Raymond James cuts 160 staffers, no advisers

Raymond James Financial Inc. has cut 115 jobs from its home office staff in St. Petersburg, Fla., and another 45 nationally in an “unprecedented” round of layoffs in the wake of its acquisition last year of Morgan Keegan & Co. Inc. The two firms finished the consolidation in February, leading to the layoffs. “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” Thursday, Steve Hollister, a firm spokesman, said in a statement. “While an adjustment of this size is unprecedented in the firm's history, it is the consequence of an equally unprecedented acquisition,” the statement said. “We do not expect additional sizable employment-related changes.” The layoffs, part of a wider cost-cutting plan that aims to reduce $60 million to $80 million in expenses, do not include financial advisers. The company has 10,400 employees worldwide. A rival broker-dealer, LPL Financial LLC, this year said that it also would have layoffs as a result of a company reorganization and outsourcing. Raymond James has multiple channels for registered representatives and financial advisers to do business. It has more than 6,000 financial advisers globally.