertiblePreferredShares" xlink:to="lab_jef_MandatorilyRedeemableConvertiblePreferredShares" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputOfferedPriceMember_466af8bc-8086-40e4-b26b-e33fb715d108_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputOfferedPriceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Price </link:label>
<link:label id="lab_us-gaap_MeasurementInputOfferedPriceMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputOfferedPriceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Offered Price [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputOfferedPriceMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MeasurementInputOfferedPriceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputOfferedPriceMember" xlink:to="lab_us-gaap_MeasurementInputOfferedPriceMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityTaxIdentificationNumber_7c324e6d-43c3-4f07-91da-61c41a7abfab_terseLabel_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Tax Identification Number </link:label>
<link:label id="lab_dei_EntityTaxIdentificationNumber_label_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Tax Identification Number </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityTaxIdentificationNumber" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityTaxIdentificationNumber"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityTaxIdentificationNumber" xlink:to="lab_dei_EntityTaxIdentificationNumber" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SixPointEightSevenFivePercentageSeniorNotesDueTwoThousandTwentyOneMember_add2fda2-9235-4a50-853e-948c8cfadfed_terseLabel_en-US" xlink:label="lab_jef_SixPointEightSevenFivePercentageSeniorNotesDueTwoThousandTwentyOneMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 6.875% Senior Notes, due April 15, 2021 </link:label>
<link:label id="lab_jef_SixPointEightSevenFivePercentageSeniorNotesDueTwoThousandTwentyOneMember_label_en-US" xlink:label="lab_jef_SixPointEightSevenFivePercentageSeniorNotesDueTwoThousandTwentyOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Six Point Eight Seven Five Percentage Senior Notes Due Two Thousand Twenty One [Member] </link:label>
<link:label id="lab_jef_SixPointEightSevenFivePercentageSeniorNotesDueTwoThousandTwentyOneMember_documentation_en-US" xlink:label="lab_jef_SixPointEightSevenFivePercentageSeniorNotesDueTwoThousandTwentyOneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 6.875% Senior Note, due 2021. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SixPointEightSevenFivePercentageSeniorNotesDueTwoThousandTwentyOneMember" xlink:href="jef-20201130.xsd#jef_SixPointEightSevenFivePercentageSeniorNotesDueTwoThousandTwentyOneMember"/>
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<link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_c4856148-0ac2-49c2-a5ae-06adace1eefd_terseLabel_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Compensation Plans </link:label>
<link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_label_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestRateContractMember_369ff777-41eb-497a-bd35-fb818173142a_netLabel_en-US" xlink:label="lab_us-gaap_InterestRateContractMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rate contracts: </link:label>
<link:label id="lab_us-gaap_InterestRateContractMember_8305f7bb-3acf-47cb-b713-fc3b89818c76_terseLabel_en-US" xlink:label="lab_us-gaap_InterestRateContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rate contracts </link:label>
<link:label id="lab_us-gaap_InterestRateContractMember_label_en-US" xlink:label="lab_us-gaap_InterestRateContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Rate Contract [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestRateContractMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestRateContractMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestRateContractMember" xlink:to="lab_us-gaap_InterestRateContractMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetIncomeLoss_3b25e377-7c05-46f5-97ca-e5e6fa4948c5_totalLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income attributable to Jefferies Financial Group Inc. common shareholders </link:label>
<link:label id="lab_us-gaap_NetIncomeLoss_f58af785-8cf3-4f6c-937a-91c950484d0f_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income </link:label>
<link:label id="lab_us-gaap_NetIncomeLoss_label_en-US" xlink:label="lab_us-gaap_NetIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Attributable to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLoss" xlink:to="lab_us-gaap_NetIncomeLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_541ea981-8ac1-4350-9987-cdd0534ac9ba_verboseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in: </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Operating Capital [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMeasurementInput_8d63a798-a678-49d9-98aa-44e5e166105a_terseLabel_en-US" xlink:label="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities purchased under agreements to resell, measurement input </link:label>
<link:label id="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMeasurementInput_label_en-US" xlink:label="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased Under Agreements To Resell, Measurement Input </link:label>
<link:label id="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMeasurementInput_documentation_en-US" xlink:label="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased Under Agreements To Resell, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SecuritiesPurchasedUnderAgreementsToResellMeasurementInput" xlink:href="jef-20201130.xsd#jef_SecuritiesPurchasedUnderAgreementsToResellMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SecuritiesPurchasedUnderAgreementsToResellMeasurementInput" xlink:to="lab_jef_SecuritiesPurchasedUnderAgreementsToResellMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ForwardStartingSecuritiesPurchasedUnderAgreementsToResellSettledMember_73f7d302-95d5-4996-ab67-ce3dc8cbb6f5_terseLabel_en-US" xlink:label="lab_jef_ForwardStartingSecuritiesPurchasedUnderAgreementsToResellSettledMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward starting securities purchased under agreements to resell settled </link:label>
<link:label id="lab_jef_ForwardStartingSecuritiesPurchasedUnderAgreementsToResellSettledMember_label_en-US" xlink:label="lab_jef_ForwardStartingSecuritiesPurchasedUnderAgreementsToResellSettledMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward Starting Securities Purchased Under Agreements To Resell Settled [Member] </link:label>
<link:label id="lab_jef_ForwardStartingSecuritiesPurchasedUnderAgreementsToResellSettledMember_documentation_en-US" xlink:label="lab_jef_ForwardStartingSecuritiesPurchasedUnderAgreementsToResellSettledMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward Starting Securities Purchased Under Agreements To Resell Settled [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ForwardStartingSecuritiesPurchasedUnderAgreementsToResellSettledMember" xlink:href="jef-20201130.xsd#jef_ForwardStartingSecuritiesPurchasedUnderAgreementsToResellSettledMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ForwardStartingSecuritiesPurchasedUnderAgreementsToResellSettledMember" xlink:to="lab_jef_ForwardStartingSecuritiesPurchasedUnderAgreementsToResellSettledMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable_d2ece160-08e1-43de-af6a-29f93aecfffc_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Variable Interest Entities [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Variable Interest Entities [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:to="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputMaturityMember_b3992ac5-06cd-4e75-806f-7f68ba09e19e_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputMaturityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Term based on the pay off (years) </link:label>
<link:label id="lab_us-gaap_MeasurementInputMaturityMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputMaturityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Maturity [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputMaturityMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MeasurementInputMaturityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputMaturityMember" xlink:to="lab_us-gaap_MeasurementInputMaturityMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsToMinorityShareholders_a978f1c7-937d-44c7-a26a-38f9ad894ba9_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsToMinorityShareholders" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Distributions to noncontrolling interests </link:label>
<link:label id="lab_us-gaap_PaymentsToMinorityShareholders_label_en-US" xlink:label="lab_us-gaap_PaymentsToMinorityShareholders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments to Noncontrolling Interests </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToMinorityShareholders" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsToMinorityShareholders"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToMinorityShareholders" xlink:to="lab_us-gaap_PaymentsToMinorityShareholders" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_c0bc23df-fcdc-4dc8-94c1-87ccf29334cf_terseLabel_en-US" xlink:label="lab_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> London Interbank Offered Rate (LIBOR) </link:label>
<link:label id="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_label_en-US" xlink:label="lab_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> London Interbank Offered Rate (LIBOR) [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LondonInterbankOfferedRateLIBORMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:to="lab_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoansAndLeasesReceivableRelatedParties_ce9b8a76-38f5-4ba0-8f55-ffa2440ca589_terseLabel_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableRelatedParties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans outstanding to related party </link:label>
<link:label id="lab_us-gaap_LoansAndLeasesReceivableRelatedParties_label_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and Leases Receivable, Related Parties </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansAndLeasesReceivableRelatedParties" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LoansAndLeasesReceivableRelatedParties"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansAndLeasesReceivableRelatedParties" xlink:to="lab_us-gaap_LoansAndLeasesReceivableRelatedParties" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgeFundsEquityLongShortMember_9c5f8b25-86de-4421-a480-ad13ba100122_terseLabel_en-US" xlink:label="lab_us-gaap_HedgeFundsEquityLongShortMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Long/Short Hedge Funds </link:label>
<link:label id="lab_us-gaap_HedgeFundsEquityLongShortMember_label_en-US" xlink:label="lab_us-gaap_HedgeFundsEquityLongShortMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedge Funds, Equity Long (Short) [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgeFundsEquityLongShortMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HedgeFundsEquityLongShortMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgeFundsEquityLongShortMember" xlink:to="lab_us-gaap_HedgeFundsEquityLongShortMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_NonCashInvestingActivitiesAbstract_4b00431c-4298-49cc-87e8-b5119fa3e739_terseLabel_en-US" xlink:label="lab_jef_NonCashInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-cash investing activities: </link:label>
<link:label id="lab_jef_NonCashInvestingActivitiesAbstract_label_en-US" xlink:label="lab_jef_NonCashInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-cash investing activities [Abstract] </link:label>
<link:label id="lab_jef_NonCashInvestingActivitiesAbstract_documentation_en-US" xlink:label="lab_jef_NonCashInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-cash investing activities [Abstract] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_NonCashInvestingActivitiesAbstract" xlink:to="lab_jef_NonCashInvestingActivitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_dei_CurrentFiscalYearEndDate_2f1642d8-f44e-4faa-932c-afd590dd0c57_terseLabel_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Fiscal Year End Date </link:label>
<link:label id="lab_dei_CurrentFiscalYearEndDate_label_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Fiscal Year End Date </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetirementPlanSponsorLocationDomain_ea8b7ffe-f438-4389-985e-a56315a38a83_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanSponsorLocationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Sponsor Location [Domain] </link:label>
<link:label id="lab_us-gaap_RetirementPlanSponsorLocationDomain_label_en-US" xlink:label="lab_us-gaap_RetirementPlanSponsorLocationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Sponsor Location [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanSponsorLocationDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetirementPlanSponsorLocationDomain"/>
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<link:label id="lab_jef_ValuationApproachVolatilityBenchmarkingAndMarketApproachMember_f6f38e39-11bd-44a9-85f1-7345b2f73d6e_terseLabel_en-US" xlink:label="lab_jef_ValuationApproachVolatilityBenchmarkingAndMarketApproachMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Volatility benchmarking and market approach </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ValuationApproachVolatilityBenchmarkingAndMarketApproachMember" xlink:to="lab_jef_ValuationApproachVolatilityBenchmarkingAndMarketApproachMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_JPMorganChaseBankNACreditFacilityMember_02f18c16-851b-4692-bf86-10fd5f67c14e_terseLabel_en-US" xlink:label="lab_jef_JPMorganChaseBankNACreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> JPMorgan Chase Bank, N.A. credit facility </link:label>
<link:label id="lab_jef_JPMorganChaseBankNACreditFacilityMember_label_en-US" xlink:label="lab_jef_JPMorganChaseBankNACreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> JPMorgan Chase Bank, N.A. Credit Facility [Member] </link:label>
<link:label id="lab_jef_JPMorganChaseBankNACreditFacilityMember_documentation_en-US" xlink:label="lab_jef_JPMorganChaseBankNACreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> JPMorgan Chase Bank, N.A. Credit Facility </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_JPMorganChaseBankNACreditFacilityMember" xlink:href="jef-20201130.xsd#jef_JPMorganChaseBankNACreditFacilityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_JPMorganChaseBankNACreditFacilityMember" xlink:to="lab_jef_JPMorganChaseBankNACreditFacilityMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityContractMember_48c8ad8c-ece7-4cea-ab33-cd93dcac6273_terseLabel_en-US" xlink:label="lab_us-gaap_EquityContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity contracts </link:label>
<link:label id="lab_us-gaap_EquityContractMember_label_en-US" xlink:label="lab_us-gaap_EquityContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Contract [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityContractMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityContractMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityContractMember" xlink:to="lab_us-gaap_EquityContractMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DisposalGroupIncludingDiscontinuedOperationCompensationAndBenefits_99a2922e-2eb3-42b0-8a00-7a70a0cc8f1b_terseLabel_en-US" xlink:label="lab_jef_DisposalGroupIncludingDiscontinuedOperationCompensationAndBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Compensation and benefits </link:label>
<link:label id="lab_jef_DisposalGroupIncludingDiscontinuedOperationCompensationAndBenefits_label_en-US" xlink:label="lab_jef_DisposalGroupIncludingDiscontinuedOperationCompensationAndBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Including Discontinued Operation, Compensation And Benefits </link:label>
<link:label id="lab_jef_DisposalGroupIncludingDiscontinuedOperationCompensationAndBenefits_documentation_en-US" xlink:label="lab_jef_DisposalGroupIncludingDiscontinuedOperationCompensationAndBenefits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Including Discontinued Operation, Compensation And Benefits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DisposalGroupIncludingDiscontinuedOperationCompensationAndBenefits" xlink:href="jef-20201130.xsd#jef_DisposalGroupIncludingDiscontinuedOperationCompensationAndBenefits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DisposalGroupIncludingDiscontinuedOperationCompensationAndBenefits" xlink:to="lab_jef_DisposalGroupIncludingDiscontinuedOperationCompensationAndBenefits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinanceLeaseLiability_64e7b61b-9248-47d9-ac87-36471374fdd8_terseLabel_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance leases amount in the Consolidated Statement of Financial Condition </link:label>
<link:label id="lab_us-gaap_FinanceLeaseLiability_label_en-US" xlink:label="lab_us-gaap_FinanceLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finance Lease, Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinanceLeaseLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinanceLeaseLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinanceLeaseLiability" xlink:to="lab_us-gaap_FinanceLeaseLiability" xlink:type="arc" order="1"/>
