Raymond James misses revenue estimates as tariff uncertainty hits investment banking
Global dealmaking is under pressure and companies are taking a wait-and-see approach as the Trump administration's whiplash trade policies fuel economic uncertainty, recession fears and inflationary pressures.
The St. Petersburg, Florida-based company reported Investment banking revenues of $216 million for the quarter, missing analysts' estimates of $251.1 million, according to data compiled by LSEG.
"The investment banking pipeline remains robust, although the timing of closings has been impacted by the macroeconomic uncertainty associated with tariff negotiations," said CEO Paul Shoukry.
Quarterly net revenue jumped 6% to about $2.49 billion in the firm's private client group segment, primarily driven by higher asset management fees and related administrative fees.
Private client group is the company's biggest source of revenue. The unit provides specialized financial services such as wealth management to high-net-worth individuals, families, and businesses.
Its total revenue of $3.40 billion also came in below estimates of $3.42 billion.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NBC News
an hour ago
- NBC News
Kristi Noem says Trump wants FEMA 'remade,' and more tariffs are set for U.S. trade partners: Weekend Rundown
Homeland Security Secretary Kristi Noem said President Donald Trump wants the Federal Emergency Management Agency 'remade' rather than dismantled entirely. 'I think the president recognizes that FEMA should not exist the way that it always has been. It needs to be redeployed in a new way, and that's what we did during this response,' Noem said in an interview on NBC News' 'Meet the Press,' referring to the federal government's response to the Texas floods that devastated the region and left more than 120 dead. Trump has previously slammed FEMA, which is part of the Department of Homeland Security, and mused about possibly 'getting rid' of the agency, which administers emergency relief. Noem, too, has previously said that the administration would eliminate FEMA. Asked on 'Meet the Press' a second time whether Trump no longer wanted to end the agency, Noem reiterated that she believed the president 'wants it to be remade so that it's an agency that is new in how it deploys and supports states.' Noem also brushed off criticism of the administration's flood response from some Democrats after Sen. Elizabeth Warren, D-Mass., called for her resignation. 'I don't care what she thinks,' Noem said, adding there was 'no' chance she would resign. Trump says he will hit E.U. and Mexico with a 30% tariff President Donald Trump on Saturday threatened a significant tariff hike on the European Union and Mexico, two of the largest U.S. trade partners. In separate letters published on Truth Social, the president wrote that each country will face a blanket tariff rate of 30% on all goods exported to the U.S. starting Aug. 1, and threatened even higher tariffs if either the E.U. or Mexico retaliates against his new levies. On Sunday, the E.U. said it would suspend retaliatory tariffs scheduled to take effect Monday in hopes of reaching a trade deal by the end of the month. Trump spent last week bringing his trade war back to a roaring boil. He kicked it off by issuing dozens of letters announcing unilateral tariffs, then said he planned to impose 50% duties on copper goods, sending prices of the raw metal to all-time highs. Late Thursday, he announced he would apply a blanket tariff of up to 20% on all imports, as well as a 35% tariff on some, and perhaps all, Canadian imports starting next month. The letters come as the many trade deals that Trump administration officials had said would be signed have failed to materialize, leaving the president with little to show for weeks of negotiations. 'Meet the Press' Gov. Andy Beshear, D-Ky., would not rule out running for president in 2028, telling 'Meet the Press' moderator Kristen Welker that he may 'take a look' at launching a bid. 'I would have never considered this a couple years ago, but I will not leave a broken country to my kids or to anyone else's,' Beshear said. 'And so if I'm somebody that at that point, that I believe that I can heal the country, then then I'll take a look at it.' Beshear, who was first elected governor in 2019, won re-election in 2023, becoming a rare Democrat to govern a ruby-red state, where 64.5% of voters cast ballots for President Donald Trump in 2024. Asked whether he was running for president, Beshear said, 'What I'm doing right now is trying to be a reasonable voice out there that hopefully doesn't just bring Democrats back together, but Democrats, Republicans and independents.' Politics in brief Trump vs. MAGA: Trump faces a revolt from his MAGA base as the Jeffrey Epstein files — and calls for Attorney General Pam Bondi to be fired — dominated a conservative conference in Tampa this weekend. Georgia on Trump's mind: How midterm voters react in Georgia, which has taken center stage in the Trump era as a key battleground state, could help determine how the final two years of his presidency go. Wimbledon crowns its men's and women's champions Jannik Sinner won his first Wimbledon title Sunday, defeating rival Carlos Alcaraz in four sets to capture his fourth Grand Slam trophy. In a rematch of June's French Open final — which Alcaraz won after dropping the first two sets — this time it was Sinner who came from behind for the victory. Sinner lost the first set before ultimately winning 4-6, 6-4, 6-4, 6-4. 'It's so special,' Sinner said after the match during an on-court interview. 'I had a very tough loss in Paris, at the end of the day it doesn't matter how you win or lose, you have to understand what you did wrong. That's what we did.' Put a cork in it: An ill-timed bottle pop from the crowd resulted in a cork landing on the court. 