But I think we would be north of 10%, even if we factored in all of those losses because we kept duration relatively contained on our balance sheet. And there are no further questions at this time. However, SumRidge enhances our position as this business typically benefits from elevated rate volatility and has produced excellent results since joining us. Our research analysts cover companies in nine highly focused industries across the market cap spectrum. Raymond James Maintains New York Community Bancorp (NYCB - Nasdaq Non-compensation expenses of $496 million increased 25% sequentially. It's in the system. Raymond James Selects FactSet as the Market Data Provider for U.S In addition to consideration of strategic and long-term issues, the Board undertakes a review of its own performance, functions and processes, to determine whether the Board and its committees are functioning effectively and identify areas for improvement. Back; Wealth Management; . Tremor International to Present at the Raymond James 2022 - Nasdaq Our research analysts cover companies in nine highly focused industries across the market cap spectrum. So maybe take us through what you were hearing from FAs and customers back then? Raymond James Financial, Inc. (RJF) Q3 2023 Earnings Call Transcript Phone: (408) 227-CSCO Now I'll turn the call over to Chair and CEO, Paul Reilly. While we'll continue to support our PCG clients when their demand for loans eventually recover, we will be very prudent in growing corporate loans given market uncertainty. materially from those expressed in these statements. Committee chairpersons are generally expected to serve for renewable terms of three (3) years. Financial Info. And the next question comes from the line of Brennan Hawken with UBS. About Us | Raymond James Ltd. Username or For example, in our current advisor recruiting pipeline, we have several commitments from teams with $5 million to $20 million of annual production. Similarly, our Chief Executive Officer is expected to acquire shares equal to seven (7) times his annual salary, and other members of the Companys Executive Committee at least three (3) times their respective annual salaries, by the fifth anniversary of the later of adoption of the policy or their appointment. Lastly, on Slide 17, we provide key credit metrics for the Bank segment, which includes Raymond James Bank and TriState Capital Bank. Customers' accounts are protected by the Canadian Investor Protection Fund within specified limits. And then just maybe a follow-up question to that. With Raymond James, you will gain extensive M&A, equity, debt and restructuring experience . So we have a lot of kind of capacity and bandwidth to add higher cost funding, while still generating attractive returns. And I appreciate that you guys think this is close to what you were budgeting for. Directors who are officers of the Company should offer their resignation in the event of any significant change in their primary job responsibilities and/or upon termination of their employment with the Company. While there has been some noise with elevated legal and regulatory expenses this quarter and there are always some seasonal expenses that hit in the first calendar quarter of the year, none of the non-compensation expenses are coming in too much differently than we expected when we last provided guidance for the fiscal year. Meanwhile, we'll continue to be -- offer attractive products to our clients that give them good yields and get them good FDIC coverage to keep deposit balances as strong as we can. So we can't say when, but we believe that will happen, and that's why we'll be a little more prudent in the next quarter or two with the balance sheet as we watch what happens in the market. Brown. And maybe could advisors be more active moving their customers' cash there in the near term, just given that it's new. This determination will be based on the Boards judgment of the best interests of the Company from time to time. The strength and stability of our firm is a direct reflection of your commitment. -- a 10% decline in So one more on cash and deposit dynamics. And then if we do see a recovery in the Capital Markets revenue, what kind of order of magnitude would you expect to feed through and pull down that comp ratio? We plan on holding more than we need for -- during these volatile times, more than we hopefully need during these volatile times, just to stay prudent. I hopped on a minute late, but I had a question just on the net interest income outlook. Events. Good. So it's kind of a combined basis as we show it in the presentation. Wealth Management | Raymond James Ltd. Raymond James Financial, Inc. (RJF) Q2 2023 Earnings Call Transcript The Bank segment generated record net revenues $540 million and pre-tax income of $91 million. We believe there will be a more attractive opportunities in the future as spreads widen to reflect the higher cost of funding and our higher premium required for credit risk across the entire banking industry. VMware to Present at the Raymond James Technology Investors Conference But if we can stay anywhere close to this range, we'd be pleased with that. Our business is people and their financial well-being. This website uses cookies to ensure you get the best experience on our website. Entering text into the input field will update the search result below. However, we do expect to have some headwinds from lower RJBDP fees from third-party banks, given lower average balances. Raymond James is one of the fastest-growing wealth management businesses in the UK today. Got it. So after the Fed stops hiking rates, I'm assuming that deposit betas will continue to rise and be a drag. So we'll just dial it back or stop it, or if we open it up to other securities type, if you really need it, and there's treasuries, there's CDs, there's other things that