Raymond James has scooped up 10 former Citi employees, including six senior bankers, in an expansion effort that establishes a public finance office in Seattle for the firm, creates a dedicated public power practice, grows its West Coast footprint and enhances the firm’s housing finance group.
Decisions by UBS and Citi to exit public finance announced at the tail end of 2023 presented opportunities for other firms to add talent.
Gavin Murrey, an executive vice president and head of public finance at Raymond James, said he began speaking with the people he hired from Citi about moving over in December.
Chris Mukai (pictured left), who was hired as a managing director and to co-head the Western region public finance division, brought his former Citi team to Raymond James. Ben Selberg was a managing director leading Citi’s Public Power, Energy & Renewables public finance practice, and will do the same for Raymond James in Seattle.
Raymond James
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Raymond James’ ongoing commitment to public finance and its willingness to hire the full team appealed to those hired, Murrey said.
“The hires we have made over the last few years showed a commitment to the business,” Murrey said. He noted the firm has 8,000 to 9,000 retail advisors and covers large municipal buyers as well as middle market fixed accounts, and needs product for those accounts.
The bankers also put forth a compelling plan as to what they believe they can do for Raymond James, he said.
The broker-dealer has hired 51 people over the past two years, though with retirements the hiring spree has only added 14 managing directors for a total of 180 public finance employees, Murrey said. The firm’s headcount in public finance has ranged from 165 to 180 over the past few years, he said.
The Citi California team that came over was led by Chris Mukai, who was hired as a managing director and to co-head the Western region public finance division along with Parker Colvin, who has been with Raymond James since 2013.
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“Raymond James is a highly regarded player in public finance with a talented team of professionals and a robust platform to serve the unique needs of the California market and beyond,” Mukai said in a statement. “It’s a real privilege to join Parker to lead the firm’s efforts in the Western U.S. With his partnership, we look to continue the steady growth and positive momentum that have been building here over the past decade.”
Mukai has 33 years of public finance experience and has worked on $485 billion in deals. He joined Citi in 2001 and led its public finance practice in the Western United States for the past 15 years. Prior to joining Citi, Mukai worked in public finance for Merrill Lynch for 10 years.
Other members of Mukai’s team hired by the firm are Victor Andrade in Los Angeles, Brian Olin in Seattle, and Stephen Field in Orange County, California, all of whom were hired as managing directors, and Harley Hoy in Orange County, hired as a vice president.
Ben Selberg, in Seattle, was a managing director leading Citi’s Public Power, Energy & Renewables public finance practice, and will do the same for Raymond James. Bella Meyn, an analyst, also joins the Seattle office.
Selberg, who was at Citi for 19 years, worked on $50 billion in financings while there, according to Raymond James.
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Though the bulk of the hires are on the west coast, the firm also added Susan Jun, a managing director in the National Housing Group in Chicago; Sara Campbell, a Philadelphia associate, and Neha Chowdhury, a New York analyst.
Jun has nearly 30 years of housing banking experience and has worked as senior banker for many of the largest affordable housing issuers in the country. She will help the National Housing Group further broaden and deepen its client base, with a particular focus on state housing finance agencies.
The ability to attract such an outstanding group of bankers is a testament to the tireless work done by the firm’s public finance team “to fuel our growth and advance our strategic vision to be one of the highest regarded public finance platforms in the nation,” Murrey said.
It’s been a remarkable year for Raymond James so far. Massive deals have enabled it to clamber up the rankings year-to-date from 10th top underwriter in 2023 to the fifth spot, underwriting $5.7 billion, according to LSEG data. The largest deals it led this year were Jefferson County, Alabama, which sold $2.2 billion of sewer revenue warrants; the Midland Independent School District, Texas, which brought $861 million; and the Conroe Independent School District, Texas, with $550 million.
It ranked the 10th top underwriter in 2023, rising from 12th in 2022 accounting for $14.9 billion and a market share of 4.1%, This was an increase from the $12.9 billion and 3.6% market share it totaled in 2022, LSEG said.
My spreadsheet reviewed a WalletHub ranking of financial distress for the residents of 100 U.S. cities, including 17 in California. The analysis compared local credit scores, late bill payments, bankruptcy filings and online searches for debt or loans to quantify where individuals had the largest money challenges.
When California cities were divided into three geographic regions – Southern California, the Bay Area, and anything inland – the most challenges were often found far from the coast.
The average national ranking of the six inland cities was 39th worst for distress, the most troubled grade among the state’s slices.
Bakersfield received the inland region’s worst score, ranking No. 24 highest nationally for financial distress. That was followed by Sacramento (30th), San Bernardino (39th), Stockton (43rd), Fresno (45th), and Riverside (52nd).
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Southern California’s seven cities overall fared better, with an average national ranking of 56th largest financial problems.
However, Los Angeles had the state’s ugliest grade, ranking fifth-worst nationally for monetary distress. Then came San Diego at 22nd-worst, then Long Beach (48th), Irvine (70th), Anaheim (71st), Santa Ana (85th), and Chula Vista (89th).
Monetary challenges were limited in the Bay Area. Its four cities average rank was 69th worst nationally.
San Jose had the region’s most distressed finances, with a No. 50 worst ranking. That was followed by Oakland (69th), San Francisco (72nd), and Fremont (83rd).
