Thread regarding Edward Jones layoffs

@v4 Thank you. I hope everyone lands well

@tv Most were. Some encouraged. A handful told.

I retired but still care about the firm and its people. Can someone explain, were the impacted GPs given a choice, like associates, or no?

So glad I left this sh-t show 2 years ago. I didn’t trust the leadership. I’m sad for the people who are getting laid off. Jones has some of the best people on earth…. Too bad almost none of them are running the Firm.

@et that is happening. The leader of my division sent an email letting us know about the GPs leaving our area, acknowledged their contributions over the years and thanked them. The GP over my specific area had already sent an email letting us know about his retirement.

I think it's odd not to acknowledge departures of GPs with a kind note thanking them for their leadership and contributions. It's totally normal at other companies to do that for executives in addition to sharing a transition plan.

I suspect the reason this isn't being done is because a transition plan is not yet complete. They seem very committed to self imposed dates...why do a top down re-org and post new org charts that still have blank boxes? And then to move forward with Cascade 2 knowing that key leaders still need to be hired ... meaning that they won't get to build out their own organization if they stick to the announced timeline. This tees up areas of the organization for a cascade 3 if you will.

I am curious how they will fund this firm without the GP buy in. I am guessing the new GP's they higher will buy in to continue the funding of this "reimagined" firm?

@dr the firm pays for her to have NetJets

@dr the firm pays the cost of Net Jets

@dd you don’t have the facts. This is about cost too. There are specific cost and headcount targets. Don’t be fooled

@d6 wait, does PP have a private jet? Is it her’s or is it owned by our firm?

@d6 she’s been clear that this is not about the money - this is not cost savings The firm is doing exceptionally well financially This is about “speed to value” which btw will likely turn into a sh_t show of stuff getting rushed out the door

@a8 A bit harsh Correction- very harsh Some people (including me) who have been around for literally decades and have worked with many if not all of the departing GPs would like to honor them before their departure At least get to say goodbye And in case you’re getting ready so say something equally snarky like “a goodbye from you isn’t important to them right now” Saying goodbyes and thanking people on their way out is an opportunity to honor their contribution and create personal closure For what it’s worth, I’ve accepted that no master list will be sent and instead many of us of created that list based on word of mouth

@a9 well said. She spends money like it is going out of style on consultants, decorating the 10th floor making it look like some large bank with less than humble decor and over the top patio. I am sure she swaggers in everyday to her less than humble 10th floor surroundings. I guess you need to look like who you becoming just like thanks to her direction and the consultants. Oh and don’t forget the endless private jet rides. Sometimes it is appropriate. Weddle did it but it was not everywhere he went. Her advisory board and supposedly each member is making somewhere north of 150,000 to advise her. If we just eliminated all the consultants and advisors she needs to try and run our business we could save the jobs of tons of associates who actually are working for branches and clients. She claims these cuts are needed to invest in the future. What is she cutting from her unlimited spending? Maybe it is time to start flying commercial Penny if we need money this bad. Many of us were so full of hope when she became the managing partner but she had been the biggest complete and total disappointment in the firm’s history. Can’t decide if she is doing this because she is really more greedy than anyone imagined and looking to sell the firm or she is delusional and thinks she is saving the place.

@b1, I think who ever responded to this was pretty harsh.

There's so many emotions going on in person and in this forum with the changes.

While it may not be anyone's business on who took the VSP/ISP the response could've been softened.

Thank you

@a8

Exactly so odd! Why do you even care? They’re now unemployed you want a note to tell you about it? That’s why this company is failing. Do your job not worry about other peoples personal business.

@a8

Because our retiring partners are retiring our culture along with them. These are not just J or P numbers, they are stalwarts who embodied what this company used to be about: our client are the branch teams, and we should serve them to the best of our ability.

We support and develop one another. We are owners and we have a say as to how this place is run. Gutless and brainless Penny Pennington changed all of this. She’s a me-too era failure who led us to a transformational journey and destroyed this once great firm.

It’s been a windfall for Boston Consulting Group and Growth River, but they are never accountable for the results of their recommendations. See what Steve Jobs said about consultants. In short, they have no skin in the game and only exist to fleece ignorant managers of their money.

Panic buttons abound, read the room leadership. If you need a panic button maybe you are making terrible decisions.

@OP Why do people at this company think the circumstances of someone else’s employment is any of their business? It’s the employee’s private business. I’ve heard people ask crazy questions in town halls. When are they going to post a list of everyone who took VSP or ISP? The answer is they’re not of course. Your colleagues are human beings not fodder for your water cooler gossip. How would you feel if you were terminated and the company sent an email telling everyone in the home office?