<link:label id="lab_jef_PrincipalOutstanding_d94e4567-0462-4b7c-86da-45e51d0bba6e_terseLabel_en-US" xlink:label="lab_jef_PrincipalOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Principal outstanding </link:label>
<link:label id="lab_jef_PrincipalOutstanding_label_en-US" xlink:label="lab_jef_PrincipalOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Principal Outstanding </link:label>
<link:label id="lab_jef_PrincipalOutstanding_documentation_en-US" xlink:label="lab_jef_PrincipalOutstanding" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Principal Outstanding </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_PrincipalOutstanding" xlink:href="jef-20201130.xsd#jef_PrincipalOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_PrincipalOutstanding" xlink:to="lab_jef_PrincipalOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ExchangeTradedDerivativeAssetsAndOtherCreditAgreements_f8ebac7f-9e1b-4e4a-bf5b-3a2f42e19f99_terseLabel_en-US" xlink:label="lab_jef_ExchangeTradedDerivativeAssetsAndOtherCreditAgreements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exchange traded derivative assets and other credit agreements </link:label>
<link:label id="lab_jef_ExchangeTradedDerivativeAssetsAndOtherCreditAgreements_label_en-US" xlink:label="lab_jef_ExchangeTradedDerivativeAssetsAndOtherCreditAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exchange traded derivative assets and other credit agreements </link:label>
<link:label id="lab_jef_ExchangeTradedDerivativeAssetsAndOtherCreditAgreements_documentation_en-US" xlink:label="lab_jef_ExchangeTradedDerivativeAssetsAndOtherCreditAgreements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exchange traded derivative assets and other credit agreements </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ExchangeTradedDerivativeAssetsAndOtherCreditAgreements" xlink:href="jef-20201130.xsd#jef_ExchangeTradedDerivativeAssetsAndOtherCreditAgreements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ExchangeTradedDerivativeAssetsAndOtherCreditAgreements" xlink:to="lab_jef_ExchangeTradedDerivativeAssetsAndOtherCreditAgreements" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SecuritiesBorrowedAssetNetSubjectToReview_e4eed7bf-6220-43d0-b7f3-c77898147fc6_verboseLabel_en-US" xlink:label="lab_jef_SecuritiesBorrowedAssetNetSubjectToReview" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities borrowing agreement, subject to review </link:label>
<link:label id="lab_jef_SecuritiesBorrowedAssetNetSubjectToReview_label_en-US" xlink:label="lab_jef_SecuritiesBorrowedAssetNetSubjectToReview" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed Asset, Net, Subject to Review </link:label>
<link:label id="lab_jef_SecuritiesBorrowedAssetNetSubjectToReview_documentation_en-US" xlink:label="lab_jef_SecuritiesBorrowedAssetNetSubjectToReview" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed Asset, Net, Subject to Review </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SecuritiesBorrowedAssetNetSubjectToReview" xlink:href="jef-20201130.xsd#jef_SecuritiesBorrowedAssetNetSubjectToReview"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SecuritiesBorrowedAssetNetSubjectToReview" xlink:to="lab_jef_SecuritiesBorrowedAssetNetSubjectToReview" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems_27c7ce7a-9fc0-46bc-be23-533c7f83d523_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) [Line Items] </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards_02ffcbc1-a911-4359-8cba-d4dd8b0f17a1_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax credits </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Tax Credit Carryforwards </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsTaxCreditCarryforwards"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xlink:to="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xlink:type="arc" order="1"/>
<link:label id="lab_jef_InvestmentsinSubsidiaries_7bc1c9cd-86af-4c88-972f-5e30fe540236_terseLabel_en-US" xlink:label="lab_jef_InvestmentsinSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in subsidiaries </link:label>
<link:label id="lab_jef_InvestmentsinSubsidiaries_label_en-US" xlink:label="lab_jef_InvestmentsinSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in Subsidiaries </link:label>
<link:label id="lab_jef_InvestmentsinSubsidiaries_documentation_en-US" xlink:label="lab_jef_InvestmentsinSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in Subsidiaries </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_InvestmentsinSubsidiaries" xlink:href="jef-20201130.xsd#jef_InvestmentsinSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_InvestmentsinSubsidiaries" xlink:to="lab_jef_InvestmentsinSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareLineItems_0acc67d7-fb75-4d0c-9f44-32bb40025c98_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] </link:label>
<link:label id="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareLineItems" xlink:to="lab_us-gaap_FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ParentCompanyMember_40a0bc8f-87de-49d4-978a-7c202e6ea35d_verboseLabel_en-US" xlink:label="lab_srt_ParentCompanyMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Parent company </link:label>
<link:label id="lab_srt_ParentCompanyMember_78118513-44af-4d1a-b027-33a642815f0f_terseLabel_en-US" xlink:label="lab_srt_ParentCompanyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Parent Company interest </link:label>
<link:label id="lab_srt_ParentCompanyMember_label_en-US" xlink:label="lab_srt_ParentCompanyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Parent Company [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ParentCompanyMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ParentCompanyMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ParentCompanyMember" xlink:to="lab_srt_ParentCompanyMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditDerivativesByContractTypeAxis_7b9e2928-64e7-4b5d-b4e0-88f999c175ce_terseLabel_en-US" xlink:label="lab_us-gaap_CreditDerivativesByContractTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives Contract Type [Axis] </link:label>
<link:label id="lab_us-gaap_CreditDerivativesByContractTypeAxis_label_en-US" xlink:label="lab_us-gaap_CreditDerivativesByContractTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Derivatives Contract Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditDerivativesByContractTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditDerivativesByContractTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditDerivativesByContractTypeAxis" xlink:to="lab_us-gaap_CreditDerivativesByContractTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_NonExchangeTradedSecuritiesMember_7e087b77-6ed0-485a-968c-950fd2e93085_terseLabel_en-US" xlink:label="lab_jef_NonExchangeTradedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-exchange traded securities </link:label>
<link:label id="lab_jef_NonExchangeTradedSecuritiesMember_label_en-US" xlink:label="lab_jef_NonExchangeTradedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non Exchange Traded Securities [Member] </link:label>
<link:label id="lab_jef_NonExchangeTradedSecuritiesMember_documentation_en-US" xlink:label="lab_jef_NonExchangeTradedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non Exchange Traded Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_NonExchangeTradedSecuritiesMember" xlink:href="jef-20201130.xsd#jef_NonExchangeTradedSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_NonExchangeTradedSecuritiesMember" xlink:to="lab_jef_NonExchangeTradedSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SupplementalCashFlowInformationAbstract_da1086a8-28b6-4207-8885-73a9e19a329c_terseLabel_en-US" xlink:label="lab_us-gaap_SupplementalCashFlowInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash paid during the year for: </link:label>
<link:label id="lab_us-gaap_SupplementalCashFlowInformationAbstract_label_en-US" xlink:label="lab_us-gaap_SupplementalCashFlowInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Supplemental Cash Flow Information [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SupplementalCashFlowInformationAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="lab_us-gaap_SupplementalCashFlowInformationAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessAcquisitionAcquireeDomain_4a0669dc-2da7-44ff-8fbf-841399e9fabb_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Acquiree [Domain] </link:label>
<link:label id="lab_us-gaap_BusinessAcquisitionAcquireeDomain_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Acquiree [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:to="lab_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_ccd65e73-1064-48c6-b4fb-049450a999d5_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Percent [Abstract] </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Percent [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityMethodInvestmentAggregateCost_d3401869-4a85-4fea-bffe-23e38566e912_verboseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentAggregateCost" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total investment in associated company </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestmentAggregateCost_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentAggregateCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Aggregate Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentAggregateCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestmentAggregateCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentAggregateCost" xlink:to="lab_us-gaap_EquityMethodInvestmentAggregateCost" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FoursightCapitalMember_285d82f5-71a5-4d17-ad84-0e8b2a5fc1e0_terseLabel_en-US" xlink:label="lab_jef_FoursightCapitalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foursight Capital Credit Facilities </link:label>
<link:label id="lab_jef_FoursightCapitalMember_label_en-US" xlink:label="lab_jef_FoursightCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foursight Capital [Member] </link:label>
<link:label id="lab_jef_FoursightCapitalMember_documentation_en-US" xlink:label="lab_jef_FoursightCapitalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Foursight Capital [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FoursightCapitalMember" xlink:href="jef-20201130.xsd#jef_FoursightCapitalMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FoursightCapitalMember" xlink:to="lab_jef_FoursightCapitalMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancialStandbyLetterOfCreditMember_681c4636-bd53-4735-8478-62ac1cc2f573_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialStandbyLetterOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Standby letters of credit </link:label>
<link:label id="lab_us-gaap_FinancialStandbyLetterOfCreditMember_label_en-US" xlink:label="lab_us-gaap_FinancialStandbyLetterOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Standby Letter of Credit [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialStandbyLetterOfCreditMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancialStandbyLetterOfCreditMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialStandbyLetterOfCreditMember" xlink:to="lab_us-gaap_FinancialStandbyLetterOfCreditMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3_b051e849-ea47-419b-809e-56c7de4ebde4_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers of liabilities from Level 2 to Level 3 </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentLineItems_0fecd481-d96b-43e0-9641-60880570fe9f_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment [Line Items] </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentLineItems_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_2e8094b5-fdc8-4488-a4ee-e6e2f3d66fb9_negatedLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net (income) loss attributable to the redeemable noncontrolling interests </link:label>
<link:label id="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_99fa1085-90f9-483c-8504-82c51c36194c_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income allocated to redeemable noncontrolling interests </link:label>
<link:label id="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_66652e55-55f5-4f97-87d4-76f2b6bcb831_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net loss attributable to the redeemable noncontrolling interests </link:label>
<link:label id="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Attributable to Redeemable Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:to="lab_us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain_aa41dd2b-505a-4c1b-8e1a-109ba2f7fda3_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Lived Tangible Asset [Domain] </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Lived Tangible Asset [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_jef_InvestmentsOutstandingPeriod_af78b65c-0cca-4a60-877e-9b8ba2eda89a_terseLabel_en-US" xlink:label="lab_jef_InvestmentsOutstandingPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments outstanding period </link:label>
<link:label id="lab_jef_InvestmentsOutstandingPeriod_label_en-US" xlink:label="lab_jef_InvestmentsOutstandingPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments Outstanding Period </link:label>
<link:label id="lab_jef_InvestmentsOutstandingPeriod_documentation_en-US" xlink:label="lab_jef_InvestmentsOutstandingPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments Outstanding Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_InvestmentsOutstandingPeriod" xlink:href="jef-20201130.xsd#jef_InvestmentsOutstandingPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_InvestmentsOutstandingPeriod" xlink:to="lab_jef_InvestmentsOutstandingPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid_5965bc88-7083-4f87-b539-4527e40a6771_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Benefits paid </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Benefits Paid </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:to="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:type="arc" order="1"/>
<link:label id="lab_jef_A275SeniorNotesDue2032Member_64465565-eb53-479f-ba1e-aced5a6457c7_terseLabel_en-US" xlink:label="lab_jef_A275SeniorNotesDue2032Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2.75% Senior Notes due 2032 </link:label>
<link:label id="lab_jef_A275SeniorNotesDue2032Member_label_en-US" xlink:label="lab_jef_A275SeniorNotesDue2032Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2.75% Senior Notes Due 2032 [Member] </link:label>
<link:label id="lab_jef_A275SeniorNotesDue2032Member_documentation_en-US" xlink:label="lab_jef_A275SeniorNotesDue2032Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2.75% Senior Notes Due 2032 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_A275SeniorNotesDue2032Member" xlink:href="jef-20201130.xsd#jef_A275SeniorNotesDue2032Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_A275SeniorNotesDue2032Member" xlink:to="lab_jef_A275SeniorNotesDue2032Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RegistrationPaymentArrangementTable_9aeba5e0-9e21-4134-8558-d624d29e5a32_terseLabel_en-US" xlink:label="lab_us-gaap_RegistrationPaymentArrangementTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Registration Payment Arrangement [Table] </link:label>
<link:label id="lab_us-gaap_RegistrationPaymentArrangementTable_label_en-US" xlink:label="lab_us-gaap_RegistrationPaymentArrangementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Registration Payment Arrangement [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegistrationPaymentArrangementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RegistrationPaymentArrangementTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegistrationPaymentArrangementTable" xlink:to="lab_us-gaap_RegistrationPaymentArrangementTable" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ForwardStartingSecuritiesSoldUnderAgreementsToRepurchaseSettledMember_18508117-f655-46ab-bd53-853381aa3b21_terseLabel_en-US" xlink:label="lab_jef_ForwardStartingSecuritiesSoldUnderAgreementsToRepurchaseSettledMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward starting securities sold under agreements to repurchase settled </link:label>
<link:label id="lab_jef_ForwardStartingSecuritiesSoldUnderAgreementsToRepurchaseSettledMember_label_en-US" xlink:label="lab_jef_ForwardStartingSecuritiesSoldUnderAgreementsToRepurchaseSettledMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward Starting Securities Sold Under Agreements To Repurchase Settled [Member] </link:label>
<link:label id="lab_jef_ForwardStartingSecuritiesSoldUnderAgreementsToRepurchaseSettledMember_documentation_en-US" xlink:label="lab_jef_ForwardStartingSecuritiesSoldUnderAgreementsToRepurchaseSettledMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward Starting Securities Sold Under Agreements To Repurchase Settled [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ForwardStartingSecuritiesSoldUnderAgreementsToRepurchaseSettledMember" xlink:href="jef-20201130.xsd#jef_ForwardStartingSecuritiesSoldUnderAgreementsToRepurchaseSettledMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ForwardStartingSecuritiesSoldUnderAgreementsToRepurchaseSettledMember" xlink:to="lab_jef_ForwardStartingSecuritiesSoldUnderAgreementsToRepurchaseSettledMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ScenarioAnalysisMember_dce971b4-9c24-41ef-97ae-91820c2cf48e_terseLabel_en-US" xlink:label="lab_jef_ScenarioAnalysisMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Scenario analysis </link:label>
