Raymond James clarifies holding company plan
Raymond James Financial CEO Tom James acknowledged in an interview earlier this week that his St. Petersburg company was planning to seek a bank holding company structure that would bring the investment firm under the oversight of the Federal Reserve. James stressed this was a plan that has long been in the works, while the disclosure in the interview just happens to coincide with related announcements by Goldman Sachs and Morgan Stanley to seek similar holding company status under the Fed. Confused? Well, Raymond James just issued a press release to set it all straight.
“It’s an unfortunate misperception that Goldman Sachs, Morgan Stanley and now Raymond James are fundamentally changing their business models,” James states in the release. “In fact, these changes are more form than substance in that regard."
-- Robert Trigaux, Times Business Columnist