'Ladies and gentlemen,' the umpire said on the loudspeaker, 'as a courtesy to both players, please do not pop Champagne corks just as the players are about to serve.' On Saturday, the women's final was almost over before you saw it. Clocking in at just 57 minutes, the match was a lopsided affair as No. 8 Iga Swiatek dominated No. 13 Amanda Anisimova, 6-0, 6-0, to win her sixth Grand Slam title and first at Wimbledon. The Pole, 24, became the first woman since 1911 to win the Wimbledon final without losing a single game. She has now won every Grand Slam except the Australian Open. 'Honestly, I didn't even dream [of this], because for me, it was just, like, way too far, you know?' Swiatek said. 'I feel like I'm already an experienced player after winning the Slams before, but I never really expected this one.' A star-studded affair: While the on-court play garnered headlines, so too did the action off of it. Countless celebrities and athletes were in attendance for the tournament. Notable quote I don't know how you treat people this way. I really don't. A Veteran State Department Employee More than 1,300 employees were forced out of the State Department on Friday, taking with them decades of specialized skills and on-the-job training as part of the United States diplomatic corps. Several career employees who unexpectedly found themselves with pink slips told NBC News they were baffled by the massive overhaul. In case you missed it Two people were killed and at least three others, including a state trooper, were injured in what authorities described as a series of incidents in Lexington, Kentucky, after a suspect first shot at the trooper. A historic lodge on the Grand Canyon's North Rim was destroyed by a fast-moving wildfire, the park said. A 20-year-old American from Florida was beaten to death by Israeli settlers while visiting relatives in the occupied West Bank, according to his family and the Palestinian Ministry of Foreign Affairs. The family of a Northwestern scientist questioned for China ties sued the university, alleging it discriminated against her even though she was cleared of wronging, forcing her into a psychiatric facility against her will and ultimately leading to her suicide.
The Sun
2 hours ago
- The Sun
Is it any wonder legions of wealthy Brits are leaving – the country is in bleak place under hostile Labour
SO it is goodbye Blighty from me, as I join the legions of Brits leaving these shores. I'm not going because of over-regulation, crippling taxes and a hostile environment to entrepreneurship, but tens of thousands are. 3 Yet there is no denying that during my year writing this Monday column, things have become a lot bleaker for our country — once a shining beacon on the hill for investors and wealth creators. These were successful Brits who paid billions into our coffers but will now prop up public services and state spending elsewhere. They are fleeing a government that has already punished employers and workers alike with the heaviest tax burden in peacetime history, and is now cooking up more years of stealth taxes on income as well as the doomed leftist fantasy of a wealth tax. Is anyone surprised that top earners are scarpering for the Gulf, America or Switzerland? While I will be keeping a beady eye on what's going on here from across the Pond in Trump-land (and keeping you updated in The Sun's pages, too) others who are leaving won't be looking back. Brain drain According to consultants Henley & Partners, who admittedly have a stake in helping well-off business folk relocate, the UK is projected to lose 16,500 millionaires in 2025, which, it says, is double what had been expected. That's one world-beating title we still have, with the UK firmly at the bottom of the global millionaire loser league. We are miles behind even communist China, who are second bottom with a projected 7,800 millionaires taking flight. But it's not just the faceless, nationless super-rich fleeing — many of them have already fled Labour — but aspirational British citizens who are turning their backs on the place they once called home. And it's not just millionaires, either. PM vows to drastically increase the numbers of channel migrants sent back to France As many as 40,000 Brits moved to Dubai last year, with around a quarter of a million expats earning their keep there rather than in our cities. Call it a Taxodus, or a brain drain, or whatever, but there is no logical argument to importing a thousand illegal migrants a week to prop up the black market while watching our best and brightest leave. Or you could just sneer like many Labour MPs seem to, muttering good riddance. But they won't be so cocky when Chancellor Rachel Reeves has to fill the Budget black hole this autumn. The top ten per cent of income tax payers contribute more than 60 per cent of all income tax receipts. The top one per cent pay 29.6 per cent of all income taxes, despite earning just 12.9 per cent of the income. Those with the broadest shoulders are already carrying the biggest load. And yet the drumbeat to hit them even harder to fund unsustainable benefits and healthcare spending is already deafening. But where do you think that money is going to come from if you do not try to lure them to stay and pay instead? Yep, the pain will have to fall on those that DO NOT have the broadest shoulders and on yet more borrowing — cruelly hampering the yet-to-be-born future generations. And on that note it's not just the physical abandonment of Britain that should bring on a fresh bout of tears for the Chancellor. Our £2TRILLION debt mountain is only growing, and getting more expensive to service. Long-term borrowing costs are now consistently higher than during the Liz Truss disaster, but you don't hear the BBC screaming day in day out this time round. The UK was once seen as a safe haven for long-term investment, safe as houses and trustworthy. 'Buying in Britain was like buying in gold,' one banker said to me recently. 