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, a scale of growth that underscores the significance of the leadership transition for a business line that has become a substantial part of Raymond James' overall operations.
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, ensuring continuity of his institutional knowledge even after stepping back from day-to-day executive leadership.
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, broadening his remit within the firm's leadership structure.
The changes, effective at the start of 2027, form part of a wider set of leadership adjustments at Raymond James designed to align senior management responsibilities ahead of the new fiscal year, with Curtis's move to the bank segment representing the most significant of the announced transitions.
Curtis's appointment to lead the Bank Segment reflects succession planning that Raymond James has evidently been developing for some time, given his board tenure at Raymond James Bank stretching back to 2019. That prior board experience is expected to ease his transition into the president role once Raney moves into his consulting capacity.
The bank segment's growth from $41 million in annual net revenues in fiscal 2006 to nearly $1.8 billion in fiscal 2025 places significant weight on ensuring continuity in its leadership, and the retention of Raney in an advisory and board capacity across multiple entities, including Raymond James Bank, TriState Capital Bank and the firm's trust companies, is designed to preserve institutional knowledge through the handover to Curtis.
Helal's expanded remit over the Asset Management Services division, alongside his existing Chief Strategy Officer responsibilities, forms part of the same set of leadership changes announced alongside the Bank Segment transition, indicating Raymond James is using the start of 2027 as a coordinated point to implement several senior management adjustments at once.
Raney's transition into a purely advisory and board-level role, rather than a full departure from the firm, allows Raymond James to retain continued access to his institutional knowledge of the Bank Segment's growth from $41 million to nearly $1.8 billion in annual net revenues, while Curtis takes on day-to-day leadership of the business from 1 January 2027.