What Do Raymond James’ Layoffs Mean for Advisor Recruiting?
September 16, 2020 By Janet Levaux, ThinkAdvisor Raymond James is trimming close to 4% of its workforce of 13,900 employees in and outside the U.S. — or roughly 500 positions. But will the firm, which has over 8,100 advisors and added a net 251 in the past year, see any impact from the move on its recruiting efforts — including the transition packages it offers? “It’s part of an overall industry trend,” said Mark Elzweig, an executive search consultant based in New York, about the job cuts. Raymond James’ announcement Tuesday about layoffs followed similar news from Wells Fargo and Citigroup, which had paused layoffs earlier this year due to pandemic and recently resumed them. Worldwide, some 64,000 positions have been eliminated at banks so far this year, according to Bloomberg, which estimates that close to...