RAYMOND JAMES FINANCIAL INC (RJF)

Raymond James Financial, Inc. (RJF) is a diversified financial services company, established in 1962 and publicly traded since 1983 on the NYSE under "RJF," operating primarily in the United States and, to a lesser extent, in Canada, the United Kingdom, and other parts of Europe. As a bank holding company and financial holding company, it operates through five segments: Private Client Group (PCG), Capital Markets, Asset Management, Bank, and Other. The PCG segment, its largest by net revenue ($9.46 billion for fiscal 2024), provides financial planning, investment advisory, and securities transaction services through 8,787 employee and independent contractor financial advisors, offering products such as investment services, portfolio management, insurance and annuities, margin loans, securities lending, and custodial services for third-party RIAs and broker-dealers via its RIA and Custody Services division; total client assets under administration reached $1.51 trillion.

The Capital Markets segment (net revenues of $1.47 billion) delivers merger & acquisition and advisory services, equity and debt underwriting, institutional equity and fixed income sales and trading, equity research, and manages an affordable housing investments business involving tax-credit real estate partnerships, serving corporate clients, government agencies, and non-profit entities across the U.S., Canada, and Europe. The Asset Management segment earns fees from providing asset management, portfolio management, and administrative services to retail and institutional clients through divisions including Asset Management Services (AMS) and Raymond James Investment Management, as well as trust services via Raymond James Trust, N.A. and Raymond James Trust Company of New Hampshire. The Bank segment, comprising Raymond James Bank and TriState Capital Bank, offers securities-based loans, corporate loans (commercial and industrial, commercial real estate, REIT), residential mortgages, tax-exempt loans, and FDIC-insured deposit products, with total assets of $62.37 billion as of September 30, 2024, funded significantly by client cash swept through the Raymond James Bank Deposit Program and Enhanced Savings Program.

The Other segment captures interest income on corporate cash, private equity investments, and unallocated corporate overhead. The firm serves individuals, corporations, municipalities, and institutional clients, competing in the intensely competitive financial services industry against large securities firms, banks, insurance companies, discount brokerages, and fintech companies, with a workforce of approximately 19,000 associates and 4,961 independent advisors as of September 30, 2024.