Raymond James profit holds steady as dealmaking lull offsets interest income boost

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The higher-for-longer interest rate environment has benefited U.S. lenders, enabling them to earn more on the loans they provide to customers. Net interest ...

- Raymond James on Wednesday reported fourth-quarter profit that was broadly unchanged as gains from higher interest rates were offset by a prolonged slump in dealmaking activity.

Meanwhile, M&A activity, which had improved considerably through the year, nonetheless remains in check as fears of economic weakness linger. Adjusted net income available to common shareholders came in at $457 million in the three months ended Sept 30., compared to $459 million a year earlier. A biotech firm founded by Vivek Ramaswamy turned $15 million into $5 billion by flipping a bowel-disease treatment that Pfizer gave it for free

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