The results remind us that inland California’s affordability – it’s home to the state’s cheapest housing, for example – doesn’t fully compensate for wages that typically decline the farther one works from the Pacific Ocean.
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A peek inside the scorecard’s grades shows where trouble exists within California.
Credit scores were the lowest inland, with little difference elsewhere. Late payments were also more common inland. Tardy bills were most difficult to find in Northern California.
Bankruptcy problems also were bubbling inland, but grew the slowest in Southern California. And worrisome online searches were more frequent inland, while varying only slightly closer to the Pacific.
Note: Across the state’s 17 cities in the study, the No. 53 average rank is a middle-of-the-pack grade on the 100-city national scale for monetary woes.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
The up-and-coming fintech scored a pair of fourth-quarter beats.
Diversified fintech Chime Financial(CHYM +12.88%) was playing a satisfying tune to investors on Thursday. The company’s stock flew almost 14% higher that trading session, thanks mostly to a fourth quarter that featured notably higher-than-expected revenue guidance.
Sweet music
Chime published its fourth-quarter and full-year 2025 results just after market close on Wednesday. For the former period, the company’s revenue was $596 million, bettering the same quarter of 2024 by 25%. The company’s strongest revenue stream, payments, rose 17% to $396 million. Its take from platform-related activity rose more precipitously, advancing 47% to $200 million.
Image source: Getty Images.
Meanwhile, Chime’s net loss under generally accepted accounting principles (GAAP) more than doubled. It was $45 million, or $0.12 per share, compared with a fourth-quarter 2024 deficit of $19.6 million.
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On average, analysts tracking the stock were modeling revenue below $578 million and a deeper bottom-line loss of $0.20 per share.
In its earnings release, Chime pointed to the take-up of its Chime Card as a particular catalyst for growth. Regarding the product, the company said, “Among new member cohorts, over half are adopting Chime Card, and those members are putting over 70% of their Chime spend on the product, which earns materially higher take rates compared to debit.”
Today’s Change
(12.88%) $2.72
Current Price
$23.83
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Key Data Points
Market Cap
$7.9B
Day’s Range
$22.30 – $24.63
52wk Range
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$16.17 – $44.94
Volume
562K
Avg Vol
3.3M
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Gross Margin
86.34%
Double-digit growth expected
Chime management proffered revenue and non-GAAP (adjusted) earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance for full-year 2026. The company expects to post a top line of $627 million to $637 million, which would represent at least 21% growth over the 2024 result. Adjusted EBITDA should be $380 million to $400 million. No net income forecasts were provided in the earnings release.
It isn’t easy to find a niche in the financial industry, which is crowded with companies offering every imaginable type of service to clients. Yet Chime seems to be achieving that, as the Chime Card is clearly a hit among the company’s target demographic of clientele underserved by mainstream banks. This growth stock is definitely worth considering as a buy.
ROCHESTER, N.Y. — Student athletes are now earning real money thanks to name, image, likeness deals — but with that opportunity comes the need for financial preparation.
Noah Collins Howard and Dayshawn Preston are two high school juniors with Division I offers on the table. Both are chasing their dreams on the field, and both are navigating something brand new off of it — their finances.
“When it comes to NIL, some people just want the money, and they just spend it immediately. Well, you’ve got to know how to take care of your money. And again, you need to know how to grow it because you don’t want to just spend it,” said Collins Howard.
What You Need To Know
High school athletes with Division I prospects are learning to manage NIL money before they even reach college
Glory2Glory Sports Agency and Advantage Federal Credit Union have partnered to give young athletes access to financial literacy tools and credit-building resources
Financial experts warn that starting money habits early is key to long-term stability for student athletes entering the NIL era
Preston said the experience has already been eye-opening.
“It’s very important. Especially my first time having my own card and bank account — so that’s super exciting,” Preston said.
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For many young athletes, the money comes before the knowledge. That’s where Glory2Glory Sports Agency in Rochester comes in — helping athletes prepare for life outside of sports.
“College sports is now pro sports. These kids are going from one extreme to the other financially, and it’s important for them to have the tools necessary to navigate that massive shift,” said Antoine Hyman, CEO of Glory2Glory Sports Agency.
Through their Students for Change program, athletes get access to student checking accounts, financial literacy courses and credit-building tools — all through a partnership with Advantage Federal Credit Union.
“It’s never too early to start. We have youth accounts, student checking accounts — they were all designed specifically for students and the youth,” said Diane Miller, VP of marketing and PR at Advantage Federal Credit Union.
The goal goes beyond what’s in their pocket today. It’s about building habits that will protect them for life.
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“If you don’t start young, you’re always catching up. The younger you start them, the better off they’re going to be on that financial path,” added Nihada Donohew, executive vice president of Advantage Federal Credit Union.
For these athletes, having the right support system makes all the difference.
“It’s really great to have a support system around you. Help you get local deals with the local shops,” Preston added.
Collins-Howard said the program has given him a broader perspective beyond just the game.
“It gives me a better understanding of how to take care of myself and prepare myself for the future of giving back to the community,” Collins-Howard said.
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“These high school kids need someone to legitimately advocate their skills, their character and help them pick the right space. Everything has changed now,” Hyman added.
NIL opened the door. Programs like this one make sure these athletes walk through it — with a plan.
