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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 .
- Private Client Group (PCG) - Offers financial planning, investment advisory, and securities transaction services, contributing significantly to the company's net revenue .
- Bank - Includes loans and deposits, providing essential banking services to clients .
- Capital Markets - Encompasses investment banking and brokerage services, facilitating the trading and distribution of securities .
- Asset Management - Provides investment options and product due diligence, supporting clients in managing their investment portfolios .
- Other - Comprises interest income on corporate cash balances and private equity investments, among other activities .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Paul C. Reilly ExecutiveBoard | Chair and CEO | Board Member at Willis Towers Watson Public Limited Company; Chairman of American Securities Association; Executive Committee Member at SIFMA; Member of Bank Policy Institute. | Paul C. Reilly has been the CEO since May 2010 and Chair since 2017. He will step down as CEO on February 20, 2025, transitioning to an Executive Chair role. He has led RJF through significant growth and strategic initiatives. | View Report → |
Jonathan W. Oorlog, Jr. Executive | Chief Financial Officer | None. | Jonathan W. Oorlog, Jr. joined RJF in 2004 and became CFO on October 1, 2024. He has played a critical role in due diligence and financial integration of RJF's acquisitions. | |
Paul M. Shoukry Executive | President | Board Member at ReliaQuest, LLC; Chair of 2024 American Heart Association’s Tampa Bay Heart Ball; Board of Trustees at Academy Prep Center of Tampa; Advisory Board Member at Florida Institute of CFOs. | Paul M. Shoukry joined RJF in 2010 and has held various roles, including CFO. He is set to become CEO following a transition period in fiscal 2025. | |
Anne Gates Board | Non-Executive Director | Board Member at The Kroger Company and Tapestry, Inc.; Board of Directors at Cynosure; Board of Trustees at University of California, Berkeley Foundation, Salzburg Global Seminar, PBS SoCal, Packard Foundation, Columbia University Engineering School, Save the Children. | Anne Gates has been a director at RJF since 2018, with over 25 years of experience in the retail and consumer products industry. | |
Art A. Garcia Board | Non-Executive Director | Board Member at ABM Industries Incorporated, American Electric Power Company, Inc., and Elanco Animal Health Incorporated. | Art A. Garcia was appointed to the RJF Board in 2023, bringing expertise in finance, accounting, and risk management. | |
Benjamin C. Esty Board | Non-Executive Director | Professor of Business Administration at Harvard University; Director and Chair of Audit and Risk Committee at Harvard Business Publishing Group; Director at The GEM Group. | Benjamin C. Esty has been a director at RJF since 2014, with extensive expertise in finance, investment, and risk management. | |
Cecily M. Mistarz Board | Non-Executive Director | Director at Pepper Construction Group, LLC; Director at Safer Foundation. | Cecily Mistarz joined the RJF Board in 2024, bringing expertise in risk management and regulatory affairs. | |
Gordon L. Johnson Board | Non-Executive Director | President of Highway Safety Devices, Inc.; Director at TriState Capital Bank. | Gordon L. Johnson has been a director at RJF since 2010, with over 25 years of experience in banking and financial services. | |
Jeffrey N. Edwards Board | Non-Executive Director | Board Member at American Water Works Company, Inc.. | Jeffrey N. Edwards has been a director at RJF since 2014, bringing over two decades of experience in capital markets and corporate finance. | |
Marlene Debel Board | Non-Executive Director | Executive Vice President, Chief Risk Officer, and Head of MetLife Insurance Investments at MetLife, Inc.; Foundation Board Member at LaGuardia Community College. | Marlene Debel has been a director at RJF since 2020, serving on several committees including the Risk Committee. | |
Raj Seshadri Board | Non-Executive Director | Trustee at Mount Holyoke College; Member of the Global Board at the American India Foundation; Member of the Board at the New York Philharmonic. | Raj Seshadri has been a director at RJF since 2019, with experience in marketing, sales, and business strategy. | |
Roderick C. McGeary Board | Non-Executive Director | Board Member at PACCAR Inc.. | Roderick C. McGeary has been a director at RJF since 2015, with extensive experience in accounting, auditing, and technology risks. |
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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?
