More than 200 positions – including 68 in Memphis – have been identified as “redundant” as a result of the combination of Memphis-based Morgan Keegan & Co. Inc. with St. Petersburg, Fla.-based Raymond James Financial Inc.
That’s according to a Raymond James spokesman, who said 218 such positions are being eliminated by the time the merger closes, which is expected to happen the week of April 2. The positions are mainly in the equity capital markets and fixed income groups.
“Of the total, 68 jobs are located in Memphis, where approximately 1,000 associates are employed,” said Raymond James public relations manager Steve Hollister. “In St. Petersburg, 16 jobs are being eliminated. The remainder of the redundant positions is spread among 31 cities nationwide.”
The Memphis positions to be eliminated include 57 at Morgan Keegan and 11 at Raymond James.
Hollister added that severance packages will “recognize and reward tenure.” Also, Raymond James has engaged an outside firm to provide career transition guidance.
“As integration moves forward, we will continue to work through a deliberate process to ensure we maintain the highest client service levels,” Hollister said. “In cases where additional redundancies are identified, each employee will be similarly treated fairly. For those whose skills may be transferable to other jobs within the combined company, we will assist with finding matches and encourage associates to apply for open positions.”