<link:label id="lab_jef_ScenarioAnalysisMember_label_en-US" xlink:label="lab_jef_ScenarioAnalysisMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Scenario Analysis [Member] </link:label>
<link:label id="lab_jef_ScenarioAnalysisMember_documentation_en-US" xlink:label="lab_jef_ScenarioAnalysisMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Scenario Analysis [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ScenarioAnalysisMember" xlink:href="jef-20201130.xsd#jef_ScenarioAnalysisMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ScenarioAnalysisMember" xlink:to="lab_jef_ScenarioAnalysisMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AmountRecognizedInNetPeriodicBenefitCostAndOtherComprehensiveIncomeLossBeforeTax_832ccfdf-76a4-4456-b608-6a77bad79236_totalLabel_en-US" xlink:label="lab_us-gaap_AmountRecognizedInNetPeriodicBenefitCostAndOtherComprehensiveIncomeLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net amount recognized in net periodic benefit cost and other comprehensive income (loss) </link:label>
<link:label id="lab_us-gaap_AmountRecognizedInNetPeriodicBenefitCostAndOtherComprehensiveIncomeLossBeforeTax_label_en-US" xlink:label="lab_us-gaap_AmountRecognizedInNetPeriodicBenefitCostAndOtherComprehensiveIncomeLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AmountRecognizedInNetPeriodicBenefitCostAndOtherComprehensiveIncomeLossBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmountRecognizedInNetPeriodicBenefitCostAndOtherComprehensiveIncomeLossBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmountRecognizedInNetPeriodicBenefitCostAndOtherComprehensiveIncomeLossBeforeTax" xlink:to="lab_us-gaap_AmountRecognizedInNetPeriodicBenefitCostAndOtherComprehensiveIncomeLossBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockDividendRatePercentage_e0c4f250-cefa-43e3-9247-623dc8206c3c_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockDividendRatePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend rate on preferred stock </link:label>
<link:label id="lab_us-gaap_PreferredStockDividendRatePercentage_label_en-US" xlink:label="lab_us-gaap_PreferredStockDividendRatePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Dividend Rate, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockDividendRatePercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockDividendRatePercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockDividendRatePercentage" xlink:to="lab_us-gaap_PreferredStockDividendRatePercentage" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FairValueofSeniorSecuredTermLoanReceivable_64caf511-dcd9-4c7e-8166-0fd04f8adb36_verboseLabel_en-US" xlink:label="lab_jef_FairValueofSeniorSecuredTermLoanReceivable" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of senior secured term loan receivable </link:label>
<link:label id="lab_jef_FairValueofSeniorSecuredTermLoanReceivable_label_en-US" xlink:label="lab_jef_FairValueofSeniorSecuredTermLoanReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value of Senior Secured Term Loan Receivable </link:label>
<link:label id="lab_jef_FairValueofSeniorSecuredTermLoanReceivable_documentation_en-US" xlink:label="lab_jef_FairValueofSeniorSecuredTermLoanReceivable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value of Senior Secured Term Loan Receivable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_FairValueofSeniorSecuredTermLoanReceivable" xlink:href="jef-20201130.xsd#jef_FairValueofSeniorSecuredTermLoanReceivable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FairValueofSeniorSecuredTermLoanReceivable" xlink:to="lab_jef_FairValueofSeniorSecuredTermLoanReceivable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentMeasurementInput_de95e678-9286-4e8c-8673-c950a8ebdac7_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt instrument, measurement input </link:label>
<link:label id="lab_us-gaap_DebtInstrumentMeasurementInput_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentMeasurementInput" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentMeasurementInput" xlink:to="lab_us-gaap_DebtInstrumentMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_jef_NonCashDividendsReceivedFromSubsidiaries_ed5bb06d-3656-461a-93d7-1cc9a922d18e_terseLabel_en-US" xlink:label="lab_jef_NonCashDividendsReceivedFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends received from subsidiaries </link:label>
<link:label id="lab_jef_NonCashDividendsReceivedFromSubsidiaries_c585ee68-d46a-4ce7-9985-9b54776232a4_verboseLabel_en-US" xlink:label="lab_jef_NonCashDividendsReceivedFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-cash dividends received from subsidiaries </link:label>
<link:label id="lab_jef_NonCashDividendsReceivedFromSubsidiaries_label_en-US" xlink:label="lab_jef_NonCashDividendsReceivedFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-Cash Dividends Received From Subsidiaries </link:label>
<link:label id="lab_jef_NonCashDividendsReceivedFromSubsidiaries_documentation_en-US" xlink:label="lab_jef_NonCashDividendsReceivedFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-Cash Dividends Received From Subsidiaries </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_NonCashDividendsReceivedFromSubsidiaries" xlink:href="jef-20201130.xsd#jef_NonCashDividendsReceivedFromSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_NonCashDividendsReceivedFromSubsidiaries" xlink:to="lab_jef_NonCashDividendsReceivedFromSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LoansAndLeasesReceivableGrossCarryingAmount_61910ccf-5cd8-41ba-90fe-bebb9d833326_terseLabel_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableGrossCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans receivables </link:label>
<link:label id="lab_us-gaap_LoansAndLeasesReceivableGrossCarryingAmount_label_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableGrossCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans and Leases Receivable, Gross </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansAndLeasesReceivableGrossCarryingAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LoansAndLeasesReceivableGrossCarryingAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansAndLeasesReceivableGrossCarryingAmount" xlink:to="lab_us-gaap_LoansAndLeasesReceivableGrossCarryingAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable_32f89103-8fc0-4406-956a-8c3cccbf0dea_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification out of Accumulated Other Comprehensive Income [Table] </link:label>
<link:label id="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable_label_en-US" xlink:label="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification out of Accumulated Other Comprehensive Income [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:to="lab_us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_USTreasurySecuritiesMember_14daefd5-ddd5-4b99-953b-ff88086a05a0_verboseLabel_en-US" xlink:label="lab_us-gaap_USTreasurySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Treasury securities </link:label>
<link:label id="lab_us-gaap_USTreasurySecuritiesMember_label_en-US" xlink:label="lab_us-gaap_USTreasurySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Treasury Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_USTreasurySecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_USTreasurySecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_USTreasurySecuritiesMember" xlink:to="lab_us-gaap_USTreasurySecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherIncome_782f3672-09a0-44cc-bedf-d739e18e21bd_terseLabel_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherIncome_label_en-US" xlink:label="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disposal Group, Including Discontinued Operation, Other Income </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherIncome" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherIncome"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherIncome" xlink:to="lab_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherIncome" xlink:type="arc" order="1"/>
<link:label id="lab_jef_MembershipInterestPurchaseAgreementAggregateOwnershipInterestsToPurchase_28fe5b2b-6b4b-499c-ad99-d212b32509c1_terseLabel_en-US" xlink:label="lab_jef_MembershipInterestPurchaseAgreementAggregateOwnershipInterestsToPurchase" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Membership interest purchase agreement, aggregate ownership interests to purchase </link:label>
<link:label id="lab_jef_MembershipInterestPurchaseAgreementAggregateOwnershipInterestsToPurchase_label_en-US" xlink:label="lab_jef_MembershipInterestPurchaseAgreementAggregateOwnershipInterestsToPurchase" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Membership Interest Purchase Agreement, Aggregate Ownership Interests To Purchase </link:label>
<link:label id="lab_jef_MembershipInterestPurchaseAgreementAggregateOwnershipInterestsToPurchase_documentation_en-US" xlink:label="lab_jef_MembershipInterestPurchaseAgreementAggregateOwnershipInterestsToPurchase" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Membership Interest Purchase Agreement, Aggregate Ownership Interests To Purchase </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_MembershipInterestPurchaseAgreementAggregateOwnershipInterestsToPurchase" xlink:href="jef-20201130.xsd#jef_MembershipInterestPurchaseAgreementAggregateOwnershipInterestsToPurchase"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_MembershipInterestPurchaseAgreementAggregateOwnershipInterestsToPurchase" xlink:to="lab_jef_MembershipInterestPurchaseAgreementAggregateOwnershipInterestsToPurchase" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ExcludedSecuritiesfromUnobservableQuantitativeInformationLiabilities_7e1af912-9ace-4f8c-b7e8-cd41e9e74e2a_terseLabel_en-US" xlink:label="lab_jef_ExcludedSecuritiesfromUnobservableQuantitativeInformationLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Excluded liabilities from unobservable quantitative information </link:label>
<link:label id="lab_jef_ExcludedSecuritiesfromUnobservableQuantitativeInformationLiabilities_label_en-US" xlink:label="lab_jef_ExcludedSecuritiesfromUnobservableQuantitativeInformationLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Excluded Securities from Unobservable Quantitative Information, Liabilities </link:label>
<link:label id="lab_jef_ExcludedSecuritiesfromUnobservableQuantitativeInformationLiabilities_documentation_en-US" xlink:label="lab_jef_ExcludedSecuritiesfromUnobservableQuantitativeInformationLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Excluded Securities from Unobservable Quantitative Information, Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ExcludedSecuritiesfromUnobservableQuantitativeInformationLiabilities" xlink:href="jef-20201130.xsd#jef_ExcludedSecuritiesfromUnobservableQuantitativeInformationLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ExcludedSecuritiesfromUnobservableQuantitativeInformationLiabilities" xlink:to="lab_jef_ExcludedSecuritiesfromUnobservableQuantitativeInformationLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesRestrictedStock_c195029b-5eb0-42c1-a68e-9096fef98c74_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesRestrictedStock" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average shares of restricted stock outstanding with future service required (in shares) </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesRestrictedStock_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesRestrictedStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number of Shares, Restricted Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesRestrictedStock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesRestrictedStock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesRestrictedStock" xlink:to="lab_us-gaap_WeightedAverageNumberOfSharesRestrictedStock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax_f4291ee6-122a-430d-bb95-e88fa88ab2e8_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Charge to accumulated other comprehensive income (loss) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax" xlink:to="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SeniorSecuredTermLoanReceivableandLoanstoandInvestmentsinAssociatedCompanies_f1d45bd9-5f18-42dc-9706-b942fff5972e_terseLabel_en-US" xlink:label="lab_jef_SeniorSecuredTermLoanReceivableandLoanstoandInvestmentsinAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior secured term loan receivable and investments in associated companies </link:label>
<link:label id="lab_jef_SeniorSecuredTermLoanReceivableandLoanstoandInvestmentsinAssociatedCompanies_label_en-US" xlink:label="lab_jef_SeniorSecuredTermLoanReceivableandLoanstoandInvestmentsinAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Secured Term Loan Receivable and Loans to and Investments in Associated Companies </link:label>
<link:label id="lab_jef_SeniorSecuredTermLoanReceivableandLoanstoandInvestmentsinAssociatedCompanies_documentation_en-US" xlink:label="lab_jef_SeniorSecuredTermLoanReceivableandLoanstoandInvestmentsinAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Secured Term Loan Receivable and Loans to and Investments in Associated Companies </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SeniorSecuredTermLoanReceivableandLoanstoandInvestmentsinAssociatedCompanies" xlink:href="jef-20201130.xsd#jef_SeniorSecuredTermLoanReceivableandLoanstoandInvestmentsinAssociatedCompanies"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SeniorSecuredTermLoanReceivableandLoanstoandInvestmentsinAssociatedCompanies" xlink:to="lab_jef_SeniorSecuredTermLoanReceivableandLoanstoandInvestmentsinAssociatedCompanies" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProvisionForDoubtfulAccounts_ccc7788e-690f-4b5c-9110-850a4c11ed56_terseLabel_en-US" xlink:label="lab_us-gaap_ProvisionForDoubtfulAccounts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provision for doubtful accounts </link:label>
<link:label id="lab_us-gaap_ProvisionForDoubtfulAccounts_label_en-US" xlink:label="lab_us-gaap_ProvisionForDoubtfulAccounts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Receivable, Credit Loss Expense (Reversal) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProvisionForDoubtfulAccounts" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProvisionForDoubtfulAccounts" xlink:to="lab_us-gaap_ProvisionForDoubtfulAccounts" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationRecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxesPercent_de040891-c887-4c0d-9f8f-58478a26f364_negatedTerseLabel_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationRecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxesPercent" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Recognition of accumulated other comprehensive income lodged taxes, percent </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationRecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxesPercent_label_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationRecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxesPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Recognition Of Accumulated Other Comprehensive Income Lodged Taxes, Percent </link:label>
<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationRecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxesPercent_documentation_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationRecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxesPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Recognition Of Accumulated Other Comprehensive Income Lodged Taxes, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EffectiveIncomeTaxRateReconciliationRecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxesPercent" xlink:href="jef-20201130.xsd#jef_EffectiveIncomeTaxRateReconciliationRecognitionOfAccumulatedOtherComprehensiveIncomeLodgedTaxesPercent"/>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_0ada6790-78f3-4942-a0d4-99fc3d39af9b_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net change in unrealized foreign exchange gains (losses), tax provision (benefit) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax"/>
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<link:label id="lab_jef_CommoditySwapsOptionsAndForwardsMember_0b0bedd3-4718-4286-995a-297c052785ae_terseLabel_en-US" xlink:label="lab_jef_CommoditySwapsOptionsAndForwardsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity swaps, options and forwards </link:label>
<link:label id="lab_jef_CommoditySwapsOptionsAndForwardsMember_label_en-US" xlink:label="lab_jef_CommoditySwapsOptionsAndForwardsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity Swaps Options And Forwards [Member] </link:label>
<link:label id="lab_jef_CommoditySwapsOptionsAndForwardsMember_documentation_en-US" xlink:label="lab_jef_CommoditySwapsOptionsAndForwardsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity swaps options and forwards. </link:label>
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<link:label id="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesLongTermDebt_a69444d4-0809-498f-90d1-976b720d8650_terseLabel_en-US" xlink:label="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt recorded in acquisition </link:label>
<link:label id="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesLongTermDebt_label_en-US" xlink:label="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Liabilities, Long-Term Debt </link:label>