have stayed on the system seeking yield. It will be industry-wide. Slide 14 shows the pre-tax margin trend over the past five quarters. The Asset Management segment generated pre-tax income of $82 million on net revenues of $216 million. These Principles will be reviewed regularly by the Corporate Governance and ESG Committee of the Board. To the fullest extent possible, directors should review agendas and other meeting materials in advance of any Board or committee meeting. So we don't believe that the market is fully factoring in potentially the downside risk on certain loans. But as we have always said, instead of focusing on maximizing NIM, we are focused on preserving flexibility and growing net interest income over the long term, which we still believe we are well positioned to do after the cash sorting dynamic is behind us. Board materials are distributed in advance of each meeting, generally containing financial, strategic and operational summaries from each of the major business units as well as material information relating to agenda items. Investors may obtain more detailed information regarding the direct and indirect interests of Acacia and its respective executive officers and directors in the acquisition by reading the preliminary and definitive proxy statements regarding the transaction, which will be filed with the SEC. Please note certain statements made during this call may constitute forward-looking statements. But if we look at non-comp ex provisions and backing out the $20 million of the arbitration fee, it looks like it was up almost $30 million sequentially. This website and other items we publish, including through social media outlets may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Established in 1962 and a public company since 1983, Raymond James Financial is listed on the New York Stock Exchange (RJF) and its shares are currently owned by more than 20,000 individual and institutional investors. The firm reported record quarterly net revenues of $2.9 billion and net income available to common shareholders of $425 million or $1.93 per diluted share. Password? 88% of our bank deposits are FDIC insured, including nearly 95% of Raymond James Bank amongst the highest in the entire industry, and A-level rating with all three credit agencies which Fitch reaffirmed in March at the height of the turmoil. Members of the Board are expected to attend all Board meetings and meetings of committees on which they serve, to spend the time needed in preparation for such meetings and to meet as frequently as they deem necessary to properly discharge their responsibilities. I'm sorry, it's been a real dead horse to beat here. The forecasts range from a low of 10.10 to a high of . Turning to Slide 12. In connection with the proposed acquisition and required stockholder approval, Acacia[2] will file with the Securities and Exchange Commission a preliminary proxy statement and a definitive proxy statement. And as Paul said earlier, we always strive to look for those win-win opportunities for both clients, advisors and the firm. So yes. 2023 Raymond James Financial, Inc. All rights reserved. SEC Filings. Looking forward, we expect combined net interest income and RJBDP fees from third-party banks to decline sequentially in fiscal third quarter due to a decrease in third-party RJBDP fees given the lower average balances with third-party banks. Looking forward, we expect additional cash sorting activity, although we believe we are much closer to the end of that dynamic than we are to the beginning if rates settle out near current levels, and the average sweep balance per account over the approximately 3.4 million accounts domestically is now less than $15,000. Paul Shoukry, I think you commented a few times on how you're at 10 and peers are at 50. Moving to Slide 11. Mar 7, 2023 at 9:15 AM EST Raymond James 2023 Institutional Investors Conference Listen to webcast. Got you. The sequential decline reflects the expected cash sorting activity, which was partially offset by the launch of our Enhanced Savings Program. Got it. And what gives you the confidence that this will slow from here? Any work assignments to employees of the Company, however, must be coordinated in advance with senior management. Investor Relations - Raymond James Technology Investors Conference - Cisco Event Details 20 minutes minimum delay Jul 26, 2023 4:00 PM Raymond James Technology Investors Conference December 6, 2021 10:20 AM PT Liz Centoni, EVP, Chief Strategy Officer and General Manager, Applications Webcast Forward-Looking Statements Thank you all for joining us. And so those fees will be down 25% roughly, depending on what happens with rates and other things. So it looks like about $1.5 billion flowed out in the last week if you exclude the Enhanced Savings Program. So shorter term, I think the capital ratio is going to be over the 10%, but we're not going to change the goal, but during the volatility like we've seen with today's news and other things, we're going to be cautious to pretty comfortable the market settled down. Net revenue increased 7% and net income available to common shareholders grew 32%. The Corporate Governance and ESG Committee conducts an annual evaluation of each directors performance in connection with the nomination of candidates for election to the Board. Investor Relations - Raymond James Technology Investors Conference - Cisco If I heard you correctly, I think you guys have gotten to down 10% from wide NII. And as most of you know, we have been expecting, communicating and preparing for the sorting activity for quite some time. We have both the capital liquidity to handle that. The 11.5% Tier 1 leverage ratio reflects a $1 billion of excess capital above our conservative 10% target, which would still be 2x the regulatory requirements to be well capitalized. A conference