Raymond James Financial Inc. dismissed more than 200 employees as the wealth-management firm completed its acquisition of Morgan Keegan & Co., according to chief executive officer Paul Reilly.
Morgan Keegan employees accounted for about two-thirds of the job cuts and the rest worked for St. Petersburg, Florida- based Raymond James, Reilly said today in a phone interview.
The reductions were "a lot smaller than we all predicted," he said. "Most of those were in fixed income or equity capital markets, where you just had the same people doing the exact same jobs with the exact same clients."
Raymond James, which paid about $1.2 billion to buy Memphis, Tennessee-based Morgan Keegan from Regions Financial Corp. (RF), now has 6,500 financial advisers in 2,600 locations across the U.S., the acquiring firm said today in a statement announcing the completion of the deal.
"Our focus will still be and will continue to be to look at niche acquisitions — small teams, small businesses that can either fill holes or grow us, or hiring people one by one," Reilly said. "We don't plan to be any less aggressive."