Add Stifel Financial Corp. to the list of wealth management and financial services companies that have cut workers in 2025, after many worried about economic uncertainty to start the year.
According to a report Monday in the St. Louis Business Journal, Stifel “recently laid off some workers at its St. Louis information technology operation in what it said is a departmental ‘restructuring.’”
The cuts involved a few dozen workers in Stifel's IT department, mostly in St. Louis, according to the report, which cited an unnamed person familiar with the matter as its source.
Stifel is not alone in making cuts to staff this year, despite the broad stock market hitting new historic highs throughout the year, typically a positive indicator for investment firms.
Edward Jones near the end of August announced job cuts, laying off 259 home office associates in the United States and Canada.
Those layoffs are on top of 552 home office associates earlier this year that chose to accept a voluntary separation plan, commonly known as a buyout, according to the company.
Other firms cutting back on staff this year include Morgan Stanley and Cetera Financial Group. LPL Financial Holdings has also reduced staff at broker-dealers acquired in its acquisition of Atria.
"Stifel recently completed a small restructuring within our technology group to ensure our teams are best positioned to support the firm's strategy/priorities and future growth," a company spokesperson wrote in an email to the publication. "While these decisions are always difficult, we remain committed to St Louis and to delivering exceptional digital experiences for our clients."
The St. Louis Post-Dispatch has reported that Stifel cut its St. Louis-based IT workforce by "close to 60," but the St. Louis Business Journal did not independently verified that.
Stifel's St. Louis-area headcount was about 1,850 at the end of September, according to a company spokesperson.
Stifel Financial Corp. reported close to 9,000 employees in total at the end of last year.
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