The sudden departure of two analysts has forced Raymond James to temporarily shelve coverage of two dozen banks just days before the start of earnings season.
Anthony Polini and Nicole Gulino recently left the firm to form a new bank research arm for American Capital Partners in Hauppage, N.Y. Due to Polinis departure on Friday, Raymond James has suspended its coverage of JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and 20 other banks less than a week before earnings season begins, a company spokeswoman confirmed.
The spokeswoman declined to discuss the matter further.
The firm has been scrambling since Polini's last day, according to a person briefed on the matter. Coverage may not resume until after the current earnings season ends, the person added, asking to remain unnamed.
Raymond James equity research group ranks sixth in cumulative awards over the past decade in the Wall Street Journal, according to the firms website. Its megabank coverage team is down to one person, Daniel Marchon, a research associate with less than five years of post-graduate sell-side experience.
Polini confirmed in an interview that his resignation surprised colleagues, though he said he left the firm on good terms.
"Tricky question," Polini said when asked why he chose to leave the firm. "I like to build things."
Gulino, who helped cover megabanks and northeastern regionals, left Raymond James several weeks ahead of Polini. Raymond James' two regional bank analysts and three community bank analysts will continue to cover their stocks.
JPMorgan and Wells Fargo reported earnings on Wednesday. Citi will report its results Thursday.