ST. PETERSBURG, Fla. - Over 100 Raymond James employees in St. Petersburg received pink slips on Thursday.
According to Steve Hollister, Senior Manager of Public Communications, the job cuts are due to the Morgan Keegan acquisition which happened in April 2012.
According to a statement, Raymond James maintained elevated staff levels after the sale to provide a smooth consolidation of the two firms.
"Because of the remaining employment overlap… Raymond James is reducing employment by approximately 160 positions effective today," Hollister said.
115 jobs are being eliminated from the home office in St. Petersburg, 45 others will be spread across offices nationwide.
Hollister said, "These were not easy decisions, and we made every effort to be thoughtful and deliberate in our approach to achieving our staffing goals."