Raymond James Financial announced on Tuesday that Bank Segment President Steve Raney will move to an executive consulting role effective 1 January 2027, with Chief Operating Officer Scott Curtis succeeding him as head of the bank segment.
The transition follows 21 years in which Raney led the firm's banking business. Curtis, who has served on the Raymond James Bank board since 2019, takes over as part of what the company described as long-term succession planning.
BANK BUSINESS GREW SHARPLY UNDER RANEY
Chief executive Paul Shoukry said that under Raney's leadership, the bank business grew from approximately $41 million in annual net revenues in fiscal 2006 to nearly $1.8 billion in fiscal 2025, while becoming an increasingly important part of how the firm serves advisers and their clients.
Raney will not leave the firm entirely: he will continue as chair of the Raymond James Bank board, remain a member of the TriState Capital Bank board, and serve on Raymond James' two trust company boards and select bank committees.
STRATEGY CHIEF GAINS ADDITIONAL OVERSIGHT
In a related move announced alongside the bank segment transition, Chief Strategy Officer Tarek Helal will also oversee the Asset Management Services division effective 1 January 2027, in addition to his current responsibilities.
Shoukry said the realignment would provide additional leadership focus and better position the Bank Segment and Asset Management Services to execute on strategic opportunities.
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