ST. PETERSBURG, FL —Raymond James Financial, headquartered in St. Petersburg, plans to cut hundreds of jobs around the country, , according to the Tampa Bay Times. About 500 people will be laid off from the company; the exact number of how many local employees will be affected has not been released.
The coronavirus pandemic has affected Raymond James with a 5 percent drop in revenue year over year, as well as a 34 percent drop in net income, in part because of extended low interest rates, the Times reported.
The company has about 13,900 employees, and 5,000 in Tampa Bay.
Employees who are being laid off will receive their full year’s bonus for this fiscal year, CEO Paul Reilly said in an email sent to employees. Medical benefits will continue for a year for U.S. employees, and they will also receive job placement support.