James E. Bunn
RAYMOND JAMES FINANCIALAbout James E. Bunn
President, Capital Markets at Raymond James Financial (effective Oct 1, 2024); previously President — Global Equities & Investment Banking (GEIB). In 2024 he led GEIB through a challenging market, expanded sponsor coverage, and launched a private credit JV with Raymond James Bank; in 2023 he added managing directors and advanced a private placement product; in 2022 GEIB posted record M&A/advisory revenues, its second-best year overall after 2021 . Firm performance underpins his incentives: FY2024 net revenues $12.82B (+10% YoY), net income $2.06B, ROE 18.9% (Adjusted ROE 19.6%); FY2023 net revenues $11.62B (+6% YoY), ROE 17.7% (Adjusted ROE 18.4%); FY2022 net revenues $11.00B (+13% YoY), ROE 17.0% (Adjusted ROE 18.2%) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Raymond James Financial | President — Global Equities & Investment Banking | 2018–2024 (role held during FY2022–FY2024 proxies) | Record M&A/advisory revenues; expanded sponsor coverage; analyst program build; disciplined expense management |
| Raymond James Financial | President, Capital Markets | Effective Oct 1, 2024 | Led partnership with RJ Bank to launch private credit JV; expanded sponsor business; retained top producers |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $450,000 | $500,000 | $500,000 |
| Actual Cash Bonus ($) | $6,500,000 | $2,000,000 | $3,000,000 |
Performance Compensation
- Structure: Annual bonus delivered in cash plus RSUs; for non-CEO NEOs, a variable portion of bonus over $250k is deferred into RSUs with 50% time-vesting (3-year cliff) and 50% performance-vesting PRSUs (3-year cliff) tied to 3-year average Adjusted ROE with +/-20% modifier based on relative TSR vs peer group .
- Bonus pool cap: Not to exceed 6% of consolidated pre-tax income; no individual bonus to exceed 3%; Committee applies informed discretion and does not assign metric weightings .
- Performance scales (2024 awards):
| Performance Scale | Threshold | Target | Maximum |
|---|---|---|---|
| Adjusted ROE (3-year avg) → PRSU vesting | 10% → 50% | 15% → 100% | ≥20% → 150% |
| rTSR percentile modifier | ≤25th → 80% of ROE result | 50th → 100% | ≥75th → 120% |
- Actual vesting example: 2021 awards vested at 169.5% of target (three-year average Adjusted ROE 18.7% → 150%; rTSR modifier 113%) .
FY2024 Award Detail (granted in FY2025 for FY2024 performance)
| Component | Grant Date | Units / Value | Vesting | Notes |
|---|---|---|---|---|
| Stock Bonus — PRSUs (performance) | 12/15/2023 | Target 1,352 (threshold 541; max 2,434) | 3-year cliff with ROE + rTSR | Part of FY2024 bonus RSUs |
| Stock Bonus — RSUs (time-based) | 12/15/2023 | 1,353 units; $150,021 fair value | 3-year cliff | Part of FY2024 bonus RSUs |
| Management RSUs (time-based) | 12/15/2023 | 5,411 units; $599,972 fair value | 60% at 3rd, 20% at 4th & 5th anniversaries | Retention RSUs |
| Special RSU — time-based | 05/20/2024 | 19,775 units; $2,499,956 fair value | 60/20/20 over 3–5 years | Part of $5M special award |
| Special PRSU — performance | 12/13/2024 | Target ≈$2.5M (part of $5M aggregate special award) | 3-year ROE + rTSR scale | Enhances long-term alignment |
FY2024 Annual Direct Compensation Mix
| Component | FY 2024 |
|---|---|
| Salary | $500,000 |
| Cash Bonus | $2,450,148 |
| Stock Bonus — RSUs (time) | $275,034 |
| Stock Bonus — PRSUs (perf) | $274,874 |
| Management RSUs (time) | $599,944 |
| Total | $4,100,000 |
Equity Ownership & Alignment
- Beneficial ownership as of Dec 2, 2024: 83,848 common shares (includes ESOP) and 14,523 RSUs vesting within 60 days; total beneficial 98,371; individual executives and directors each own <1% of shares .
- Ownership guidelines: Executive officers must hold 3× salary; all NEOs meet/exceed; pledging and hedging prohibited .
- Outstanding awards (as of Sep 30, 2024):
| Grant Date | Unvested RSUs (time) | Market Value ($) | Unearned PRSUs (max units) | Market Value ($) |
|---|---|---|---|---|
| 12/15/2021 | 14,523 | $1,778,487 | 26,140 | $3,201,104 |
| 12/15/2022 | 14,507 | $1,776,527 | 18,770 | $2,298,574 |
| 12/15/2023 | 5,411 | $662,631 | 2,434 | $298,068 |
| 05/20/2024 | 19,775 | $2,421,647 | — | — |
- Stock vested in FY2024: 25,439 shares; value realized $2,773,124 (company withholding permitted for taxes) .
