Thread regarding Edward Jones layoffs

No matter how hard you worked, no matter how much you believed in the firm before, you can never feel safe again.

I've been working at Jones for nearly my entire professional career, right out of college, for the past decade. I worked hard to prove myself in the eyes of leadership and my peers. Copious amounts of overtime, volunteering for more work repeatedly, going above and beyond in every capacity I could with a ratio of 9 "Exceeds" to every "Meets". Promoted numerous times with several lateral moves, always "working my way up" however I could, because I believed in the company and wanted to be a part of something truly great.

But in that time...

I was hired with a title and grade two below the role I actually filled, told I had to work my way up only to watch others be hired directly to the higher title at higher pay than I made when I was eventually promoted. I was repeatedly paid less than the minimum for my paygrade, with more than one "Bring to Minimum" increase. I was denied increases outside of annual reviews, despite being below the minimum. I was never offered a partnership. I was converted to salary without my consent, with the expectation I continue working heavy overtime, in addition to regular weekends. I was denied opportunities for promotions due to my volunteer projects. And now, I have been ISP'd.

I stayed all these years because I felt secure, and I truly viewed many of my coworkers as friends. When I first toured the campus, in my interviews, even in the lunchroom I heard repeatedly how Jones was "one of the best places to work" and "never did layoffs", "the culture is incredible", and that "the happiest feeling in life is feeling safe and secure in your job, never worrying about putting food on the table" (exact quote). The older associates said this is somewhere you don't have to job hop, you want to stay here your whole career, it's that good. And, like an absolute mo--n, for the past decade I believed them.

This past month I've felt a lot of things... Anxiety. Shock. Frustration. Fear. Depression. Unappreciated. A number on a spreadsheet. Like my whole career has just been reset. But most of all? I feel betrayed. I've been stabbed in the back, and I feel sick to my stomach for it. And it's not only me - I've spoken to a dozen of my friends who all got the same news, and a dozen more who are heartbroken to see us all leave so suddenly (many of which received demotions). Being locked out of the building, having our names scrubbed from projects and tickets, being forgotten and shown firsthand that we never mattered. Thousands of years of cumulative experience purged in the name of profit for the select few at the very top.

My world view has been shattered. I wish I could go back in time and tell myself to treat Jones as a stepping stone and take the opportunities presented elsewhere along the way. Instead, I was walked all over for years and the only thing I have to show for it is a lovely pink slip, and a crippling fear for my family's future. I've put out dozens of applications in the past month, putting my all into finding something new, and haven't gotten a single interview. They let us go into one of the worst job markets they could. At the start of this year, I thought I was going to retire from Jones... Now I don't know what my life will look like 6 months from now, let alone 10 years from now.

My faith in the firm's direction is gone; the company culture is dead.
If you're still there and thought you were safe, you will never be able to feel that way again.


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| 1954 views | | 18 replies (last November 11) | Reply
Post ID: @OP+1k6vgq4d7

18 replies (most recent on top)

@5cn , there's no reason for YOU to be embarrassed. You aren't running the show or making the decisions that affect the lively hood of others.

I am truly sorry to read this happened to you. I'm 100% positive the clients will see the service level decline.

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Post ID: @5e2+1k6vgq4d7

10 year veteran Sr BOA here (MBA and lots of experience with outstanding reviews at Jones) recently let go...or rather my job was "eliminated".... because my FA is merging with another branch. I was told there is no room....rigghhhttt.

The newly formed branches are retaining a new hire BOA (no previous work experience and has been with Jones 6 months) and another not yet even graduated from college but given the go-ahead. This is the "team" planning to build a billion dollar branch here folks! Guess they wanted an echo chamber for help rather than proven experience or know how? What is happening to Jones? Is this where the pride and ego of a few take us all down?

Has the whole company gone mad? Are they passing around a new shared psychosis ~ folie à deux?

Everything is upside down. I'm sooo embarrassed!

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Post ID: @5cn+1k6vgq4d7

Thanks for sharing your heart. I am so sorry this happened to you. Those of us who remain are suffering as well, albeit in different ways. You deserve better. We all deserve better. Many days all I feel is despair. I’ve lost hope in my company and my future. I know it’s just a job, but the people were my family and now they are all gone. I feel so alone working with these strange robots that have taken their place. I think all of the ELT are cyborgs. If you catch them from a certain angle, their eyes glow red.