<link:label id="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesLongTermDebt_documentation_en-US" xlink:label="lab_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Liabilities, Long-Term Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesLongTermDebt" xlink:href="jef-20201130.xsd#jef_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilitiesLongTermDebt"/>
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<link:label id="lab_jef_ChangeInFairValueOfRedeemableNoncontrollingInterests_02385865-820d-452a-bd5d-ae07e180da47_verboseLabel_en-US" xlink:label="lab_jef_ChangeInFairValueOfRedeemableNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in fair value of redeemable noncontrolling interests </link:label>
<link:label id="lab_jef_ChangeInFairValueOfRedeemableNoncontrollingInterests_label_en-US" xlink:label="lab_jef_ChangeInFairValueOfRedeemableNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change In Fair Value Of Redeemable Noncontrolling Interests </link:label>
<link:label id="lab_jef_ChangeInFairValueOfRedeemableNoncontrollingInterests_documentation_en-US" xlink:label="lab_jef_ChangeInFairValueOfRedeemableNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change In Fair Value Of Redeemable Noncontrolling Interests </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ChangeInFairValueOfRedeemableNoncontrollingInterests" xlink:href="jef-20201130.xsd#jef_ChangeInFairValueOfRedeemableNoncontrollingInterests"/>
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<link:label id="lab_jef_FivePointOneTwoFivePercentageSeniorNotesDueTwoThousandTwentyThreeMember_9de7819c-83a4-4817-b339-07c74d001d7f_terseLabel_en-US" xlink:label="lab_jef_FivePointOneTwoFivePercentageSeniorNotesDueTwoThousandTwentyThreeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 5.125% Senior Notes, due January 20, 2023 </link:label>
<link:label id="lab_jef_FivePointOneTwoFivePercentageSeniorNotesDueTwoThousandTwentyThreeMember_label_en-US" xlink:label="lab_jef_FivePointOneTwoFivePercentageSeniorNotesDueTwoThousandTwentyThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Five Point One Two Five Percentage Senior Notes Due Two Thousand Twenty Three [Member] </link:label>
<link:label id="lab_jef_FivePointOneTwoFivePercentageSeniorNotesDueTwoThousandTwentyThreeMember_documentation_en-US" xlink:label="lab_jef_FivePointOneTwoFivePercentageSeniorNotesDueTwoThousandTwentyThreeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Five Point One Two Five Percentage Senior Notes Due Two Thousand Twenty Three [Member] </link:label>
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<link:label id="lab_us-gaap_RelatedPartyTransactionsAbstract_f33ee3fc-6717-4ff5-a01a-8d20f9b2e21b_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party Transactions [Abstract] </link:label>
<link:label id="lab_us-gaap_RelatedPartyTransactionsAbstract_label_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party Transactions [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsAbstract" xlink:to="lab_us-gaap_RelatedPartyTransactionsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PrimeMember_4a9dbde4-43be-4eea-bedf-4d49135bf41b_terseLabel_en-US" xlink:label="lab_us-gaap_PrimeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prime </link:label>
<link:label id="lab_us-gaap_PrimeMember_label_en-US" xlink:label="lab_us-gaap_PrimeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prime [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrimeMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PrimeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PrimeMember" xlink:to="lab_us-gaap_PrimeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgingRelationshipDomain_1eb81f96-e324-4d22-bfbc-616eeec7fcc5_terseLabel_en-US" xlink:label="lab_us-gaap_HedgingRelationshipDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Relationship [Domain] </link:label>
<link:label id="lab_us-gaap_HedgingRelationshipDomain_label_en-US" xlink:label="lab_us-gaap_HedgingRelationshipDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Relationship [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgingRelationshipDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HedgingRelationshipDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgingRelationshipDomain" xlink:to="lab_us-gaap_HedgingRelationshipDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable_6c10d752-8898-4103-8c1f-b4f6f3f161a2_terseLabel_en-US" xlink:label="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] </link:label>
<link:label id="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable_label_en-US" xlink:label="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable"/>
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<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock_079e9e54-3411-46e1-a688-4bff6a092efd_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Maturity </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Maturity [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_srt_NetCapital_4a59c58f-91cd-42c1-a017-eff75d186e93_terseLabel_en-US" xlink:label="lab_srt_NetCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net capital </link:label>
<link:label id="lab_srt_NetCapital_label_en-US" xlink:label="lab_srt_NetCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Broker-Dealer, Net Capital </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_NetCapital" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_NetCapital"/>
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<link:label id="lab_us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_07d8d7da-7c26-42d7-b971-44af6260ea0b_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Amount [Abstract] </link:label>
<link:label id="lab_us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Amount [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract"/>
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<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_a0871434-7438-4eba-b2a9-0bf00ce400b1_totalLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Denominator for basic earnings per share – weighted average shares (in shares) </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_8b660ba6-5772-4738-8945-189220e28ba4_verboseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of shares used in calculation - basic (shares) </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number of Shares Outstanding, Basic </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
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<link:label id="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_c19f289a-4e36-4854-9ade-9a39fc3c5cb9_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basis spread on variable rate </link:label>
<link:label id="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_c7c71d5e-0f2f-4dcb-bdd5-d0d6d0ecd5dc_verboseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basis spread on variable rate </link:label>
<link:label id="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Basis Spread on Variable Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1"/>
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<link:label id="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_3f1c3774-c93c-450d-bc1c-9f6b657a8208_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans to and investments in associated companies </link:label>
<link:label id="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_label_en-US" xlink:label="lab_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures"/>
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<link:label id="lab_srt_OwnershipAxis_14bcb2d6-fd45-4e66-a02a-9e206655cc10_terseLabel_en-US" xlink:label="lab_srt_OwnershipAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ownership [Axis] </link:label>
<link:label id="lab_srt_OwnershipAxis_label_en-US" xlink:label="lab_srt_OwnershipAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ownership [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_OwnershipAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_OwnershipAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_OwnershipAxis" xlink:to="lab_srt_OwnershipAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ProceedsFromEquityMethodInvestmentDistribution_e1c58089-fe9d-4024-9057-d89456d00e5a_terseLabel_en-US" xlink:label="lab_jef_ProceedsFromEquityMethodInvestmentDistribution" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Distributions received </link:label>
<link:label id="lab_jef_ProceedsFromEquityMethodInvestmentDistribution_label_en-US" xlink:label="lab_jef_ProceedsFromEquityMethodInvestmentDistribution" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds From Equity Method Investment Distribution </link:label>
<link:label id="lab_jef_ProceedsFromEquityMethodInvestmentDistribution_documentation_en-US" xlink:label="lab_jef_ProceedsFromEquityMethodInvestmentDistribution" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of distribution received from equity method investee for return on investment, classified as operating activities AND distribution for return of investment, classified as investing activities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_ProceedsFromEquityMethodInvestmentDistribution" xlink:href="jef-20201130.xsd#jef_ProceedsFromEquityMethodInvestmentDistribution"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ProceedsFromEquityMethodInvestmentDistribution" xlink:to="lab_jef_ProceedsFromEquityMethodInvestmentDistribution" xlink:type="arc" order="1"/>
<link:label id="lab_jef_DividendDistributionNumberOfShares_567f0393-3afb-4bc9-ad2c-41185ae8bd5d_terseLabel_en-US" xlink:label="lab_jef_DividendDistributionNumberOfShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend distribution (in shares) </link:label>
<link:label id="lab_jef_DividendDistributionNumberOfShares_label_en-US" xlink:label="lab_jef_DividendDistributionNumberOfShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend Distribution, Number Of Shares </link:label>
<link:label id="lab_jef_DividendDistributionNumberOfShares_documentation_en-US" xlink:label="lab_jef_DividendDistributionNumberOfShares" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividend Distribution, Number Of Shares </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_DividendDistributionNumberOfShares" xlink:href="jef-20201130.xsd#jef_DividendDistributionNumberOfShares"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DividendDistributionNumberOfShares" xlink:to="lab_jef_DividendDistributionNumberOfShares" xlink:type="arc" order="1"/>
<link:label id="lab_jef_IncreaseDecreaseinTradePayablesExpenseAccrualsandOtherLiabilities_4cc89d1d-4e19-45dd-83fe-1f837c08176a_terseLabel_en-US" xlink:label="lab_jef_IncreaseDecreaseinTradePayablesExpenseAccrualsandOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trade payables, expense accruals and other liabilities </link:label>
<link:label id="lab_jef_IncreaseDecreaseinTradePayablesExpenseAccrualsandOtherLiabilities_label_en-US" xlink:label="lab_jef_IncreaseDecreaseinTradePayablesExpenseAccrualsandOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Trade Payables Expense Accruals and Other Liabilities </link:label>
<link:label id="lab_jef_IncreaseDecreaseinTradePayablesExpenseAccrualsandOtherLiabilities_documentation_en-US" xlink:label="lab_jef_IncreaseDecreaseinTradePayablesExpenseAccrualsandOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Trade Payables Expense Accruals and Other Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_IncreaseDecreaseinTradePayablesExpenseAccrualsandOtherLiabilities" xlink:href="jef-20201130.xsd#jef_IncreaseDecreaseinTradePayablesExpenseAccrualsandOtherLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_IncreaseDecreaseinTradePayablesExpenseAccrualsandOtherLiabilities" xlink:to="lab_jef_IncreaseDecreaseinTradePayablesExpenseAccrualsandOtherLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_jef_IncreaseDecreaseInSecuritiesPurchasedUnderAgreementsToResell_ea407213-4d88-4811-bb07-1d0301473b78_negatedLabel_en-US" xlink:label="lab_jef_IncreaseDecreaseInSecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities purchased under agreements to resell </link:label>
<link:label id="lab_jef_IncreaseDecreaseInSecuritiesPurchasedUnderAgreementsToResell_label_en-US" xlink:label="lab_jef_IncreaseDecreaseInSecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Securities Purchased Under Agreements to Resell </link:label>
<link:label id="lab_jef_IncreaseDecreaseInSecuritiesPurchasedUnderAgreementsToResell_documentation_en-US" xlink:label="lab_jef_IncreaseDecreaseInSecuritiesPurchasedUnderAgreementsToResell" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Securities Purchased Under Agreements to Resell </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_IncreaseDecreaseInSecuritiesPurchasedUnderAgreementsToResell" xlink:href="jef-20201130.xsd#jef_IncreaseDecreaseInSecuritiesPurchasedUnderAgreementsToResell"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_IncreaseDecreaseInSecuritiesPurchasedUnderAgreementsToResell" xlink:to="lab_jef_IncreaseDecreaseInSecuritiesPurchasedUnderAgreementsToResell" xlink:type="arc" order="1"/>
<link:label id="lab_jef_NonCashROUAssetsRecordedForNewAndModifiedLeases_70bbddea-eef2-4865-b3d3-6fe09f36c7bd_terseLabel_en-US" xlink:label="lab_jef_NonCashROUAssetsRecordedForNewAndModifiedLeases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-cash - ROU assets recorded for new and modified leases </link:label>
<link:label id="lab_jef_NonCashROUAssetsRecordedForNewAndModifiedLeases_label_en-US" xlink:label="lab_jef_NonCashROUAssetsRecordedForNewAndModifiedLeases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-Cash ROU Assets Recorded For New And Modified Leases </link:label>
<link:label id="lab_jef_NonCashROUAssetsRecordedForNewAndModifiedLeases_documentation_en-US" xlink:label="lab_jef_NonCashROUAssetsRecordedForNewAndModifiedLeases" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-Cash ROU Assets Recorded For New And Modified Leases </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_NonCashROUAssetsRecordedForNewAndModifiedLeases" xlink:href="jef-20201130.xsd#jef_NonCashROUAssetsRecordedForNewAndModifiedLeases"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_NonCashROUAssetsRecordedForNewAndModifiedLeases" xlink:to="lab_jef_NonCashROUAssetsRecordedForNewAndModifiedLeases" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LossContingenciesTable_415222b5-c55e-4da0-9e81-d7a459e90bde_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingenciesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingencies [Table] </link:label>
<link:label id="lab_us-gaap_LossContingenciesTable_label_en-US" xlink:label="lab_us-gaap_LossContingenciesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingencies [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingenciesTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LossContingenciesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingenciesTable" xlink:to="lab_us-gaap_LossContingenciesTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember_a63a1a83-56b0-416a-b8d9-14a93315964e_terseLabel_en-US" xlink:label="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying Amount </link:label>
<link:label id="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember_label_en-US" xlink:label="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reported Value Measurement [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:to="lab_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PlanNameDomain_526d2044-2462-4b55-bfcd-1b6df216d7a5_terseLabel_en-US" xlink:label="lab_us-gaap_PlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan Name [Domain] </link:label>
<link:label id="lab_us-gaap_PlanNameDomain_label_en-US" xlink:label="lab_us-gaap_PlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan Name [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PlanNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PlanNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PlanNameDomain" xlink:to="lab_us-gaap_PlanNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetMeasurementInput_5f3ff858-7595-4915-a6d0-783980cbc6f7_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative asset, measurement input </link:label>
<link:label id="lab_us-gaap_DerivativeAssetMeasurementInput_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetMeasurementInput" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Measurement Input </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetMeasurementInput" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeAssetMeasurementInput"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetMeasurementInput" xlink:to="lab_us-gaap_DerivativeAssetMeasurementInput" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityWellKnownSeasonedIssuer_ec9dd38a-4045-41e8-a5f1-6d2be197c7b5_terseLabel_en-US" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Well-known Seasoned Issuer </link:label>
<link:label id="lab_dei_EntityWellKnownSeasonedIssuer_label_en-US" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Well-known Seasoned Issuer </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityWellKnownSeasonedIssuer" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityWellKnownSeasonedIssuer"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityWellKnownSeasonedIssuer" xlink:to="lab_dei_EntityWellKnownSeasonedIssuer" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerTextBlock_4ae3a05b-ec7b-4804-a103-0cad2e8ff974_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues from Contracts with Customers </link:label>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerTextBlock_label_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from Contract with Customer [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenueFromContractWithCustomerTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueFromContractWithCustomerTextBlock" xlink:to="lab_us-gaap_RevenueFromContractWithCustomerTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DividendsPayableCurrentAndNoncurrent_71ca80ed-108d-4dfe-bc2f-fdd5c1dc95a2_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends payable </link:label>
