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    Raymond James Financial Inc (RJF)

    CEO Change
    Board Change

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    Raymond James Financial, Inc. (RJF) is a diversified financial services company engaged in investment management services for both retail and institutional clients, as well as merger and acquisition advisory, underwriting, distribution, trading, and brokerage of equity and debt securities. The company also offers the sale of mutual funds and other investment products, alongside corporate and retail banking services and trust services . RJF operates through five main segments, leveraging synergies across these areas to maintain stable financial performance through various economic cycles .

    1. Private Client Group (PCG) - Offers financial planning, investment advisory, and securities transaction services, contributing significantly to the company's net revenue .
    2. Bank - Includes loans and deposits, providing essential banking services to clients .
    3. Capital Markets - Encompasses investment banking and brokerage services, facilitating the trading and distribution of securities .
    4. Asset Management - Provides investment options and product due diligence, supporting clients in managing their investment portfolios .
    5. Other - Comprises interest income on corporate cash balances and private equity investments, among other activities .
    NamePositionStart DateShort Bio
    Christopher S. AisenbreyChief Human Resources OfficerOctober 2019Christopher S. Aisenbrey has been serving as the Chief Human Resources Officer at RJF since October 2019. Previously, he was the Senior Vice President of Organization and Talent Development at Raymond James & Associates, Inc. .
    James E. BunnPresident - Capital MarketsOctober 2024James E. Bunn has been serving as the President - Capital Markets at RJF since October 2024. He was previously the President of Global Equities and Investment Banking at Raymond James & Associates, Inc. .
    Horace L. CarterPresident - Fixed IncomeJanuary 2022Horace L. Carter has been serving as the President - Fixed Income at Raymond James & Associates, Inc. since January 2022. He is also the President at SumRidge Partners, LLC since July 2022 .
    James R. E. CoulterChief Executive Officer - Raymond James Ltd.January 2022James R. E. Coulter has been the Chief Executive Officer of Raymond James Ltd. since January 2022. He was previously the Executive Vice President and Head of Wealth Management for the Private Client Group at Raymond James Ltd. .
    Scott A. CurtisChief Operating OfficerOctober 2024Scott A. Curtis is the Chief Operating Officer at RJF, having assumed this role in October 2024. He was previously the President of the Private Client Group from June 2018 to September 2024 .
    Tashtego S. ElwynPresident - Private Client GroupOctober 2024Tashtego S. Elwyn is the President of the Private Client Group at RJF since October 2024. He was previously the Chief Executive Officer and President of Raymond James & Associates, Inc. since June 2018 .
    David KraussChief Risk OfficerSeptember 2024David Krauss has been serving as the Chief Risk Officer at RJF since September 2024. He was previously the Managing Director, Global Head of Market Risk and Investment Banking Chief Risk Officer at Credit Suisse .
    Bella Loykhter AllaireChief Administrative OfficerOctober 2024Bella Loykhter Allaire has been serving as the Chief Administrative Officer at RJF since October 2024. She was previously the Executive Vice President of Technology and Operations at Raymond James & Associates, Inc. .
    Jonathan W. Oorlog, Jr.Chief Financial OfficerOctober 2024Jonathan W. Oorlog, Jr. has been serving as the Chief Financial Officer of RJF since October 2024. He was previously the Chief Accounting Officer from January 2023 to September 2024 .
    Steven M. RaneyPresident - Bank Segment and Executive Chair - Raymond James BankOctober 2024Steven M. Raney has been serving as the President - Bank Segment and Executive Chair - Raymond James Bank since October 2024. He has been with Raymond James Bank since January 2006 .
    Shannon B. ReidPresident - Independent Contractor Division and CEO/President - RJFS, Inc.January 2024Shannon B. Reid has been serving as the President of the Independent Contractor Division at Raymond James Financial Services, Inc. since January 2024. She is also the CEO and President since October 2024 .
    Paul C. ReillyChair and Chief Executive OfficerMay 2010Paul C. Reilly has been serving as the Chair of RJF since February 2017 and as the Chief Executive Officer since May 2010. He will transition to the role of Executive Chair effective February 20, 2025 .
    Jonathan N. SantelliExecutive Vice President, General Counsel and SecretaryMay 2016Jonathan N. Santelli has been serving as the Executive Vice President, General Counsel, and Secretary of RJF since May 2016 .
    Paul M. ShoukryPresidentMarch 2024Paul M. Shoukry has been serving as President of RJF since March 2024. He will serve as CEO effective February 20, 2025. He has been with the company since 2010 and has held various roles, including Chief Financial Officer .
    Katherine H. LarsonChief Accounting OfficerOctober 2024Katherine H. Larson is the Chief Accounting Officer at RJF, effective from October 2024. She was previously the Chief Accounting Officer from January 2023 to September 2024 .
    1. Given the recent regulatory scrutiny on cash disclosures and potential conflicts of interest due to advisers sharing revenue from sweep options, how is Raymond James ensuring that adviser incentives are aligned with clients' best interests, particularly in advisory accounts?