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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?
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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?
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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?
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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?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
TriState Capital | 2022 | Acquired on June 1, 2022, TriState Capital has been integrated into Raymond James Financial's Bank segment, with ongoing integration activities related to share-based compensation, though no specific deal value or structure details were provided. |
SumRidge Partners, LLC | 2022 | Completed on July 1, 2022, this acquisition added a technology-driven fixed income market maker specializing in investment-grade bonds, municipal bonds, and institutional preferred securities to strengthen institutional market-making, trading technologies, and risk management, and was funded using cash on hand, resulting in $102 million in goodwill. |
Charles Stanley Group PLC | 2022 | Completed on January 21, 2022, this deal was executed at £5.15 per share (totaling £277 million or approximately $376 million) to accelerate Raymond James' growth in U.K. wealth management, with integration into the Private Client Group and the recognition of $164 million in goodwill, alongside $85 million of identifiable intangible assets. |
Recent press releases and 8-K filings for RJF.
- Revenue Target: The CEO confirmed a long-term goal of exceeding $20,000,000,000 in revenues by 2030 with an implied 8% CAGR, while noting that favorable market conditions could push actual revenue even higher.
- Technology Investment: The firm is investing nearly $1 billion in technology this year, focusing on adviser-facing tools including AI-driven solutions and efficiency improvements such as a meeting summarization tool.
- Culture and Recruitment: Emphasizing a unique “best of both worlds” culture, the CEO highlighted that most advisers join due to the firm’s strong cultural fit, which contributes to high retention and quality recruitment.
- Market Expansion: The company is targeting growth in high-wealth regions such as the Northeast, West Coast, and Florida, where current market share is below the national average, indicating significant expansion potential.
- New Director Appointment: Mark W. Begor, former Equifax CEO, has been appointed to the board and assigned to both the Audit and Risk Committees, increasing the board size from 12 to 13 members.
- Dividend Declaration: The board declared quarterly dividends of $0.50 per share for common stock (payable July 15, 2025) and $0.3984375 per depositary share for preferred stock (payable July 1, 2025).
- The press release, issued on May 21, 2025, provided operating data for April 2025, highlighting key performance metrics for the company.
- Client assets under administration increased by 9% year-over-year, with a reported value of $1,530.7 billion as of April 30, 2025, compared to the prior year's period.
- The report noted a 1% decline in clients’ domestic cash sweep and Enhanced Savings Program balances, attributed to quarterly fee billings and seasonal tax payments, while also mentioning the impact of macroeconomic uncertainty on investment banking closings and a sustained strong pipeline.
- Q2 2025 Highlights: Achieved $3.4B net revenues with quarterly net income available to common shareholders of $493M and diluted EPS of $2.36, reflecting robust results ( ).
- Private Client Group Growth: Delivered $2.49B in net revenues with $1.54T in client assets under administration and fee‐based PCG assets of $873B, growing 6% YoY ( ).
- Record H1 Performance: Reported $6.94B in net revenues and $1.42B pre-tax income for the first half of 2025 ().
- Core Operational Strength: Maintained consistent results with an adjusted diluted EPS of $2.42 and a 19.7% pre-tax margin ( ).
- Share Repurchase Activity: Resumed buybacks with $250M purchased during Q2 and an additional $190M in April 2025, reinforcing a solid capital position ( ).
- New Initiatives: Appointed a Chief AI Officer and enhanced recruitment efforts to leverage technology amid market volatility ( ).
- Raymond James Financial Inc. released key operating data for February 2025 on March 19, 2025 via an 8-K filing.
- Client assets under administration increased by 12% year-over-year but declined sequentially by 1%, reflecting market pressures.
- CEO Paul Shoukry pointed to lower equity markets impacting asset balances and mentioned a robust investment banking pipeline amid macroeconomic uncertainties.