<link:label id="lab_us-gaap_DividendsPayableCurrentAndNoncurrent_label_en-US" xlink:label="lab_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends Payable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DividendsPayableCurrentAndNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:to="lab_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage_b1352358-701f-461e-ac72-bcf84a3bdd5e_verboseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity method investment, ownership percentage </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage_c060776b-a646-4405-a655-7cd3778daea7_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, ownership percentage </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Ownership Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:to="lab_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_jef_GainOnSaleOfEquityMethodInvestmentMember_05c496ef-7a89-4ba1-9903-f615a0547ac5_terseLabel_en-US" xlink:label="lab_jef_GainOnSaleOfEquityMethodInvestmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on sale of equity interest in National Beef </link:label>
<link:label id="lab_jef_GainOnSaleOfEquityMethodInvestmentMember_label_en-US" xlink:label="lab_jef_GainOnSaleOfEquityMethodInvestmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain On Sale Of Equity Method Investment [Member] </link:label>
<link:label id="lab_jef_GainOnSaleOfEquityMethodInvestmentMember_documentation_en-US" xlink:label="lab_jef_GainOnSaleOfEquityMethodInvestmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain On Sale Of Equity Method Investment [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_GainOnSaleOfEquityMethodInvestmentMember" xlink:href="jef-20201130.xsd#jef_GainOnSaleOfEquityMethodInvestmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_GainOnSaleOfEquityMethodInvestmentMember" xlink:to="lab_jef_GainOnSaleOfEquityMethodInvestmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsForeign_aaf61468-3663-452f-b46f-586f8cc1bf92_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsForeign" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax assets related to net operating losses </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsForeign_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsForeign" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Operating Loss Carryforwards, Foreign </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsForeign" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsForeign"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsForeign" xlink:to="lab_us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsForeign" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax_53297648-4adb-46a4-b9fe-71aa83e9fc77_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization of net loss </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss_692843f4-be14-416b-9e5d-24d7b5e9adab_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Actuarial (gains) losses </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanActuarialGainLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:to="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtFairValue_11c36d96-78e1-4d6d-996f-6cdcb6ab1a7f_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt </link:label>
<link:label id="lab_us-gaap_LongTermDebtFairValue_9d6c8e66-e6d0-456a-90e9-80ae0d7e6eba_verboseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtFairValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt, fair value </link:label>
<link:label id="lab_us-gaap_LongTermDebtFairValue_label_en-US" xlink:label="lab_us-gaap_LongTermDebtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtFairValue" xlink:to="lab_us-gaap_LongTermDebtFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock_ebabce8f-b2e7-484c-9cb7-16824652df34_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Equivalents </link:label>
<link:label id="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Cash Equivalents, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3_85d58447-c745-48bc-8534-be8e48ede6fb_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers of assets from Level 3 to Level 2 </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3" xlink:to="lab_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EquityMethodInvestmentVotingPercentage_6c7c4078-130f-4de5-965b-712d0166c4c4_terseLabel_en-US" xlink:label="lab_jef_EquityMethodInvestmentVotingPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of total voting securities </link:label>
<link:label id="lab_jef_EquityMethodInvestmentVotingPercentage_label_en-US" xlink:label="lab_jef_EquityMethodInvestmentVotingPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Voting Percentage </link:label>
<link:label id="lab_jef_EquityMethodInvestmentVotingPercentage_documentation_en-US" xlink:label="lab_jef_EquityMethodInvestmentVotingPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The voting percentage of common stock or equity participation in the investee accounted for under the equity method of accounting. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EquityMethodInvestmentVotingPercentage" xlink:href="jef-20201130.xsd#jef_EquityMethodInvestmentVotingPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EquityMethodInvestmentVotingPercentage" xlink:to="lab_jef_EquityMethodInvestmentVotingPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InventoryPolicyTextBlock_9f9e897e-fc88-451a-9d75-f56b28fa874e_terseLabel_en-US" xlink:label="lab_us-gaap_InventoryPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventories and Cost of Sales </link:label>
<link:label id="lab_us-gaap_InventoryPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_InventoryPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventory, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InventoryPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InventoryPolicyTextBlock" xlink:to="lab_us-gaap_InventoryPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_3eaa9faa-1935-42a0-9fa1-79a1b29c956c_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income tax provision (benefit) </link:label>
<link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_6c7eb666-bcd3-4276-a08d-3d6b39e7cf17_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total income tax provision (benefit) </link:label>
<link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_9a42a184-d5fe-4985-a2e2-26e688c4f27f_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income tax benefit </link:label>
<link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears_46877af6-e580-4cbb-b86e-e90907d650fa_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>
<link:label id="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leases, Future Minimum Payments, Due in Five Years </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:to="lab_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_be777968-e782-4bcc-ae8e-b2b6f04aba6a_periodStartLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash, cash equivalents and restricted cash at beginning of period </link:label>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_31cb1e42-86f1-4f7a-81e4-7d4779dc62ab_periodEndLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash, cash equivalents and restricted cash at end of period </link:label>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_bcd6b1d5-5ed8-4ecf-b9ab-f733925e8eba_totalLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total cash, cash equivalents and restricted cash </link:label>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_label_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MinorityInterestChangeInRedemptionValue_9931e8b5-9403-44e0-97d8-1d929037ca61_terseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestChangeInRedemptionValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative increase in fair value </link:label>
<link:label id="lab_us-gaap_MinorityInterestChangeInRedemptionValue_label_en-US" xlink:label="lab_us-gaap_MinorityInterestChangeInRedemptionValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncontrolling Interest, Change in Redemption Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterestChangeInRedemptionValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MinorityInterestChangeInRedemptionValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterestChangeInRedemptionValue" xlink:to="lab_us-gaap_MinorityInterestChangeInRedemptionValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_e95899cf-fc1d-4a4c-a257-80372b2a6c7b_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Equipment and Leasehold Improvements </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_a816bc15-083a-41a4-847d-4a3175068e64_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Annual Mandatory Redemptions of Long-term Debt </link:label>
<link:label id="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Maturities of Long-term Debt [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal_92d2ba14-74da-4345-9928-bc21cc65a65e_verboseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pre-tax gain recognized as result of sale </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal_ee631fba-42fd-4f75-a721-15f88cd812f0_terseLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on sale of associated companies </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal_9123c1be-19e1-436c-bd93-cc4b5191fc00_netLabel_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on sale of National Beef </link:label>
<link:label id="lab_us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal_label_en-US" xlink:label="lab_us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Realized Gain (Loss) on Disposal </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal"/>
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<link:label id="lab_jef_InvestmentBankingUnderwritingMember_05fee977-6535-43ab-9cc3-1c10e4523e18_terseLabel_en-US" xlink:label="lab_jef_InvestmentBankingUnderwritingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking - Underwriting </link:label>
<link:label id="lab_jef_InvestmentBankingUnderwritingMember_label_en-US" xlink:label="lab_jef_InvestmentBankingUnderwritingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking, Underwriting [Member] </link:label>
<link:label id="lab_jef_InvestmentBankingUnderwritingMember_documentation_en-US" xlink:label="lab_jef_InvestmentBankingUnderwritingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Banking, Underwriting [Member] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_InvestmentBankingUnderwritingMember" xlink:to="lab_jef_InvestmentBankingUnderwritingMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_TitleOfIndividualWithRelationshipToEntityDomain_70657d6a-cf1d-407f-8509-4a2ef0e3b391_terseLabel_en-US" xlink:label="lab_srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Relationship to Entity [Domain] </link:label>
<link:label id="lab_srt_TitleOfIndividualWithRelationshipToEntityDomain_label_en-US" xlink:label="lab_srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Title of Individual [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualWithRelationshipToEntityDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="lab_srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain_b16c2753-8599-4f13-8af5-1f841af1622c_terseLabel_en-US" xlink:label="lab_us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Indefinite-lived Intangible Assets, Major Class Name [Domain] </link:label>
<link:label id="lab_us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain_label_en-US" xlink:label="lab_us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Indefinite-lived Intangible Assets, Major Class Name [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:to="lab_us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ContractualObligationDueInSecondYear_7c4ad615-93eb-4a8f-a4cc-dae714c61358_terseLabel_en-US" xlink:label="lab_us-gaap_ContractualObligationDueInSecondYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>
<link:label id="lab_us-gaap_ContractualObligationDueInSecondYear_label_en-US" xlink:label="lab_us-gaap_ContractualObligationDueInSecondYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contractual Obligation, to be Paid, Year Two </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractualObligationDueInSecondYear" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ContractualObligationDueInSecondYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContractualObligationDueInSecondYear" xlink:to="lab_us-gaap_ContractualObligationDueInSecondYear" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SharesBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedWeightedAverageGrantDateFairValue_c5b3e938-8487-4419-a0d3-6fa5af35a51d_periodStartLabel_en-US" xlink:label="lab_jef_SharesBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance, beginning of period (USD per share) </link:label>
<link:label id="lab_jef_SharesBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedWeightedAverageGrantDateFairValue_5656b51c-97a9-42a8-b673-0c8ce1936239_periodEndLabel_en-US" xlink:label="lab_jef_SharesBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance, end of period, weighted average grant date fair value (USD per share) </link:label>
<link:label id="lab_jef_SharesBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_jef_SharesBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares-Based Compensation Arrangement by Share-Based Payment Award Equity Instruments Other than Options, Vested Weighted-Average Grant Date Fair Value </link:label>
<link:label id="lab_jef_SharesBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedWeightedAverageGrantDateFairValue_documentation_en-US" xlink:label="lab_jef_SharesBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Shares-Based Compensation Arrangement by Share-Based Payment Award Equity Instruments Other than Options, Vested Weighted-Average Grant Date Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SharesBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedWeightedAverageGrantDateFairValue" xlink:href="jef-20201130.xsd#jef_SharesBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedWeightedAverageGrantDateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SharesBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedWeightedAverageGrantDateFairValue" xlink:to="lab_jef_SharesBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SecuritiesBorrowedTypeDomain_759f1328-5091-4c2b-849d-df07c86e3960_terseLabel_en-US" xlink:label="lab_jef_SecuritiesBorrowedTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed Type [Domain] </link:label>
<link:label id="lab_jef_SecuritiesBorrowedTypeDomain_label_en-US" xlink:label="lab_jef_SecuritiesBorrowedTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed Type [Domain] </link:label>
<link:label id="lab_jef_SecuritiesBorrowedTypeDomain_documentation_en-US" xlink:label="lab_jef_SecuritiesBorrowedTypeDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Domain] for Securities Borrowed Type [Axis] </link:label>
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<link:label id="lab_dei_LocalPhoneNumber_d977c236-7c9c-423d-a2f8-b8570a449dc3_terseLabel_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Local Phone Number </link:label>
<link:label id="lab_dei_LocalPhoneNumber_label_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Local Phone Number </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_LocalPhoneNumber" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LocalPhoneNumber"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LocalPhoneNumber" xlink:to="lab_dei_LocalPhoneNumber" xlink:type="arc" order="1"/>
<link:label id="lab_jef_MezzanineEquityDisclosureTextBlock_166f2d7f-7c1f-4deb-af94-d35842993dd6_terseLabel_en-US" xlink:label="lab_jef_MezzanineEquityDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mezzanine Equity </link:label>
<link:label id="lab_jef_MezzanineEquityDisclosureTextBlock_label_en-US" xlink:label="lab_jef_MezzanineEquityDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mezzanine Equity Disclosure [Text Block] </link:label>
<link:label id="lab_jef_MezzanineEquityDisclosureTextBlock_documentation_en-US" xlink:label="lab_jef_MezzanineEquityDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mezzanine Equity Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_MezzanineEquityDisclosureTextBlock" xlink:href="jef-20201130.xsd#jef_MezzanineEquityDisclosureTextBlock"/>
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<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_7761d8c5-41b3-48d6-96c0-bdcc361150ee_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments and Hedging Activities Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments and Hedging Activities Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:to="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_srt_AmericasMember_a2afbd06-7b0e-4d7c-9bf3-5f44514ca619_terseLabel_en-US" xlink:label="lab_srt_AmericasMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Americas </link:label>