'It was a safe option when everything else goes a little crazy.' But now the rug has been pulled, with a government unable to get even the slightest decrease in the rate of public spending through Parliament, let alone a significant cut. And a political class totally lacking in the will, know-how or cojones to be honest with voters about what needs to be done. We have a PM who stood on the steps of Downing Street last year and promised he would be honest and his Government would 'tread more lightly' on its citizens. Yet now, 12 months later, he is too weak to stand up to his own Deputy Prime Minister, who along with Labour's union paymasters, is creating more bureaucracy and red tape for anyone actually trying to employ someone in Britain. Lower wages And who is it going to hurt? Yep, regular workers. A shocking report this week from the Institute of Economic Affairs says business faces a £5billion bill for Angela Rayner's Employment Bill, which will be passed on through lower wages, which have already stagnated for nearly two decades. I was going to try to write something a bit more positive about Britain as my last Monday offering, but now — running out of words — I realise what a struggle that would have been. Of course we are still a great country. We are not yet going cap in hand to the IMF like Labour in the 1970s, and there is still time to turn things around. We've been in tighter spots, we have been more broke — though only when winning two world wars. But recoveries have only happened when there has been leadership and honesty. When vested interests and the unions were stared down rather than given more power. When taxes were cut, and spending brought to heel — despite the screaming, shouting and protests. A time when backbenchers were not caving in at the first whiff of cordite. Business rates can be cut, Brexit exploited, madcap red tape attacks can be ditched, virtue-signalling Net Zero targets can be put in the reality check bin. But only when our politicians wake up. NOT allowing Donald Trump the chance to address Parliament when he visits in September is simple political cowardice. Especially after the red carpet was rolled out for Emmanuel Macron to lecture and hector Britain on Brexit last week during his own state visit. 3 This is the twice democratically elected leader of the free world and President of our closest ally. Caving over fears that hard-Left Labour and anti- Israel Independent MPs could protest or shun the speech is the height of pathetic. And says so much about who is pulling the Government's strings these days.
NBC News
6 hours ago
- NBC News
The EU is delaying retaliatory tariffs on US goods in hopes of reaching a deal by Aug. 1
BRUSSELS — The European Union will suspend retaliatory tariffs on U.S. goods scheduled to take effect Monday in hopes of reaching a trade deal with the Trump administration by the end of the month. "This is now the time for negotiations," European Commission President Ursula von der Leyen told reporters in Brussels on Sunday, after President Donald Trump sent a letter announcing new tariffs of 30% on goods from the EU and Mexico starting Aug. 1. The EU — America's biggest trading partner and the world's largest trading bloc — had been scheduled to impose "countermeasures" starting Monday at midnight Brussels time (6 p.m. EDT; 22:00 GMT). The EU negotiates trade deals on behalf of its 27 member countries. Von der Leyen said those countermeasures would be delayed until Aug. 1, and that Trump's letter shows "that we have until the first of August" to negotiate. "We have always been clear that we prefer a negotiated solution," she said. If they can't reach a deal, she said that "we will continue to prepare countermeasures so we are fully prepared." Europe's biggest exports to the U.S. are pharmaceuticals, cars, aircraft, chemicals, medical instruments and wine and spirits. Italian Foreign Minister Antonio Tajani was heading to Washington for talks Monday with the U.S. administration and Congress. In a statement, Tajani's office said that in his talks with EU allies before the meetings, he stressed the need to "negotiate with one's head held high." The right-wing government of Premier Giorgia Meloni, the only EU leader to attend Trump's inauguration, has sought to position itself as a " bridge" between Brussels and Washington. Trump has said his global tariffs would set the foundation for reviving a U.S. economy that he claims has been ripped off by other nations for decades. Trump in his letter to the EU said the U.S. trade deficit was a national security threat. Trump isn't satisfied with some of the draft agreements on trade, White House National Economic Council Kevin Hassett said on ABC News Sunday. "The bottom line is that he's seen some sketches of deals that had been negotiated with Howard Lutnick and the rest of the trade team, and the president thinks that the deals need to be better, and to basically put a line in the sand, he sent these letters out to folks. And we'll see how it works out," he said. U.S. trade partners — and companies around the world from French winemakers to German carmakers — have faced months of uncertainty and on-and-off threats from Trump to impose tariffs, with deadlines sometimes extended or changed. The tariffs could have ramifications for nearly every aspect of the global economy. The value of EU-U.S. trade in goods and services amounted to 1.7 trillion euros ($2 trillion) in 2024, or an average of 4.6 billion euros a day, according to EU statistics agency Eurostat. Trade ministers from EU countries are scheduled to meet Monday to discuss trade relations with the U.S., as well as with China. Speaking alongside Indonesian President Prabowo Subianto, von der Leyen said the trade tensions with the U.S. show the importance of ''diversifying our trade relationships." Announcing closer cooperation between the EU and Indonesia, she stressed the need for ''predictable'' trading partnerships based on ''trust.'' The Indonesian leader said, ''I think the United States will be always a very important leader in the world,'' but also stressed the need for multilateral relationships, adding, ''We would like to see a very strong Europe.''
