ST. LOUIS — Financial services provider Stifel Financial Corp. recently laid off close to 60 technology workers in St. Louis.
Neil Shapiro, head of corporate communications for Stifel, said in a statement Sunday that Stifel had completed a “small restructuring within our technology group.”
“While these decisions are always difficult,” Shapiro said, “we remain committed to St. Louis and to delivering exceptional digital experiences for our clients.”
Shapiro said Stifel had roughly 1,850 employees in St. Louis, where the company is headquartered, as of the end of September. It has about 10,000 total employees, Shapiro said.
Shapiro didn’t say whether the affected employees received a severance, or whether the cuts were due to declining company performance.
The news comes just months after Stifel announced what it called the best second quarter in company history, citing over $1.28 billion in net revenue.
Despite the record revenue, the company reported a net income of $155 million in the quarter ending in June, down 6% from $165 million in the same quarter last year.
Last year, Stifel grew its net income to $731 million, up 40% from 523 million in 2023.
Stifel was founded in 1890 in St. Louis. Its headquarters is in downtown St. Louis. President and CEO Ronald J. Kruszewski has led the company since 1997.
Shapiro said the restructuring was designed to “ensure our teams are best positioned to support the firm’s strategy and future growth.”
One laid-off worker said employees weren’t allowed to discuss the cuts.
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