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Raymond James announces 4-percent cut to global workforce

Some staff in the Tampa Bay area will lose their jobs, though the exact number is not yet known.
Credit: Google

ST. PETERSBURG, Fla. — Raymond James Financial said Tuesday it will lay off about 4 percent of its global workforce, with some employees affected in Tampa Bay.

It's not yet known, however, how many people at the financial services firm's St. Petersburg headquarters will lose their job. The company says it has 13,900 workers worldwide, and around 550 people likely will be notified.

Chairman and CEO Paul Reilly, in a note to employees, said the company went into 2020 "enjoying a series of record-breaking years of growth." COVID-19 and the resulting economic conditions "effectively wiped out half our earnings."

Reilly pointed to low interest rates as part of the company's loss.

Affected employees will be given a full year's bonus for the fiscal year 2020 and 12 months of paid medical benefits and job placement support. They, too, will get up to a year of total compensation for "more tenured associates."

"Given the strong infrastructure we have in place, these steps are not expected to diminish service levels to advisors or their clients, or impair our ability to continue our growth momentum," Reilly said. 

The CEO added he and the company's senior leadership team will take "a significant cut in pay." 

Raymond James reported nearly a 34-percent drop in year-over-year income to $172 million in June 2020.

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