call to discuss the results will take place the same afternoon, Wednesday, July 26, at 5 p.m. Home. More stock information Financial Information Information concerning Ciscos directors and executive officers is set forth in Ciscos proxy statement for its 2018 Annual Meeting of Shareholders, which was filed with the SEC on October 24, 2018, annual report on Form 10-K filed with the SEC on September 6, 2018, Form 8-K filed with the SEC on May 22, 2019, and Ciscos other filings with the SEC. Raymond James 40th Annual Institutional Investors Conference. And so that could pressure the -- I guess, the rate on the liability side or do you have data that's just suggesting that the majority of the yield-seeking cash has already moved out of the accounts? Yes. Are you saying in March, you had restrictions that required net new money, and now those restrictions are off. And obviously, it would be helpful to know what you're assuming for interest rates for the second quarter, underpinning the 10% decline? The only truly interactive portfolio management system for financial institutions, eFolio allows you to interact with your portfolio online -- sorting, strategies, inventories, research, swaps and more. Raymond James Financial, Inc. is an American multinational independent investment bank and financial services company providing financial services to individuals, . So a lot of that's market dynamic. I appreciate that. The Board will promptly publicly disclose its decision and the reasons therefor. So you kind of have to look at the holistic picture to determine whether or not it's really a win-win. We are very pleased to generate a 62.8% adjusted compensation ratio, given these factors and the extremely challenging market environment in Capital Markets. And we hope to continue to offset any further cash sorting activities through our diversified funding sources, including the Enhanced Savings Program, TriState's deposit franchise and other initiatives. Acacia and its executive officers and directors may be deemed to be participants in the solicitation of proxies from Acacias stockholders with respect to the acquisition. NOTE: Re-select all alerts you would like to receive if you change your subscription preferences. We would also plan to keep elevated cash balances in the Bank segment, which grew from $1.8 billion in December to $5 billion at the end of the fiscal second quarter. Despite a healthy banking pipeline and solid new business activity, there remains a lot of uncertainty in the pace and timings of deals launching and closing, given the heightened market volatility. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. We will continue to prudently manage expenses in these businesses as the near-term revenues continue to come under pressure. Username or Good afternoon, everyone, and thank you for joining us. A few weeks later, we were able to renew and upsize our 5-year committed revolver with enhanced terms, thanks to the fantastic relationship we have with all of our bank partners. But we also expect there to be some challenges if the economy continues to soften, particularly for real estate. Toll Free: 800-254-5194 The forecasts range from a low of 82.82 to a high of $106.05. Investment Banking | Raymond James A director who is also an employee of the Company shall not receive additional compensation for such service as a director. In the Capital Markets segment, while M&A pipelines remain healthy and engagement levels are good, the pace and timing of launching and closing transactions will be challenged until market conditions stabilize. Most of it was mid-March strength of banking turmoil. With us on the call today are Paul Reilly, Chairman Chief Executive Officer; and Paul Shoukry, Chief Financial Officer. But we'll keep it until we have extra in this environment. Eugenio Alemn, Chief Economist Weekly Commentary Life Well Planned Investment Strategy Practice Insights The adjusted compensation ratio was 62.8% during the quarter. Annual Report 2022 - Raymond James And then when TriState joined, we upped it. Upon prior approval by senior management, individual members of the Board may, from time to time, meet with or otherwise communicate to various constituencies that are involved with the Company. That settlement was higher but that's really driving, and that's kind of lumpy. We're comfortable at these cash balances. Information about Acacias directors and executive officers, including their ownership of Acacia securities, is set forth in the proxy statement for Acacias 2019 Annual Meeting of Stockholders, which was filed with the SEC on April 3, 2019, Form 8-K filed with the SEC on June 3, 2019, and Acacias other filings with the SEC. Combined makes a lot more sense. The non-executive Directors also meet regularly with the CEO. The Compensation and Talent Committee establishes standards for CEO performance and determines the compensation of the CEO based on an annual review of his or her performance. As you think about maybe Paul, Sui you could just unpack, I think I understand the difference between the sort of the bank versus the third-party sweep impact, but maybe unpack maybe where you are on a spot basis for the NIM? Yes. Your Raymond James advisor will help you prepare for lifes major financial milestones and every moment in between. Further, we were able to buy back 350 million of shares at what we believe were attractive prices. There's no doubt. Okay. But to the extent the capital rules do change or increase and certainly the cost of the average deposit in the industry as all the big banks were saying, even the largest banks are saying that's increasing as well, then you would expect all else being equal for spreads to expand across the industry to preserve a reasonable NIM and a reasonable return on equity for the industry. Independence. 