    2. With cash sweep balances declining and clients moving to higher-yielding alternatives, what specific strategies is Raymond James implementing to mitigate the impact on net interest income, and how sustainable are these measures if the trend continues?

    3. Despite your Tier 1 leverage ratio standing at 12.7%, well above your target of 10% , what are your specific plans to deploy this excess capital, and why hasn't it been utilized more aggressively for growth initiatives or shareholder returns?

    4. Given that the fixed income business results are lagging historical levels and depository clients have less cash available for investing in securities , what concrete steps are you taking to accelerate growth in the Capital Markets segment, and how will you navigate prolonged market uncertainty if conditions don't improve as expected?

    5. With the bank's loan allowance for credit losses decreasing to 1% due to a shift toward securities-based loans (34%) and residential mortgages (20%) of the total loan portfolio , how are you managing the potential risk of concentration in these loan types, and what measures are in place to mitigate future credit quality issues amid economic uncertainties?

    Program DetailsProgram 1
    Approval DateNovember 2023
    End Date/DurationN/A
    Total additional amount$1.5 billion
    Remaining authorization amount$644 million as of September 30, 2024
    DetailsOffset dilution from share-based compensation or acquisitions
    YearAmount Due ($ in millions)Debt TypeInterest Rate (%)% of Total Debt
    203098Subordinated Notes5.75 (fixed until 2025, variable thereafter) 4.6% = (98 / 2,138) * 100
    2030500Senior Notes4.65 23.4% = (500 / 2,138) * 100
    2046800Senior Notes4.95 37.4% = (800 / 2,138) * 100
    2051750Senior Notes3.75 35.1% = (750 / 2,138) * 100

    Competitors mentioned in the company's latest 10K filing.

    • National full service broker-dealers
    • Investment banking firms
    • Commercial banks
    • Investment advisors
    • Investment managers
    • Discount brokers and dealers
    • Fintechs
    • Commercial firms and other non-traditional competitors
    • Insurance companies
    • Real estate firms
    • Hedge funds
    NameStart DateEnd DateReason for Change
    KPMG LLP2001 PresentCurrent auditor

    Recent developments and announcements about RJF.

    Financial Reporting

      Earnings Call

      ·
      7 days ago

      Raymond James Financial (RJF) recently held its Fiscal 2025 First Quarter Earnings Call, where they reported record net revenues of $3.54 billion and net income available to common shareholders of $599 million, slightly below the previous quarter's record. The earnings per diluted share were $2.86, with adjusted net income at $614 million or $2.93 per diluted share, excluding acquisition-related expenses.

      Key highlights from the call include:

      • Revenue and Profit Performance: RJF achieved record net revenues and the second-highest net income, showcasing the strength of their diverse business model. The firm reported a 17% increase in consolidated net revenues over the prior year.

      • Management’s Forward Guidance: The company remains optimistic about fiscal 2025, despite some seasonal headwinds expected in the next quarter due to fewer billable days, which may result in a 2% decline in asset management and related fees.

      • Market Conditions and Strategic Initiatives: RJF is well-positioned to continue investing in growth, with a focus on technology and expanding their market share. They have a strong pipeline for recruiting financial advisers and are optimistic about the M&A environment, which had its second-best quarter in their history.

