Thread regarding Edward Jones layoffs

@c4 yes, clearly the associate level workers are the spoiled ones and not the GPs and ELT making millions for going on TAP trips and giving town halls with scripted questions.

All this hype & just 259 ISP?? Thats less than 3% of the total home office staff (approximately 9000 total). My friends at well Fargo in St. Louis were laughing that they let more than that go on a slow Tuesday every other week for the last 3 years. Just makes me hesitant this isn’t over. (& don’t think I don’t feel bad for those that got isp).

@b6 thank you. After almost 2 decades of grinding and paving my own path, poof. I’m no longer an EJ associate. I used to say I worked here for so long with such pride. I loved this firm and truly thought I was valued. To be sat down with a GP and someone from HR and not receive any acknowledgement of my tenure and contributions, not one “I’m sorry” you’re life has just been completely flipped upside down, nada. This firm is all I’ve ever known. I started here as an intern in college. I was heartbroken for the first few days and cried a river. Now I’m pi---d. We were lied to. All of us. And I feel bad for those who remain who are surely going to see an influx of work, leading to PIPs and be fired for performance measures they were set up to not be able to achieve. Penny and her board of protectors are out to line their own pockets while leaving some of ours completely empty.

It was 811 total, for this round. Nobody ever talks about the 50 GPs with "early retirement" or 100s of OPS associates laid of between 2023-2025 because of outsourcing. There will be more layoffs next year too as we outsource more stuff.

This line of complaining exhausting. The leader of a firm like jones should be making bank. Just like everyone else on this forum you are likely spoiled. Your argument is tired.

@OP please check into the group on LinkedIn called Job Seekers' Garden Club. It is a wonderful community and they have job seekers, recruiters, and connectors. About 6,300 in the group. You can post your resume too! Please reach out to one of the board members. I know a company Carillon Group is looking for advisors. Good company and management is wonderful to work with.

All of this. Thank you for this thread. It helps me not to feel alone.

Yes, the number of people demoted and forced into roles they have no interest in - we will never know that number. The mixed emotions that come with these moves are really hard, too. They did it to avoid paying severance because they are greedy and do not care about us underlings aa long as they are safe in their ivory towers.

I hope every single GP that went along with this sh-t plan is ashamed of themselves. I hope people don't make it easy for them and don't ever, ever let them forget. And if you're a person defending this BS you can take a long walk off a short bridge, too. I'm so tired of the elites running this country into the ground off the backs of our labor.

To those that lost their jobs completely, my God. I am so sorry. I hope you find something quickly and that it's a place where your value is recognized. You matter. Your work mattered. They will feel your loss and suffer for it. And they should.

And her husband’s apparent love for $10K bottles of wine while sits around d in their McMansion and encourages Penny to keep raking in the $$$. Some of her “protectors” have loose lips when indulging a bit too much on their TAP trips.

I have a friend who has 3 people in their department displaced who told me that in their team meeting ( that of which said displaced associates were uninvited to), their GP fake cried about how empathetic she was during these “hard times “ and ended the meeting saying how she’d be OOO of the next 10 days on yet another TAP trip while sailing down the Rhine River sipping her red and white wine.🍷

How this firm has changed is an utter disgrace. Ted gave this firm to us associates because he was a 180 from PP. She has lost the trust of every associate who doesn’t have blinders with blinders on. Her word and all her y’alls have no merit. As soon as she brought her successor, Mr. NYC and the devil in a horrible disguise in, the writing has been on the wall (look at Citi and what he did there) - they are putting everything in place to steal this firm back from us LPs and take it public. I will never again say proudly that I work for EJ. Might as well start calling it Penny Pennington. This whole thing makes me sick.

@OP then look at the bigger picture. Why were there DL and GP's reporting to DL's and GP's with no associates or responsibilities? Why when a change went through would I need 4 levels of approvals? How about the fact that a bunch of men spent around $1B in new tech that never went anywhere? This has caused hardships for teams and mainly branches. Bugs, due to approvals taking weeks even with CAB. Multiple layers of approvals for a simple change.

During COVID men spent around a billion dollars on tech and features. We then had to hire hundreds of contractors to implement and use the tech. Because Jones is or was stuck in 1999 still in terms of tech. The associates didn't know how to use or code or implement any of the new stuff. Now we've learned that it's a lot cheaper to hire Indian contractors that have Masters and PhD's to do the work then having John Smith down the hall who only know COBOL and would take about 9 months to get skilled up in GO or JAVA to help.

So yes.. Look at the big picture please. You're being s-xist and focusing on money. Yes always follow the money, but also look the factors that led up to it. Hold leadership accountable not just the big boss that will have to sign the ok.

This number does not include the people who were laid off and picked up by another partner and got an offer letter. People who received an opportunity to fill in the position of a VSP. But....... if they don't take the offer then no severance for them. Just resigned. Nor does this number include all of the demotions.

This number is not all that were affected but it makes them feel better.

@OP that's because this wasn't about reducing spans and layers. This was about offshoring. Honestly if you saw what we did in Technology you would never believe it was only 259 because over 100 of these layoffs all came from one area. But they were proud to announce the next day that all of those people we let go would be replaced by Accenture. So what did we reduce? We hurt people in our communities so we could give our money away to India. We are not taking care of our own. Let's look when this is done we will still have management with no responsibility. For instance how do we have 9 partners in one small HR area with only 58 people but have a division of 6000 with only 6 partners? Bet it looks the same when this is over. We protected all of those that are making millions and eliminating those that were making just enough to provide for their family.

Don't forget the additional humiliation like in operations. Know you don't have a job but we need you to train the offshore resources on your job.