Of the total jobs cut, 143 positions are being eliminated at Morgan Keegan, and 75 at St. Petersburg, Florida- based Raymond James.
Raymond James said that the cuts were made primarily in the equity capital markets and fixed income groups.
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Raymond James acquired Morgan Keegan from Regions Financial for US$930 million in January this year, beating out Stifel Financial’s offer of US$875 million.
Presently, the combined firm comprises approximately 6,500 financial advisors in 2,600 locations throughout the US, Canada and overseas, with total client assets of approximately US$372 billion.
Morgan Keegan Private Client Group offices will soon be renamed Raymond James ‘ Morgan Keegan.
John Carson, former CEO of Morgan Keegan, has joined Raymond James and will become president and executive committee member of the parent company, and head of Fixed Income, Raymond James said in a statement.
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