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Post ID: @4h2+1k6vgq4d7

@k5 There is no way I am leaving. I have quietly quit just like Penny has quit on us. I am just doing the bare minimum and cashing my checks like Penny is cashing her easy checks that add up to over $29 million per year. Thanks, Penny, for showing us we do not have to care about the firm to still get paid. I used to care about the firm and my work. You have shown me that I do not have to because doing a great job and going above and beyond does not matter as she has laid those people off. Caring about my performance and the firm caused me some stress and anxiety over the years. Not anymore. Penny's leadership has allowed me to be stress-free. Just make sure that easy check hits every two weeks and I will keep my seat warm. Thanks, Penny!

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Post ID: @nq+1k6vgq4d7

You have way too much time on your hands. Leave if you’re not happy.

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Post ID: @k5+1k6vgq4d7

@OP I TOTALLY understand! My suggestion would be to (if you even care to remain with the the firm) to hit that “connect” button on every single suggested person that works at EJ. Especially leaders in areas of interest. Believe it or not, it was mainly GPs who made these decisions without even consulting your direct leader. I know this for a fact as I’m friends with several leaders and my own leader was demoted and blindsided. There are still leaders who care. And who hate what is happening to us. I posted that I had been ISP’d and how I was looking for my next opportunity and then loads of people shared my post and sung my praise and suddenly I realized how much people DO care. Penny and ELT are the decision makers. But they can’t ruin the love and care we have built for one another as peers over the years. This led to an email from a sr leader encouraging me to apply for a role on his/her team. And I now have my 2nd interview next week. And guess what? It’s 2 pay grades higher. So put yourself out there!

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Post ID: @k0+1k6vgq4d7

I'm the original poster, I just want to say I really appreciate what's been written here. I wrote what I did in the main post because I've been quiet for too long, and even if anonymous I wanted to put my thoughts out there somewhere. It made me feel better just getting to say what I haven't been able to (not without feeling safe anyway) until now.

This past month has made me more cynical and pessimistic than ever before, but these are the sorts of replies that walk those thoughts back, little by little. I still don't know how to feel, though. I bounce back and forth between feeling sorry for myself and my peers, being optimistic that I'll come out ahead of this, being angry at leadership for letting it happen, that the skills I learned in Jones won't translate elsewhere, and that I'm likely about to walk years backwards in my career and compensation and won't be able provide the life for my family I was able to even just two months ago.

This bouncing of emotions makes it hard to do the things I know I need to do; aggressive applications, working towards certifications, networking where possible... But I can't take a break because I'm too stressed to put them off, and I feel myself making mistakes along the way, feeding back into that loop of bouncing thoughts and emotions.

I hope every single one of us ISP'd is able to get ahead, and walk away happier than ever before. That this whole situation was just a kick in the direction of progress... But it sure is hard to maintain that state of optimism for long.

Also, I'm very thankful for the offer to join the group of other ISP'ers, but I'm not really sure how I would join it, and I'm a little wary of having my name associated with this post at all (even if I'm already gone it can always be worse, please don't blacklist me). But I'm very glad to have been given the offer.

Thanks all, best of luck to everyone - affected or not.

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Post ID: @dk+1k6vgq4d7

@dd I think you are telling the truth. If you are I think a group that you are describing is a great resource for anyone facing ISP's. I just want to make sure anyone wanting to join a group like this does their due diligence before giving away their anonymity and making a bad situation worse. If this is a real group I wish everyone in it the absolute best. All of you have given everything to the company and did everything the people who run the company have demanded. I just wish Penny and the people who run the company reciprocated the gesture. But, Penny does not because she is evil to the core.

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Post ID: @dj+1k6vgq4d7

@de They did. It was posted minutes after the main post went up. I would assume it's someone who clicks that "Latest Posts" button (that sorts regardless of company) and then posts mean comments for some reason I'll never understand. The one on this post had "Dear Diary", "McDs" and "employee of the month twice in one year" in it.

Very clearly someone who didn't read anything, nor care, and was only here to stroke their own ego. I'll never understand what drives people to do that, but it's the internet, they're always around.

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Post ID: @dg+1k6vgq4d7

@c7 did that je-k delete his/her comment?

