Raymond James Financial Inc. is cutting almost a little more than three percent of workers based at the company’s St. Petersburg, Fla., home office.
Those roughly 115 jobs cut leave the staffing level there at 3,200. Meanwhile, about 45 other positions are being cut at other Raymond James locations around the country, including 18 positions in Memphis.
Raymond James says it’s maintained “elevated staff levels” since its purchase of Morgan Keegan was completed in April 2012. That was to “ensure a consistent service experience for clients and to assist with the consolidation of the two firms.”
As of February, that integration has been completed.
A statement from the company:
“Because of the remaining employment overlap, and accelerated investments and restructuring to meet the needs of the changing technology landscape, Raymond James is reducing employment by approximately 160 positions effective today.
“About 115 jobs are being eliminated at the home office in St. Petersburg, Fla., leaving headquarters staffing at approximately 3,200. The remainder of the reductions is spread across offices nationwide.
“We are grateful for the dedicated service of associates impacted by these changes, and affected individuals were offered severance and career transition assistance. These were not easy decisions, and we made every effort to be thoughtful and deliberate in our approach to achieving our staffing goals.
“While an adjustment of this size is unprecedented in the firm’s history, it is the consequence of an equally unprecedented acquisition. We do not expect additional sizeable employment-related changes.