November 14, 2012
Raymond James plans to close its equity research operations in Sao Paulo, t
Raymond James plans to close its equity research operations in Sao Paulo, the brokerage says. “The firm has concluded that the costs, structural impediments, and complex legal, tax and regulatory environments are impeding sufficient return on invested capital,” it says. In addition to the team of analysts in Brazil, a small number of employees supporting LatAm in New York and London will also be cut. Operations in Argentina and Uruguay will continue.