<link:label id="lab_srt_AmericasMember_label_en-US" xlink:label="lab_srt_AmericasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Americas [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_AmericasMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_AmericasMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_AmericasMember" xlink:to="lab_srt_AmericasMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionDomain_6ca19912-fd47-45ca-966e-fe1676aa99bd_terseLabel_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption [Domain] </link:label>
<link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionDomain_label_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cumulative Effect, Period of Adoption [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CumulativeEffectPeriodOfAdoptionDomain"/>
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<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock_99d73917-dd49-4337-b7b5-453d407ff174_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Amortization Expense </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-lived Intangible Assets Amortization Expense [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditIndexProductMember_38a6656a-e54c-43e6-bb26-cdda786d4f18_terseLabel_en-US" xlink:label="lab_us-gaap_CreditIndexProductMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Index credit default swaps </link:label>
<link:label id="lab_us-gaap_CreditIndexProductMember_label_en-US" xlink:label="lab_us-gaap_CreditIndexProductMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Index Product [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditIndexProductMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditIndexProductMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditIndexProductMember" xlink:to="lab_us-gaap_CreditIndexProductMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsToAcquireReceivables_76493819-7203-4aff-8cc9-8ff5c7a48070_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireReceivables" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advances on notes, loans and other receivables </link:label>
<link:label id="lab_us-gaap_PaymentsToAcquireReceivables_046532ba-37a6-4328-9593-43c8b8a4df95_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireReceivables" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advances on loans receivables </link:label>
<link:label id="lab_us-gaap_PaymentsToAcquireReceivables_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments to Acquire Receivables </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireReceivables" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsToAcquireReceivables"/>
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<link:label id="lab_jef_InvestmentsMeasuredAtFairValueBasedOnNetAssetValueTableTextBlock_dff2637a-54f8-4742-a647-bb9d1c1af0dc_terseLabel_en-US" xlink:label="lab_jef_InvestmentsMeasuredAtFairValueBasedOnNetAssetValueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments Measured At Fair Value Based On Net Asset Value </link:label>
<link:label id="lab_jef_InvestmentsMeasuredAtFairValueBasedOnNetAssetValueTableTextBlock_label_en-US" xlink:label="lab_jef_InvestmentsMeasuredAtFairValueBasedOnNetAssetValueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments Measured At Fair Value Based On Net Asset Value [Table Text Block] </link:label>
<link:label id="lab_jef_InvestmentsMeasuredAtFairValueBasedOnNetAssetValueTableTextBlock_documentation_en-US" xlink:label="lab_jef_InvestmentsMeasuredAtFairValueBasedOnNetAssetValueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments Measured At Fair Value Based On Net Asset Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_InvestmentsMeasuredAtFairValueBasedOnNetAssetValueTableTextBlock" xlink:href="jef-20201130.xsd#jef_InvestmentsMeasuredAtFairValueBasedOnNetAssetValueTableTextBlock"/>
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<link:label id="lab_jef_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets_793986e7-65ad-4a09-8fc0-c4d97716706a_negatedTerseLabel_en-US" xlink:label="lab_jef_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease right-of-use asset </link:label>
<link:label id="lab_jef_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets_label_en-US" xlink:label="lab_jef_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Operating Lease Right-of-Use Assets </link:label>
<link:label id="lab_jef_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets_documentation_en-US" xlink:label="lab_jef_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Operating Lease Right-of-Use Assets </link:label>
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<link:label id="lab_us-gaap_DerivativeLineItems_40e6de41-8ad4-47c1-82df-650aa2516e63_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Line Items] </link:label>
<link:label id="lab_us-gaap_DerivativeLineItems_label_en-US" xlink:label="lab_us-gaap_DerivativeLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Line Items] </link:label>
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<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_e76aa2fd-0f97-4f43-8db5-5b8d5ff83245_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] </link:label>
<link:label id="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_label_en-US" xlink:label="lab_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] </link:label>
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<link:label id="lab_us-gaap_DebtInstrumentCarryingAmount_3d94b03f-0ccb-4bfb-af57-9b63b122c696_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt, gross </link:label>
<link:label id="lab_us-gaap_DebtInstrumentCarryingAmount_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Gross </link:label>
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<link:label id="lab_us-gaap_SecuritiesBorrowedOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection_120cd822-089e-4112-8990-e07ee13a2dfd_totalLabel_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net amount </link:label>
<link:label id="lab_us-gaap_SecuritiesBorrowedOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection_label_en-US" xlink:label="lab_us-gaap_SecuritiesBorrowedOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesBorrowedOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesBorrowedOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection"/>
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<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions_a7392241-f046-42bb-a475-c6228a28e962_negatedLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Decreases based on tax positions related to prior periods </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions </link:label>
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<link:label id="lab_us-gaap_ContractWithCustomerLiability_e68fbc67-068b-440c-8d8c-404d890725e0_terseLabel_en-US" xlink:label="lab_us-gaap_ContractWithCustomerLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred revenue </link:label>
<link:label id="lab_us-gaap_ContractWithCustomerLiability_label_en-US" xlink:label="lab_us-gaap_ContractWithCustomerLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contract with Customer, Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractWithCustomerLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ContractWithCustomerLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContractWithCustomerLiability" xlink:to="lab_us-gaap_ContractWithCustomerLiability" xlink:type="arc" order="1"/>
<link:label id="lab_jef_SecuritiesBorrowedTypeAxis_57157cbd-5b09-400c-aa28-5e54c92e9d0b_terseLabel_en-US" xlink:label="lab_jef_SecuritiesBorrowedTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed Type [Axis] </link:label>
<link:label id="lab_jef_SecuritiesBorrowedTypeAxis_label_en-US" xlink:label="lab_jef_SecuritiesBorrowedTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed Type [Axis] </link:label>
<link:label id="lab_jef_SecuritiesBorrowedTypeAxis_documentation_en-US" xlink:label="lab_jef_SecuritiesBorrowedTypeAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Borrowed Type [Axis] </link:label>
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<link:label id="lab_us-gaap_RelatedPartyTransactionDomain_df39db39-f6ee-4453-946d-16693a3b810e_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party Transaction [Domain] </link:label>
<link:label id="lab_us-gaap_RelatedPartyTransactionDomain_label_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party Transaction [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RelatedPartyTransactionDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionDomain" xlink:to="lab_us-gaap_RelatedPartyTransactionDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_add95406-f88a-4aed-b4fc-2d0210982763_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exercise of options to purchase common shares </link:label>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Issued During Period, Value, Stock Options Exercised </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ShareBasedCompensationArrangementByDirectorsStockCompensationPlanValueOfSharesForEachDirector_86ccedb0-7422-4939-9e41-fc8f9a918b88_terseLabel_en-US" xlink:label="lab_jef_ShareBasedCompensationArrangementByDirectorsStockCompensationPlanValueOfSharesForEachDirector" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Value of shares to be granted to each non employee director </link:label>
<link:label id="lab_jef_ShareBasedCompensationArrangementByDirectorsStockCompensationPlanValueOfSharesForEachDirector_label_en-US" xlink:label="lab_jef_ShareBasedCompensationArrangementByDirectorsStockCompensationPlanValueOfSharesForEachDirector" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share Based Compensation Arrangement By Directors Stock Compensation Plan Value Of Shares For Each Director </link:label>
<link:label id="lab_jef_ShareBasedCompensationArrangementByDirectorsStockCompensationPlanValueOfSharesForEachDirector_documentation_en-US" xlink:label="lab_jef_ShareBasedCompensationArrangementByDirectorsStockCompensationPlanValueOfSharesForEachDirector" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Value of annual grant to each non-employee director of restricted stock or deferred shares. </link:label>
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<link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_0dda5f13-95df-40dd-8240-3e5588648b29_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Finite-Lived Intangible Assets [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Finite-Lived Intangible Assets [Table] </link:label>
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<link:label id="lab_jef_NonCashInvestingActivityMembershipInterestPurchaseAgreementProportionateShare_9f719cbf-32dc-4e37-95cb-7a13e548551a_terseLabel_en-US" xlink:label="lab_jef_NonCashInvestingActivityMembershipInterestPurchaseAgreementProportionateShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Membership interest purchase agreement, proportionate share </link:label>
<link:label id="lab_jef_NonCashInvestingActivityMembershipInterestPurchaseAgreementProportionateShare_label_en-US" xlink:label="lab_jef_NonCashInvestingActivityMembershipInterestPurchaseAgreementProportionateShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-cash Investing Activity Membership Interest Purchase Agreement, Proportionate Share </link:label>
<link:label id="lab_jef_NonCashInvestingActivityMembershipInterestPurchaseAgreementProportionateShare_documentation_en-US" xlink:label="lab_jef_NonCashInvestingActivityMembershipInterestPurchaseAgreementProportionateShare" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-cash Investing Activity Membership Interest Purchase Agreement, Proportionate Share </link:label>
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<link:label id="lab_jef_EffectiveIncomeTaxRateReconciliationChangeinEnactedTaxRateRemeasurementOfDeferredTaxAssetAmount_03d5b395-e90b-42a2-bbc4-124561e115c1_verboseLabel_en-US" xlink:label="lab_jef_EffectiveIncomeTaxRateReconciliationChangeinEnactedTaxRateRemeasurementOfDeferredTaxAssetAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred tax asset remeasurement related to the Tax Act </link:label>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax_25b06fbb-0449-4c83-b22a-c02cb0e7b344_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: reclassification adjustment for cash flow hedges (gains) losses included in net income, net of income tax provision (benefit) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax </link:label>
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<link:label id="lab_jef_ScheduleOfOtherIncomeTableTextBlock_eb164b2c-e5eb-4977-acd6-d3cd76616e27_terseLabel_en-US" xlink:label="lab_jef_ScheduleOfOtherIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Other Income </link:label>
<link:label id="lab_jef_ScheduleOfOtherIncomeTableTextBlock_label_en-US" xlink:label="lab_jef_ScheduleOfOtherIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Other Income [Table Text Block] </link:label>
<link:label id="lab_jef_ScheduleOfOtherIncomeTableTextBlock_documentation_en-US" xlink:label="lab_jef_ScheduleOfOtherIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Other Income [Table Text Block] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_ScheduleOfOtherIncomeTableTextBlock" xlink:to="lab_jef_ScheduleOfOtherIncomeTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_ef81ae50-902a-4aa9-8559-8744a16131b5_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Committed amount </link:label>
<link:label id="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_ac736eb7-5ee5-48ed-beba-b1568cfc2886_verboseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit facility maximum amount </link:label>
<link:label id="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Facility, Maximum Borrowing Capacity </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract_687976c0-9b0f-4e97-b005-790e1a915fc5_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net periodic pension benefit cost: </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] </link:label>
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<link:label id="lab_us-gaap_AwardTypeAxis_7f8954f4-d4b3-4859-9777-47bd827aab22_terseLabel_en-US" xlink:label="lab_us-gaap_AwardTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award Type [Axis] </link:label>
<link:label id="lab_us-gaap_AwardTypeAxis_label_en-US" xlink:label="lab_us-gaap_AwardTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AwardTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AwardTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AwardTypeAxis" xlink:to="lab_us-gaap_AwardTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OffsettingSecuritiesBorrowedAbstract_758121bb-d0fb-435f-be58-af19c6e6198e_terseLabel_en-US" xlink:label="lab_us-gaap_OffsettingSecuritiesBorrowedAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities borrowing arrangements, Assets </link:label>
<link:label id="lab_us-gaap_OffsettingSecuritiesBorrowedAbstract_label_en-US" xlink:label="lab_us-gaap_OffsettingSecuritiesBorrowedAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Securities Borrowed [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffsettingSecuritiesBorrowedAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OffsettingSecuritiesBorrowedAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffsettingSecuritiesBorrowedAbstract" xlink:to="lab_us-gaap_OffsettingSecuritiesBorrowedAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_372c84e3-5a99-49a3-b0a2-87d59564434d_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted- Average Grant Date Fair Value </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate_28de2706-8c82-41f7-aa13-d8b3f990cf15_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discount rate </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:to="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RestrictedCashOtherAssets_d33f9dd5-9692-4637-897f-7575a8ab8ea0_terseLabel_en-US" xlink:label="lab_jef_RestrictedCashOtherAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets </link:label>
<link:label id="lab_jef_RestrictedCashOtherAssets_label_en-US" xlink:label="lab_jef_RestrictedCashOtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Cash, Other Assets </link:label>
<link:label id="lab_jef_RestrictedCashOtherAssets_documentation_en-US" xlink:label="lab_jef_RestrictedCashOtherAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Cash, Other Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RestrictedCashOtherAssets" xlink:href="jef-20201130.xsd#jef_RestrictedCashOtherAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_RestrictedCashOtherAssets" xlink:to="lab_jef_RestrictedCashOtherAssets" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtherOperationsMember_ac1219f7-11cf-40b7-8817-2373eb0ba66b_terseLabel_en-US" xlink:label="lab_jef_OtherOperationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other operations </link:label>
<link:label id="lab_jef_OtherOperationsMember_label_en-US" xlink:label="lab_jef_OtherOperationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Operations [Member] </link:label>
