Raymond James, hit by two hurricanes, gives assistance to workers

St. Petersburg, Fla.-based Raymond James is providing financial aid to about 5,000 of its associates affected by Hurricanes Milton and Helene, the company disclosed Monday.

Last week, Milton hit Florida’s West coast, killing more than 20 people and causing tens of billions of dollars in widespread damage.

The Category 3 hurricane mostly spared the company’s headquarters, though it lost power and was slightly damaged by the high winds.

“The St. Petersburg home office is reopened, though the only associates working there this week are by choice, most are working remotely,” a company spokesperson said in an email response to InvestmentNews. “It’s primarily being used as a hub for associates and their families, who can either drive up or go inside for free hot meals and supply kits to restock their pantry with items like milk, eggs, bread, peanut butter, snacks, and cleaning supplies.”

The firm provided associates who were affected by Hurricane Helene with $1,000 stipends, and those workers who were also hit by Milton have received an additional $500, according to the announcement on Monday. Those affected by Milton but who did not receive stipends because of Helene have been given $1,000, according to the firm.

That assistance is separate from the Friends of Raymond James nonprofit, which has this month provided more than $500,000 in support in response to 180 emergency requests from employees. That has covered temporary housing, transportation, and groceries, according to the firm. It has recently received more than $100,000 in donations to help provide relief, it stated.

The company has also “confirmed the safety of every associate and advisor affected by Helene and virtually every associate and advisor potentially affected by Milton,” with some in the latter category likely having difficulty responding to the firm because of a lack of power or internet connection, CEO Paul Reilly stated in the update.

“Beyond supporting our Raymond James family, we know our communities need us as well. The firm is donating an additional $1 million to disaster response organizations, including the American Red Cross and other local partners, bringing our total community partner donations for the two storms to $2.25 million,” Reilly said. “Raymond James will also continue matching up to $250,000 in donations from all Raymond James advisors and associates to the American Red Cross and the United Way Suncoast Disaster Recovery Fund through Oct. 31, 2024.”

On Sunday, President Joe Biden announced a federal aid package totaling $612 million to support communities affected by either of the two hurricanes, including tens of millions to help restore power in Florida.

As of Monday morning, more than 400,000 people across the state were reportedly still dealing with power outages caused by Hurricane Milton.