About 500 of Raymond James' workforce will be cut because of a decline in earnings due to low interest rates and the pandemic-induced economic downturn.

Assured said its fourth-quarter profit fell on lower earnings from bond refunding and a one-time effect of the new tax law, even as the company's share value surged to record levels.

The par value of bonds guaranteed by BAM rose 3.4% from the third quarter last year, even as overall market new-issue volume fell 16%.

The largest municipal bond insurer said third-quarter net income fell 57% due to an increase in loss reserves for Puerto Rico hurricane damage.