Raymond James hires several senior investment bankers from Jefferies, sources say

Raymond James has recently bolstered its investment banking team by hiring several senior bankers from the consumer and retail division of rival Jefferies, sources close to the matter have revealed. Among the new additions are Drew Weisman, who brings expertise from Jefferies' leveraged finance team, as well as Steve Tricarico, Russ Shoemaker, and Hub Orr from the consumer and retail investment banking unit.

This strategic move follows Raymond James' acquisition of consumer-focused boutique bank Financo in 2021, and is aimed at expanding its consumer and retail team, according to the sources.

Drew Weisman's addition is expected to enhance the bank's leveraged finance practice, which has been involved in advising on numerous consumer and retail deals in recent years. These include the sale of baby care brand Coterie to Mammoth Brands, the acquisition of hair care brand Not Your Mother’s by Henkel, and the sale of men's personal care brand Dr. Squatch to Unilever.

Additionally, Raymond James has been active in the capital markets sector, participating in several initial public offerings this year, such as Jersey Mike's and Bob's Discount Furniture.

It is worth noting that neither Raymond James nor Jefferies have commented on the hiring at this time.