<link:label id="lab_jef_OtherOperationsMember_documentation_en-US" xlink:label="lab_jef_OtherOperationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Operations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtherOperationsMember" xlink:href="jef-20201130.xsd#jef_OtherOperationsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtherOperationsMember" xlink:to="lab_jef_OtherOperationsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommercialPaper_c8d452f0-e4a5-4172-96ef-8e5264b2fd70_verboseLabel_en-US" xlink:label="lab_us-gaap_CommercialPaper" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial paper outstanding </link:label>
<link:label id="lab_us-gaap_CommercialPaper_598c93dd-49ab-44e7-b4e1-f6c69d96bf22_terseLabel_en-US" xlink:label="lab_us-gaap_CommercialPaper" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Aggregate amount of commercial paper outstanding </link:label>
<link:label id="lab_us-gaap_CommercialPaper_label_en-US" xlink:label="lab_us-gaap_CommercialPaper" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Paper </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommercialPaper" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommercialPaper"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommercialPaper" xlink:to="lab_us-gaap_CommercialPaper" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_b8adf243-c882-459a-be8d-e6601d59f216_terseLabel_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Financing Receivable, Type [Axis] </link:label>
<link:label id="lab_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis_label_en-US" xlink:label="lab_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Class of Financing Receivable [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" xlink:to="lab_us-gaap_FinancingReceivableRecordedInvestmentByClassOfFinancingReceivableAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_FairValueOptionCreditRiskGainsLossesOnLoans_87830a74-35e9-4c49-ae65-b2c7dae52367_terseLabel_en-US" xlink:label="lab_jef_FairValueOptionCreditRiskGainsLossesOnLoans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans </link:label>
<link:label id="lab_jef_FairValueOptionCreditRiskGainsLossesOnLoans_label_en-US" xlink:label="lab_jef_FairValueOptionCreditRiskGainsLossesOnLoans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Credit Risk, Gains (Losses) on Loans </link:label>
<link:label id="lab_jef_FairValueOptionCreditRiskGainsLossesOnLoans_documentation_en-US" xlink:label="lab_jef_FairValueOptionCreditRiskGainsLossesOnLoans" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Option, Credit Risk, Gains (Losses) on Loans </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_FairValueOptionCreditRiskGainsLossesOnLoans" xlink:to="lab_jef_FairValueOptionCreditRiskGainsLossesOnLoans" xlink:type="arc" order="1"/>
<link:label id="lab_jef_ValuationTechniqueDiscountedCashFlowsAndScenarioAnalysisMember_f79d37b4-5e8a-419b-94be-ffdbeff372dd_terseLabel_en-US" xlink:label="lab_jef_ValuationTechniqueDiscountedCashFlowsAndScenarioAnalysisMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discounted cash flows and scenario analysis </link:label>
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<link:label id="lab_jef_ValuationTechniqueDiscountedCashFlowsAndScenarioAnalysisMember_documentation_en-US" xlink:label="lab_jef_ValuationTechniqueDiscountedCashFlowsAndScenarioAnalysisMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Valuation Technique, Discounted Cash Flows and Scenario Analysis </link:label>
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<link:label id="lab_jef_EquityMethodInvestmentRelatedToNoncontrollingInterest_0acfca0e-e74b-49ee-9ec7-5ac8f5c21b71_terseLabel_en-US" xlink:label="lab_jef_EquityMethodInvestmentRelatedToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loans to and investments in associated companies, related to noncontrolling interest </link:label>
<link:label id="lab_jef_EquityMethodInvestmentRelatedToNoncontrollingInterest_label_en-US" xlink:label="lab_jef_EquityMethodInvestmentRelatedToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Related To Noncontrolling Interest </link:label>
<link:label id="lab_jef_EquityMethodInvestmentRelatedToNoncontrollingInterest_documentation_en-US" xlink:label="lab_jef_EquityMethodInvestmentRelatedToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Method Investment, Related To Noncontrolling Interest </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_EquityMethodInvestmentRelatedToNoncontrollingInterest" xlink:to="lab_jef_EquityMethodInvestmentRelatedToNoncontrollingInterest" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability_3e31ca76-bf8c-4e21-b007-346bfb231a84_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Netting in Consolidated Statements of Financial Condition </link:label>
<link:label id="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability_label_en-US" xlink:label="lab_us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Securities Purchased under Agreements to Resell, Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SecuritiesPurchasedUnderAgreementsToResellLiability"/>
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<link:label id="lab_us-gaap_RetainedEarningsMember_1af87fbc-17ad-4a96-8858-cb7958ad23c2_terseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained Earnings </link:label>
<link:label id="lab_us-gaap_RetainedEarningsMember_label_en-US" xlink:label="lab_us-gaap_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained Earnings [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetainedEarningsMember"/>
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<link:label id="lab_us-gaap_FairValueByMeasurementBasisAxis_75ea6601-842f-4829-82db-c5f959cb36a7_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementBasisAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Basis [Axis] </link:label>
<link:label id="lab_us-gaap_FairValueByMeasurementBasisAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByMeasurementBasisAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Basis [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByMeasurementBasisAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueByMeasurementBasisAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByMeasurementBasisAxis" xlink:to="lab_us-gaap_FairValueByMeasurementBasisAxis" xlink:type="arc" order="1"/>
<link:label id="lab_jef_RelatedPartyTransactionNumberOfCommonStockExchangedWithRelatedParty_656b9088-fb76-4cdf-a5b6-e8c091639913_terseLabel_en-US" xlink:label="lab_jef_RelatedPartyTransactionNumberOfCommonStockExchangedWithRelatedParty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of common stock exchanged with related party (in shares) </link:label>
<link:label id="lab_jef_RelatedPartyTransactionNumberOfCommonStockExchangedWithRelatedParty_label_en-US" xlink:label="lab_jef_RelatedPartyTransactionNumberOfCommonStockExchangedWithRelatedParty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party Transaction, Number Of Common Stock Exchanged With Related Party </link:label>
<link:label id="lab_jef_RelatedPartyTransactionNumberOfCommonStockExchangedWithRelatedParty_documentation_en-US" xlink:label="lab_jef_RelatedPartyTransactionNumberOfCommonStockExchangedWithRelatedParty" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Related Party Transaction, Number Of Common Stock Exchanged With Related Party </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_RelatedPartyTransactionNumberOfCommonStockExchangedWithRelatedParty" xlink:href="jef-20201130.xsd#jef_RelatedPartyTransactionNumberOfCommonStockExchangedWithRelatedParty"/>
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<link:label id="lab_us-gaap_ShortTermDebtTypeDomain_0eed29ac-c158-4ac6-ba5e-6896cfd35759_terseLabel_en-US" xlink:label="lab_us-gaap_ShortTermDebtTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Debt, Type [Domain] </link:label>
<link:label id="lab_us-gaap_ShortTermDebtTypeDomain_label_en-US" xlink:label="lab_us-gaap_ShortTermDebtTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Debt, Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortTermDebtTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShortTermDebtTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortTermDebtTypeDomain" xlink:to="lab_us-gaap_ShortTermDebtTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock_881e742f-8482-4a80-911c-dec4c809a0e4_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Net Benefit Costs </link:label>
<link:label id="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Net Benefit Costs [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfNetBenefitCostsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsToAcquireInvestments_dbc39ae3-0998-4e68-8945-766e1069fd77_terseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments to acquire investments </link:label>
<link:label id="lab_us-gaap_PaymentsToAcquireInvestments_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments to Acquire Investments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsToAcquireInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireInvestments" xlink:to="lab_us-gaap_PaymentsToAcquireInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SignificantAccountingPoliciesTextBlock_5f61bbc5-575c-4a0c-b1ff-64ff22a32f14_verboseLabel_en-US" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Significant Accounting Policies </link:label>
<link:label id="lab_us-gaap_SignificantAccountingPoliciesTextBlock_label_en-US" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Significant Accounting Policies [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_f52f49fc-9a2f-43ed-8b3f-fa5cd328bd22_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash provided by (used for) investing activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Investing Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
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<link:label id="lab_us-gaap_ShareBasedCompensationAbstract_bc855667-c8f8-4bb4-a82f-19d9098d0c64_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation [Abstract] </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationAbstract_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Noncash Expense [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationAbstract" xlink:to="lab_us-gaap_ShareBasedCompensationAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_deda0bdb-f4d4-4c56-b40c-5bd47071951b_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Award [Domain] </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfOneToFiveYears_c7cf8c68-92c3-448c-b215-f1748455b3b9_terseLabel_en-US" xlink:label="lab_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfOneToFiveYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 1-5 Years </link:label>
<link:label id="lab_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfOneToFiveYears_label_en-US" xlink:label="lab_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfOneToFiveYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Otc Derivative Liabilities Having Maturity Period Of One To Five Years </link:label>
<link:label id="lab_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfOneToFiveYears_documentation_en-US" xlink:label="lab_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfOneToFiveYears" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OTC derivative liabilities having maturity period of 1 to 5 years. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfOneToFiveYears" xlink:href="jef-20201130.xsd#jef_OtcDerivativeLiabilitiesHavingMaturityPeriodOfOneToFiveYears"/>
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<link:label id="lab_jef_BankOfNewYorkMellonCreditFacilityMember_0d0191dd-cc71-49a1-b06d-0d130552d79b_terseLabel_en-US" xlink:label="lab_jef_BankOfNewYorkMellonCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of New York Mellon credit facility </link:label>
<link:label id="lab_jef_BankOfNewYorkMellonCreditFacilityMember_label_en-US" xlink:label="lab_jef_BankOfNewYorkMellonCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of New York Mellon Credit Facility [Member] </link:label>
<link:label id="lab_jef_BankOfNewYorkMellonCreditFacilityMember_documentation_en-US" xlink:label="lab_jef_BankOfNewYorkMellonCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bank of New York Mellon Credit Facility </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_BankOfNewYorkMellonCreditFacilityMember" xlink:href="jef-20201130.xsd#jef_BankOfNewYorkMellonCreditFacilityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_BankOfNewYorkMellonCreditFacilityMember" xlink:to="lab_jef_BankOfNewYorkMellonCreditFacilityMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_CollateralizedMortgageBackedSecuritiesandAssetbackedSecuritiesMember_3d071aa7-3a69-4be1-9fc2-3aa07ae98c10_terseLabel_en-US" xlink:label="lab_jef_CollateralizedMortgageBackedSecuritiesandAssetbackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage-backed and asset-backed securities </link:label>
<link:label id="lab_jef_CollateralizedMortgageBackedSecuritiesandAssetbackedSecuritiesMember_label_en-US" xlink:label="lab_jef_CollateralizedMortgageBackedSecuritiesandAssetbackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Mortgage Backed Securities and Asset-backed Securities [Member] </link:label>
<link:label id="lab_jef_CollateralizedMortgageBackedSecuritiesandAssetbackedSecuritiesMember_documentation_en-US" xlink:label="lab_jef_CollateralizedMortgageBackedSecuritiesandAssetbackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Mortgage Backed Securities and Asset-backed Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_CollateralizedMortgageBackedSecuritiesandAssetbackedSecuritiesMember" xlink:href="jef-20201130.xsd#jef_CollateralizedMortgageBackedSecuritiesandAssetbackedSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_CollateralizedMortgageBackedSecuritiesandAssetbackedSecuritiesMember" xlink:to="lab_jef_CollateralizedMortgageBackedSecuritiesandAssetbackedSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CorporateDebtSecuritiesMember_e7f4e473-872c-4ab1-8b99-e8510f63d475_terseLabel_en-US" xlink:label="lab_us-gaap_CorporateDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate debt securities </link:label>
<link:label id="lab_us-gaap_CorporateDebtSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_CorporateDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Debt Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CorporateDebtSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CorporateDebtSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CorporateDebtSecuritiesMember" xlink:to="lab_us-gaap_CorporateDebtSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue_211c520e-dc1a-45b6-812b-6bea67008bee_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative instrument liabilities with credit-risk-related contingent features </link:label>
<link:label id="lab_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue_label_en-US" xlink:label="lab_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Net Liability Position, Aggregate Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeNetLiabilityPositionAggregateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue" xlink:to="lab_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract_482f0ddd-0933-4bae-9c01-14ff38f10f8e_terseLabel_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operations and Disposal Groups [Abstract] </link:label>
<link:label id="lab_us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract_label_en-US" xlink:label="lab_us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discontinued Operations and Disposal Groups [Abstract] </link:label>
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<link:label id="lab_jef_ProceedsFromSaleOfSubsidiaryNetOfExpensesAndCashOfOperationsSold_4ad8409e-ee92-4aa7-87e3-7e3635e6d4d4_terseLabel_en-US" xlink:label="lab_jef_ProceedsFromSaleOfSubsidiaryNetOfExpensesAndCashOfOperationsSold" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from sale of subsidiaries, net of expenses and cash of operations sold </link:label>
<link:label id="lab_jef_ProceedsFromSaleOfSubsidiaryNetOfExpensesAndCashOfOperationsSold_label_en-US" xlink:label="lab_jef_ProceedsFromSaleOfSubsidiaryNetOfExpensesAndCashOfOperationsSold" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds From Sale Of Subsidiary, Net Of Expenses And Cash Of Operations Sold </link:label>
<link:label id="lab_jef_ProceedsFromSaleOfSubsidiaryNetOfExpensesAndCashOfOperationsSold_documentation_en-US" xlink:label="lab_jef_ProceedsFromSaleOfSubsidiaryNetOfExpensesAndCashOfOperationsSold" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds From Sale Of Subsidiary, Net Of Expenses And Cash Of Operations Sold </link:label>
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<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax_aa28ccdd-15bd-47ea-8ca5-f51f4340aa21_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: reclassification adjustment for instrument specific credit risk (gains) losses included in net income, net of income tax provision (benefit) of $146, $(144) and $311 </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax_a886aa15-275f-4b6e-aa28-a087d2193307_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in instrument specific credit risk </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Reclassification Adjustment from AOCI for Derecognition, after Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionReclassificationAdjustmentFromAociForDerecognitionAfterTax"/>
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<link:label id="lab_us-gaap_TransfersAndServicingAbstract_4eef858a-8eb8-49c4-8e19-fd386d7d34f2_terseLabel_en-US" xlink:label="lab_us-gaap_TransfersAndServicingAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers and Servicing [Abstract] </link:label>