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Post ID: @de+1k6vgq4d7

@cm it’s a very small group and I’ve worked with a lot of them personally over the years. It’s not open for anyone to just join and it’s not a group where we are bad mouthing the firm. Have we shared how upsetting this all is? Sure. But we’re also lifting one another up, cheering each other on as we take on interviews, updating the group on good news and rejections, etc. Until we formed that group, I was crying every day and had no motivation to even look for another role internally or externally. It’s an extremely lonely feeling and depression hits hard and fast. While I wish no one else was going through this, it is helpful to know you’re not alone.

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Post ID: @dd+1k6vgq4d7

Always be careful when a company touts its development opportunity programs. It is usually code for step up and work your butt off taking on new responsibilities with the promise of eventually being rewarded. Many times the effort is not rewarded. Also, I know the previous post empathetic. I just want to warn you the invitation to join a group of other ISP'd people may be a trap to out people speaking the truth against Penny and her goons. Be careful out there. Do not make a bad situation worse. Best wishes to everyone who has been affected by Penny's poor leadership.

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Post ID: @cm+1k6vgq4d7

@OP I’m so sorry you’re in this club with so many of us who have had the exact same experience. I have been with the firm for 18 years. Since I was an intern in college. I worked my butt off to get where I was, paving my own way, with no help from any of my 9 leaders over the years until my I finally did. I was at a pay grade 6 for over 13 years!!! I was working 50+ hours a week for years, literally doing the work of a leader and leading a team of 12+ contractors, and was told this was some great leadership development opportunity. Only to watch them hire in leaders from outside the firm instead of promoting me. I had finally thought I had found my home. I loved my role and it was exactly where I had clawed my way up to be. And like you, I was ISP’d. I’ve felt all the emotions as you, including an overwhelming sense of betrayal and crippling anxiety.

A group of us all in the same boat have connected on LinkedIn and all talk excerpt day through chat and meet weekly. We are sharing our application and interview experiences and are a great support for one another! It’s made all of this feel a lot less lonely. If you’re interested in joining I’d love to figure out a way to bring you in (I don’t want to post the link to the group here because I KNOW FOR A FACT THIS FORUM IS BEING CLOSELY WATCHED FOR PENNY AND ELT).

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Post ID: @cg+1k6vgq4d7

@a2 op's position may have been shipped to India, but op is such a better person than you as you cannot even offer any supportive words when someone is down. op will find a new job and their life will move on. Unless you change you will always be a cold hearted person. Integrity and morals is something money cannot buy. It does not matter that Penny is making over $29 million per year. Penny and you are the poorest people at the company.

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Post ID: @c7+1k6vgq4d7

@OP , I think it's horrible you were never offered a partnership with your tenure and ISPd.

What you wrote makes my stomach sick. I can't believe it's come to this treatment amongst employees.

All I hear these days are horror stories on being faithful to this place, only to be stabbed in the back.

I am truly sorry this has happened to you and others.

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Post ID: @bx+1k6vgq4d7

@OP I feel what you have written cause the experience happened to me a few years back when 25 of us were let go after being together in the same team for nearly 20 years. For 20 years we were all together, saw each other, talked about family, house/car issues, gardening, etc. And than one day, all of a sudden, everyone is separated. The routine you were so used to is all of a sudden gone. It gets depressing. I have experienced exactly what you have. And looking for job is no fun either cause you get phone calls for interviews for two weeks and than nothing. You just sit and watch tv (even though you're really not watching) while other family member go to work or school. You're entire work life has been turned upside down.
Well, my friend, all I can say to you is don't give up. Get out of your depression state and use your time to gain some skills in your field with online courses, videos, readings, etc. Practice interviewing by sending out resumes to far away states that you know you will never move to, but at least it gives you an opportunity to practice answering questions and see what companies are looking for in your field of work. Keep sending out resumes to far locating companies and send out different resumes to different companies based on what they are looking for. Just keep a spreadsheet on which company you sent which resume. (like for technical jobs, you highlight your technical skills in resume. And for management jobs, you highlight your management skills). The more you practice for these interviews, the better you will get at it. And then once you are confident enough, than apply to the companies you really want to work for in your state. This will land you another job for sure. But don't give up. Be positive. And we are hear to help motivate you.

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Post ID: @a6+1k6vgq4d7

No job is safe unless you do something using your hands on the frontlines. If you are on a keyboard, this work is shifting over to India or the Philippines. Then comes AI to finish it off. Too much RTO drama increases the need for efficiency. We all had it good for a while....the good old days, trust me

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Post ID: @a5+1k6vgq4d7

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