Employment Terms
- At-will; no employment agreement; no guaranteed severance .
- Change in control: Double-trigger required for accelerated vesting; estimated value of share awards upon “Qualified Termination Following Change in Control”: $14,692,506 (as of Sep 30, 2024) .
- Other separation scenarios (as of Sep 30, 2024):
| Scenario | Share Awards Value ($) |
|---|---|
| Good Reason / Involuntary without Cause | $6,442,131 |
| Death or Disability | $14,692,506 |
- Clawbacks: Dodd-Frank compliant policy plus broader recoupment for (i) restatements, (ii) inaccurate performance measures, (iii) serious misconduct/materially imprudent judgment causing financial or reputational harm; applies to incentive compensation .
- Insider trading: No short sales, options/derivatives for insiders; no pledging/margin; strict pre-clearance and blackout rules .
Deferred Compensation & Benefits
| Plan | FY2024 Executive Contribution ($) | Company Contribution ($) | FY2024 Earnings ($) | Aggregate Balance 9/30/2024 ($) |
|---|---|---|---|---|
| Long Term Incentive Plan (LTIP) | — | $33,000 | $164,529 | $819,050 (vested $654,682) |
| Voluntary Deferred Compensation Plan (VDCP) | $18,750 | — | $127,546 | $617,117 (fully vested) |
All Other Compensation FY2024: ESOP $5,775; Profit Sharing $16,152; 401(k) match $1,000; Deferred comp contribution $33,000; Deferred comp gain $292,076; Total $348,003 .
Performance & Track Record
- FY2024 (Capital Markets): Net revenues $1.5B (+21% YoY), pre-tax income $67M; fixed income brokerage grew on improved client activity; launched private credit JV; expanded sponsor coverage; minimal regrettable attrition .
- FY2023 (GEIB): Team build with new MDs; private placement product progress; integrated sponsor coverage; early stage new product; business development unit established .
- FY2022 (GEIB): Second-best year post-2021; record M&A/advisory revenues; disciplined expense focus; diverse analyst pipeline .
Firm TSR and Pay vs Performance context: FY2024 CAP to CEO and NEOs aligns with cumulative TSR; $100 invested Sep 30, 2019 grew to $266.64; peer group TSR $212.81; FY2024 net income $2,068M; pre-tax income $2,643M .
Compensation Peer Group & Say-on-Pay
- PRSU rTSR peer group (FY2024 awards): Ameriprise Financial, Bank of New York Mellon, Charles Schwab, Franklin Resources, Invesco, Jefferies Financial Group, LPL Financial, Northern Trust, State Street, Stifel Financial, T. Rowe Price .
- Market data references used by committee (2023/2024): Comparable lists spanning asset managers, banks, and brokers (e.g., Ameriprise, Schwab, Jefferies, Northern Trust, State Street, LPL, T. Rowe Price) .
- Say-on-Pay outcomes: 2022—95% approval; 2023—92%; 2024—83%; committee continued current practices based on shareholder support .
Risk Indicators & Red Flags
- Section 16(a) compliance: Company disclosed one Form 4 filing was late by eight days for multiple reporting officers, including Bunn, due to administrative oversight (no underlying misconduct indicated) .
- Hedging/pledging prohibited for insiders; no option repricing; no employment agreements or tax gross-ups except limited relocation .
Investment Implications
- Retention and selling pressure: Significant unvested overhang with multi-year cliffs, plus $5M special awards in 2024; expect concentrated vesting events around December 15 and May anniversaries, with potential sell-to-cover tax flows (FY2024 vesting: 25,439 shares; $2.77M value) .
- Alignment and performance levers: Payouts on PRSUs hinge on sustaining 3-year Adjusted ROE at ≥15% and competitive rTSR vs peers; RJF’s recent Adjusted ROE ~19.6% suggests above-target vesting potential if sustained, reinforcing equity alignment .
- Change-of-control economics: No severance cash, but large equity acceleration on double-trigger (up to ~$14.7M), making equity the primary retention lever and influencing exit dynamics in strategic scenarios .
- Ownership and governance quality: Compliance with ownership guidelines, no pledging/hedging, robust clawbacks lower governance risk; however, Bunn’s direct ownership is <1% (typical for diversified financials), so alignment relies on ongoing RSU/PRSU structures rather than large common stock stakes .