24 x 7 global phone support, Forgot This call is being recorded and will be available for replay on the company's Investor Relations website. Members of the Board are compensated for their time and services by cash and equity awards. If you have an ad-blocker enabled you may be blocked from proceeding. Nerdy to Participate in Raymond James Technology Investors - Nasdaq Net income available to common shareholders came in at $369 million, or $1.71 per diluted share, compared with $299 million or $1.38 per diluted share, a year earlier. In a bright spot, net revenue in the quarter climbed 7% to $2.91 billion. I was referring to the cash reserves, just the cash. And as Paul said, we're being deliberate in growing corporate loans, and we're being actually opportunistic in selling corporate loans. Transfer Agent. However, we are focused on managing controllable expenses as near-term revenues are depressed. The Bank segment net interest margin increased 27 basis points sequentially to 3.63% for the quarter, and the average yield on RJBDP balances with third-party banks increased 53 basis points to 3.25%. Nov 30, 2022 6:30am EST. Moving to Slide 6. Non-executive directors may not serve on the board of directors of more than three (3) other public companies. Looking at the fiscal year-to-date results on Slide 7. San Jose, CA 95134-170 USA The Board may amend the Principles from time to time in light of corporate governance developments. Being able to generate record quarterly revenues during a period when Capital Market revenues were so challenged across the industry, reinforces the value of having diversified and complementary businesses. Honoring Juneteenth. Hyatt Announces Timing of Second Quarter 2023 Earnings Release and Investor Conference Call June 27, 2023. We are pleased with the early success of our Enhanced Savings Program. But again, I think the conservative way we run the firm really puts us in good shape. The Board recognizes the value of continuity of directors who have experience with the Company and who have gained over a period of time a level of understanding about the Company and its operations that enables the director to make a significant contribution to the deliberations of the Board without, in the case of non-executive Board members, any ongoing impairment to their independence. Building a diversified investment portfolio can be a complex process. As of this week, Enhanced Savings Program balances have surpassed $4.5 billion. Get to Know Jason Enouy, SVP & CCO, Raymond James Ltd. Get to know Shannon Tucker, director of PCG Compliance and Pride Inclusion Network National co-chair, Emancipation. While these actions don't optimize net interest margin over the short term, we believe they give us the most flexibility over the long term. The Company has a comprehensive ethics policy applicable to all employees and to members of the Board, requiring adherence to high ethical standards as well as compliance with all applicable laws, rules and regulations. So I would say we're -- our growth plans are not really to expand the balance sheet much this next quarter. In addition, the Audit Committee designates at least one of its members as an Audit Committee Financial Expert. So third then becomes is when you start investing in that order when you start investing in the growth in assets and in the bank, that we're just going to have to decide. 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INVESTOR RELATIONS. Search. And really, you have to look at it both at the sweep program and also adding the Enhanced Saving Program balances. So is the expectation that it's going to take a near-term step back and then can grow off of whatever that new base is? Apr. But I think the revenue mix going forward will dictate what the result will be. Investors may obtain free copies of these documents (when they are available) and other documents filed with the SEC at its website at www.sec.gov. I'll discuss more related to the credit quality of the Bank segment shortly. you everyone for joining us as we discuss Raymond James Financial announced acquisition of TriState Capital Holdings. In 2022, we expanded the Raymond James family with the completion of the Charles Stanley acquisition and the additions of TriState Capital Holdings and Sumridge Partners - all companies that were right-fits both strategically and culturally. Investor Relations - Bank7 Customers' accounts are protected by the Canadian Investor Protection Fund within specified limits. Thanks for joining us, and we'll talk to you all soon. A reconciliation of these non-GAAP measures to the most comparable GAAP measures may be found in the schedules accompanying our press release and presentation. Raymond James Ltd. | LIFE WELL PLANNED So we still -- we're not changing that guidance for the time being because none of the -- other than legal and regulatory, which is inherently unpredictable, and we had a $20 million arbitration award, which we were not expecting, obviously, this quarter. Quotes delayed at least 15 minutes unless otherwise indicated. I mean it's a mix -- it's so is complicated because the revenue mix matters when you talk about our comp ratio. In that connection, the Board helps management assess long-range strategies for the Company and evaluates management performance, but does not engage in day-to-day management of the Companys business. Total bank loans decreased 1% from the preceding quarter to $44 billion, primarily reflecting a modest decline in securities-based loans due to higher interest rate environment. It's great to see such an upbeat mood and people really having a good time getting back together as well as all the other educational sessions we have here. As Paul Shoukry will explain in more detail, this quarter was negatively impacted by some seasonal expenses as well as elevated legal costs.
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