* Bank says complex legal, tax environment hurting business
* Operations in Argentina, Uruguay will be maintained
RIO DE JANEIRO Nov 13 Brokerage and investment
bank Raymond James Financial Inc announced on Tuesday it
was closing its equity research operations in Sao Paulo, Brazil,
due to tax and regulatory hurdles.
A small number of employees who support Latin American sales
and trading will also lose their jobs in New York and London,
the St. Petersburg, Florida-based firm said in a statement.
Raymond James had eight analysts in Sao Paulo and four
employees supporting Latin American trading and sales in New
York and London, said a bank source, requesting anonymity.
"The firm has concluded that the costs, structural
impediments, and complex legal, tax and regulatory environments
are impeding sufficient return on invested capital," Raymond
James said in a statement.
The firm added it will keep its affiliate operations in
Argentina and Uruguay, in addition to global operations in the
United States, Canada and Europe.
A spokeswoman for the bank in New York offered no additional
On its website, Raymond James says its international
subsidiaries and affiliates employ 47 analysts based outside the
United States, who cover more than 400 companies.