<link:label id="lab_us-gaap_TransfersAndServicingAbstract_label_en-US" xlink:label="lab_us-gaap_TransfersAndServicingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfers and Servicing [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransfersAndServicingAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TransfersAndServicingAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransfersAndServicingAbstract" xlink:to="lab_us-gaap_TransfersAndServicingAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_jef_EquityInEarningsFromContinuingOperationsOfSubsidiariesNetOfTax_08cecbc6-6812-4b39-b0fa-f84c7f6fff6e_terseLabel_en-US" xlink:label="lab_jef_EquityInEarningsFromContinuingOperationsOfSubsidiariesNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity in earnings from continuing operations of subsidiaries, net of taxes </link:label>
<link:label id="lab_jef_EquityInEarningsFromContinuingOperationsOfSubsidiariesNetOfTax_label_en-US" xlink:label="lab_jef_EquityInEarningsFromContinuingOperationsOfSubsidiariesNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity In Earnings From Continuing Operations Of Subsidiaries, Net Of Tax </link:label>
<link:label id="lab_jef_EquityInEarningsFromContinuingOperationsOfSubsidiariesNetOfTax_documentation_en-US" xlink:label="lab_jef_EquityInEarningsFromContinuingOperationsOfSubsidiariesNetOfTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity In Earnings From Continuing Operations Of Subsidiaries, Net Of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_EquityInEarningsFromContinuingOperationsOfSubsidiariesNetOfTax" xlink:href="jef-20201130.xsd#jef_EquityInEarningsFromContinuingOperationsOfSubsidiariesNetOfTax"/>
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<link:label id="lab_us-gaap_CommitmentsContingenciesAndGuaranteesTextBlock_df46373e-c5fc-45a9-ab67-61f7d4a2fbf4_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsContingenciesAndGuaranteesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments, Contingencies and Guarantees </link:label>
<link:label id="lab_us-gaap_CommitmentsContingenciesAndGuaranteesTextBlock_label_en-US" xlink:label="lab_us-gaap_CommitmentsContingenciesAndGuaranteesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments Contingencies and Guarantees [Text Block] </link:label>
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<link:label id="lab_jef_IncreaseDecreaseInOtherAssets_49e44935-5750-4100-b2f0-fee0a81f74bc_negatedLabel_en-US" xlink:label="lab_jef_IncreaseDecreaseInOtherAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets </link:label>
<link:label id="lab_jef_IncreaseDecreaseInOtherAssets_label_en-US" xlink:label="lab_jef_IncreaseDecreaseInOtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) In Other Assets </link:label>
<link:label id="lab_jef_IncreaseDecreaseInOtherAssets_documentation_en-US" xlink:label="lab_jef_IncreaseDecreaseInOtherAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase Decrease In Other Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_IncreaseDecreaseInOtherAssets" xlink:href="jef-20201130.xsd#jef_IncreaseDecreaseInOtherAssets"/>
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<link:label id="lab_us-gaap_EarningsPerShareTextBlock_a8fd5a7a-7e14-4e79-bcb7-3f42bb09d83a_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareTextBlock" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Shares and Earnings Per Common Share </link:label>
<link:label id="lab_us-gaap_EarningsPerShareTextBlock_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareTextBlock"/>
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<link:label id="lab_jef_SeniorExecutivesCompensationPlan2018Member_11f757a7-f922-4917-bf6d-0a58713de988_terseLabel_en-US" xlink:label="lab_jef_SeniorExecutivesCompensationPlan2018Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2018 Plan </link:label>
<link:label id="lab_jef_SeniorExecutivesCompensationPlan2018Member_label_en-US" xlink:label="lab_jef_SeniorExecutivesCompensationPlan2018Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Executives Compensation Plan 2018 [Member] </link:label>
<link:label id="lab_jef_SeniorExecutivesCompensationPlan2018Member_documentation_en-US" xlink:label="lab_jef_SeniorExecutivesCompensationPlan2018Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Executives Compensation Plan 2018 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_SeniorExecutivesCompensationPlan2018Member" xlink:href="jef-20201130.xsd#jef_SeniorExecutivesCompensationPlan2018Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_SeniorExecutivesCompensationPlan2018Member" xlink:to="lab_jef_SeniorExecutivesCompensationPlan2018Member" xlink:type="arc" order="1"/>
<link:label id="lab_jef_NumberOfDevelopmentSites_8e98c3fa-81d0-4786-876d-66fd8aea3ac2_terseLabel_en-US" xlink:label="lab_jef_NumberOfDevelopmentSites" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of premier development sites </link:label>
<link:label id="lab_jef_NumberOfDevelopmentSites_label_en-US" xlink:label="lab_jef_NumberOfDevelopmentSites" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number Of Development Sites </link:label>
<link:label id="lab_jef_NumberOfDevelopmentSites_documentation_en-US" xlink:label="lab_jef_NumberOfDevelopmentSites" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number Of Development Sites </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_NumberOfDevelopmentSites" xlink:href="jef-20201130.xsd#jef_NumberOfDevelopmentSites"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_NumberOfDevelopmentSites" xlink:to="lab_jef_NumberOfDevelopmentSites" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent_c4725b8b-791e-4fc2-949f-a475fea33bcd_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other, net, percent </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent" xlink:to="lab_us-gaap_EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate_80268399-eae7-4fcf-9ca8-3f87733f71ce_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discount rate </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate"/>
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<link:label id="lab_jef_DerivativeContractsCreditRelatedMember_fd9eafda-3485-4c17-ad16-0d817d796d06_terseLabel_en-US" xlink:label="lab_jef_DerivativeContractsCreditRelatedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Written derivative contracts – credit related </link:label>
<link:label id="lab_jef_DerivativeContractsCreditRelatedMember_label_en-US" xlink:label="lab_jef_DerivativeContractsCreditRelatedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Contracts Credit Related [Member] </link:label>
<link:label id="lab_jef_DerivativeContractsCreditRelatedMember_documentation_en-US" xlink:label="lab_jef_DerivativeContractsCreditRelatedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative contracts - credit related. </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_DerivativeContractsCreditRelatedMember" xlink:to="lab_jef_DerivativeContractsCreditRelatedMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_ebbf3eec-8fc4-4500-92a6-996a285a17f4_terseLabel_en-US" xlink:label="lab_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Redeemable noncontrolling interests </link:label>
<link:label id="lab_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_label_en-US" xlink:label="lab_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Redeemable Noncontrolling Interest, Equity, Carrying Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount"/>
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<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_12474b2e-89ff-4e5f-909d-f5bf3a628138_terseLabel_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Computed expected federal income tax, percent </link:label>
<link:label id="lab_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_label_en-US" xlink:label="lab_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate"/>
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<link:label id="lab_jef_InvestmentsRedeemablePriorWrittenNoticePeriodAxis_a9d46e59-7440-4bec-9c8f-a0a0f533b5c9_terseLabel_en-US" xlink:label="lab_jef_InvestmentsRedeemablePriorWrittenNoticePeriodAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments Redeemable Prior Written Notice Period [Axis] </link:label>
<link:label id="lab_jef_InvestmentsRedeemablePriorWrittenNoticePeriodAxis_label_en-US" xlink:label="lab_jef_InvestmentsRedeemablePriorWrittenNoticePeriodAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments Redeemable Prior Written Notice Period [Axis] </link:label>
<link:label id="lab_jef_InvestmentsRedeemablePriorWrittenNoticePeriodAxis_documentation_en-US" xlink:label="lab_jef_InvestmentsRedeemablePriorWrittenNoticePeriodAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments Redeemable Prior Written Notice Period [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_InvestmentsRedeemablePriorWrittenNoticePeriodAxis" xlink:href="jef-20201130.xsd#jef_InvestmentsRedeemablePriorWrittenNoticePeriodAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_InvestmentsRedeemablePriorWrittenNoticePeriodAxis" xlink:to="lab_jef_InvestmentsRedeemablePriorWrittenNoticePeriodAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GuaranteeObligationsLineItems_5dde516b-18a4-421d-a907-7299c780a9d7_terseLabel_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantor Obligations [Line Items] </link:label>
<link:label id="lab_us-gaap_GuaranteeObligationsLineItems_label_en-US" xlink:label="lab_us-gaap_GuaranteeObligationsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guarantor Obligations [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GuaranteeObligationsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GuaranteeObligationsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GuaranteeObligationsLineItems" xlink:to="lab_us-gaap_GuaranteeObligationsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_jef_PlacementAgentFees_9c28c7f2-2675-4676-9fdf-49d923569888_terseLabel_en-US" xlink:label="lab_jef_PlacementAgentFees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CLO placement fee revenues </link:label>
<link:label id="lab_jef_PlacementAgentFees_label_en-US" xlink:label="lab_jef_PlacementAgentFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Placement Agent Fees </link:label>
<link:label id="lab_jef_PlacementAgentFees_documentation_en-US" xlink:label="lab_jef_PlacementAgentFees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Placement Agent Fees </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_PlacementAgentFees" xlink:href="jef-20201130.xsd#jef_PlacementAgentFees"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_PlacementAgentFees" xlink:to="lab_jef_PlacementAgentFees" xlink:type="arc" order="1"/>
<link:label id="lab_jef_CollateralizedDebtObligationsandCollateralizedLoanObligationsMember_e80e931f-ba12-472f-b7e8-acc2445a4318_verboseLabel_en-US" xlink:label="lab_jef_CollateralizedDebtObligationsandCollateralizedLoanObligationsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized debt obligations and collateralized loan obligations </link:label>
<link:label id="lab_jef_CollateralizedDebtObligationsandCollateralizedLoanObligationsMember_ae334d4d-606c-4c0e-819e-5188d0b7c419_terseLabel_en-US" xlink:label="lab_jef_CollateralizedDebtObligationsandCollateralizedLoanObligationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CDOs and CLOs </link:label>
<link:label id="lab_jef_CollateralizedDebtObligationsandCollateralizedLoanObligationsMember_label_en-US" xlink:label="lab_jef_CollateralizedDebtObligationsandCollateralizedLoanObligationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Debt Obligations and Collateralized Loan Obligations [Member] </link:label>
<link:label id="lab_jef_CollateralizedDebtObligationsandCollateralizedLoanObligationsMember_documentation_en-US" xlink:label="lab_jef_CollateralizedDebtObligationsandCollateralizedLoanObligationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Debt Obligations and Collateralized Loan Obligations [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_CollateralizedDebtObligationsandCollateralizedLoanObligationsMember" xlink:href="jef-20201130.xsd#jef_CollateralizedDebtObligationsandCollateralizedLoanObligationsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_CollateralizedDebtObligationsandCollateralizedLoanObligationsMember" xlink:to="lab_jef_CollateralizedDebtObligationsandCollateralizedLoanObligationsMember" xlink:type="arc" order="1"/>
<link:label id="lab_jef_OtcDerivativeAssetsCrossMaturityNetting_53d75659-7ebd-4677-86f3-1c2c9522689f_negatedLabel_en-US" xlink:label="lab_jef_OtcDerivativeAssetsCrossMaturityNetting" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cross-maturity netting </link:label>
<link:label id="lab_jef_OtcDerivativeAssetsCrossMaturityNetting_label_en-US" xlink:label="lab_jef_OtcDerivativeAssetsCrossMaturityNetting" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Otc Derivative Assets Cross Maturity Netting </link:label>
<link:label id="lab_jef_OtcDerivativeAssetsCrossMaturityNetting_documentation_en-US" xlink:label="lab_jef_OtcDerivativeAssetsCrossMaturityNetting" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OTC derivative assets cross maturity netting. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_jef_OtcDerivativeAssetsCrossMaturityNetting" xlink:href="jef-20201130.xsd#jef_OtcDerivativeAssetsCrossMaturityNetting"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_jef_OtcDerivativeAssetsCrossMaturityNetting" xlink:to="lab_jef_OtcDerivativeAssetsCrossMaturityNetting" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_abbf4b57-1471-43ec-81c0-f9a7941ee086_terseLabel_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Developments </link:label>
<link:label id="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> New Accounting Pronouncements, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MeasurementInputDiscountRateMember_a1a5dd91-e0db-4c57-8f0f-bdfc8077145b_verboseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement input, discount rate </link:label>
<link:label id="lab_us-gaap_MeasurementInputDiscountRateMember_67cc7e9e-755a-4b9d-ad02-eaab2e012710_terseLabel_en-US" xlink:label="lab_us-gaap_MeasurementInputDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discount rate/yield </link:label>
<link:label id="lab_us-gaap_MeasurementInputDiscountRateMember_label_en-US" xlink:label="lab_us-gaap_MeasurementInputDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Measurement Input, Discount Rate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MeasurementInputDiscountRateMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MeasurementInputDiscountRateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MeasurementInputDiscountRateMember" xlink:to="lab_us-gaap_MeasurementInputDiscountRateMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementOfFinancialPositionAbstract_93b9aabb-fcfe-4049-a04e-caf7969cc2a6_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Financial Position [Abstract] </link:label>
<link:label id="lab_us-gaap_StatementOfFinancialPositionAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Financial Position [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract" xlink:to="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EarningsPerShareBasicAbstract_3e59ae9b-19b9-4c67-b170-9921a3671a15_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basic earnings per common share attributable to Jefferies Financial Group Inc. common shareholders: </link:label>
<link:label id="lab_us-gaap_EarningsPerShareBasicAbstract_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasicAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Basic [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareBasicAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareBasicAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasicAbstract" xlink:to="lab_us-gaap_EarningsPerShareBasicAbstract" xlink:type="arc" order="1"/>
</link:labelLink>
</link:linkbase>

4 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 1/26/24  Jefferies Financial Group Inc.    10-K       11/30/23  194:33M
 1/27/23  Jefferies Financial Group Inc.    10-K       11/30/22  189:35M
 1/28/22  Jefferies Financial Group Inc.    10-K       11/30/21  181:35M
 3/26/21  Jefferies Financial Group Inc.    S-8 POS     3/26/21    5:146K                                   Donnelley … Solutions/FA

8 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/03/20  Jefferies Financial Group Inc.    DEF 14A     4/17/20    2:6.1M                                   DG3/FA
 7/03/19  Jefferies Financial Group Inc.    S-8         7/03/19   11:262K                                   Donnelley … Solutions/FA
 2/12/19  Jefferies Financial Group Inc.    8-K:5       2/06/19    1:19K                                    Donnelley … Solutions/FA
 8/01/18  Jefferies Financial Group Inc.    10-Q        6/30/18  143:29M
12/29/16  Jefferies Financial Group Inc.    8-K:5      12/22/16    1:20K                                    Donnelley … Solutions/FA
 7/31/13  Jefferies Financial Group Inc.    8-K:5,9     7/25/13    3:210K                                   Weil Gotshal & Ma… 04/FA
 6/27/13  Jefferies Financial Group Inc.    DEF 14A     6/27/13    4:1.2M                                   Weil Gotshal & Ma… 04/FA
 2/24/12  Jefferies Financial Group Inc.    8-K:1,8,9   2/17/12    4:140K                                   Weil Gotshal & Ma… 04/FA
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