What are people's thoughts on how ER will enable the firm to execute with more speed and efficiency? Honestly, I was optimistic when they first announced it because the firm had become so bloated and convoluted that it was difficult to get anything done. But the rollout seemed more focused on short term cost cutting and may seriously backfire on "increasing speed and efficiency" since we lost so much firm knowledge (aka the only people who know how to fix certain systems since they were part of creating them, people who know undocumented processes or work arounds for the many broken systems). I'm worried this will just make things so much worse and make jobs so much harder for those who remain. It's like leadership is operating on an entirely different plane of reality; one where we are a rocket ship instead of bogged down by decades of under investing in tech and poor process design. Over the past 2 years I have experienced them deprecating systems and teams in anticipation of solutions that never seem to materialize. The "running the business" work gets harder and harder with no end in sight.
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@bb Yeah, my area has more layers and bloat as well. Not sure how this will be more efficient.
@b9 we also increased layers and instead ICs, not leaders, were ISPed. Now our leaders have fewer direct reports which is the opposite of one of the stated objectives of ER.
In our area they seem to have added more bloat by increasing layers. We were sold a basket of lies. I wish I could say I was surprised.
@am Wells Fargo 2.0 is more like it ruining a historic brand and all…
@a7 totally accurate. This was cost savings cut. I saw the new org charts. They do not have the talent to get this done. And as many have said remaining people will have to take on jobs of 3 or 4 now. Yes… do more with less. Welcome to the revolution.
Failed reorg, talent bleed, acceleration of our Blockbuster 2.0 fate.
Oh yeah, you happy few who remain are cooked. Best wishes and all, but I hope that the illusion of the firm being “different” or “human-centered” has shattered for you as well. Take care of yourselves and your families, don’t trust Edward Jones to help.
I too was optimistic and you are correct - the tacit knowledge (years of background and experience at the firm) have been leaving for years since 2019. Now with a mass termination of tenured talent we will only see more challenges. This was strictly to cut compensation costs so they can stand up Generations, support more initiatives, and pad Penny’s pockets. She has never cared about people here, only her legacy and her agenda. She duplicated her FA door on the tenth floor as the name on the door always mattered more than the name on the marquee. She has been revising the by-laws and Partnership structure to go public as her tenure ends. Your LP returns and Capital will be as valueless as her word and character.