      • Analyst Questions and Management Responses: Analysts inquired about various topics, including net new asset growth, capital management, and the impact of macroeconomic conditions on loan growth. Management highlighted their strong recruiting pipeline and the strategic use of capital for organic growth and potential acquisitions.

      Overall, RJF's leadership expressed confidence in their strategic direction and the potential for continued growth across their business segments.

      Earnings Report

      ·
      7 days ago

      Raymond James Financial (RJF) Fiscal First Quarter 2025 Earnings Results

      Raymond James Financial, Inc. (RJF) has released its fiscal first-quarter 2025 earnings results, showcasing record-breaking performance in several key areas:

      Key Financial Highlights

      • Net Revenues: Achieved a record $3.54 billion, up 17% year-over-year and 2% sequentially ,.
      • Net Income Available to Common Shareholders: $599 million, or $2.86 per diluted share, reflecting a 21% year-over-year increase.
      • Adjusted Net Income: $614 million, or $2.93 per diluted share, excluding $20 million in acquisition-related expenses.
      • Return on Common Equity: Annualized return of 20.4%, with an adjusted return on tangible common equity of 24.6%.

      Segment Performance

      Private Client Group (PCG)

      • Net Revenues: Record $2.55 billion, up 14% year-over-year and 3% sequentially.
      • Assets Under Administration: $1.49 trillion, up 14% year-over-year.
      • Fee-Based Accounts: Record $876.6 billion, up 17% year-over-year.
      • Net New Assets: $14.0 billion, representing an annualized growth rate of 4.0%.

      Capital Markets

      • Net Revenues: $480 million, up 42% year-over-year, driven by robust investment banking growth.
      • Investment Banking Revenues: $317 million, up 86% year-over-year.
      • M&A and Advisory Revenues: $226 million, up 92% year-over-year.

      Asset Management

      • Net Revenues: Record $294 million, up 25% year-over-year and 7% sequentially.
      • Pre-Tax Income: Record $125 million, up 34% year-over-year.
      • Financial Assets Under Management: $243.9 billion, up 13% year-over-year.

      Bank Segment

      • Net Revenues: $425 million, down 4% year-over-year due to lower net interest income.
      • Pre-Tax Income: $118 million, up 28% year-over-year and 20% sequentially, driven by lower loan loss provisions.
      • Net Loans: Record $47.2 billion, up 7% year-over-year.

      Additional Highlights

      • Dividend Increase: Quarterly cash dividend on common shares increased by 11% to $0.50 per share.
      • Stock Repurchase Authorization: Approved up to $1.5 billion in common stock repurchases.
      • Client Cash Balances: Total domestic cash sweep and Enhanced Savings Program balances reached $59.7 billion, up 3% year-over-year.

      CEO Commentary

      Paul Reilly, Chair and CEO, highlighted the strong start to fiscal 2025, emphasizing record asset management fees, robust investment banking revenues, and solid client asset growth. He expressed optimism for continued growth, supported by strong client asset levels and healthy activity in financial advisor recruiting and investment banking.

      Conclusion

      Raymond James Financial's fiscal first-quarter results demonstrate strong financial performance across all segments, driven by record revenues, robust client asset growth, and strategic investments in its platform and capabilities.

      Sources: ,

    Corporate Leadership

      Board Change

      ·
      Dec 9, 2024, 11:02 PM

      Paul C. Reilly will step down as CEO of Raymond James Financial, Inc. on February 20, 2025, and transition to an Executive Chair role. Paul M. Shoukry has been appointed as the new CEO, effective the same date .

      Leadership Change

      ·
      Dec 9, 2024, 11:02 PM

      Paul C. Reilly is stepping down as CEO of Raymond James Financial, Inc. on February 20, 2025, transitioning to an Executive Chair role. Paul M. Shoukry will step up as the new CEO. This transition is part of a previously-disclosed leadership succession plan .

      CEO Change

      ·
      Dec 9, 2024, 11:02 PM

      Raymond James Financial, Inc. announced that Paul C. Reilly will step down as CEO, effective February 20, 2025, transitioning to an Executive Chair role. Paul M. Shoukry, currently President, will assume the CEO position following Reilly's transition .