“Due to the uncertainty caused by the COVID-19 pandemic, and related negative impact on our results, we are evaluating ways to reduce costs and find efficiencies to remain well-positioned for future growth and success,” the company explained in its 10-Q regulatory filing last month. “e do not intend to have another round of job eliminations.” CLICK TO ENLARGEĪfter reporting in July that fiscal third-quarter earnings fell 34%, Raymond James executives told analysts they would be attacking “almost every single” line-item expense. “hese steps are not expected to diminish service levels to advisors or their clients, or impair our ability to continue our growth momentum,” wrote Reilly, who said he and other senior leaders will be taking “significant” pay cuts. The 8,155 revenue-generating brokers in Raymond James private client group will not be directly affected, and the company said it is limiting layoffs in advisor and client support areas. We were not anticipating a pandemic and the corresponding economic conditions and rate cuts that effectively wiped out half our earnings.” “Heading into 2020, we were focused on improving efficiencies to prepare for potential market turbulence and recessionary environments.
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