Penny just announced there will be a partnership restructuring meeting on November 5, 2025. This is being presented as a very exciting opportunity for the firm. I would not expect this to be very associate friendly regardless of how Penny tries to spin it.
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@d4 they took away LP for anyone less than rule of 70 and smiled. Les LOs, more money. “Please leave and so sorry about your promised retirement plan..please return your Corprate card, laptop and self worth “
It is the Power in Partnership meeting on November 5th. Edward Jones has never been a partnership under Penny Pennington. Partners don't force partners to train their Indian replacements and then lay them off. Penny is the most selfish leader this firm has seen in 103 years. She is ticking so many people off. I have no idea how she will ever be able to show her face around the home office ever again.
@d3 I know quite a few people who were laid off and none of them have gotten through first round interviews so I'm not sure who you think is getting rehired but that's not a thing.
"Did you see all the open roles where we are just rehiring all the people who got laid off? "
Can't speak for the firm as a whole, but all the job postings for my department are people who QUIT after the Cascade 2 debacle.
@cr This poster absolutely nailed it.
At a recent leadership meeting, they admitted they’ll very slowly throttle down GP payouts while very slowly throttling up LP. Translation: we’ll see minimal benefit for the next 10–15 years, while GPs keep cashing obscenely disproportionate checks. This class of GPs is locking in their golden parachutes — and leaving the next class to take the hit.
@b5 Why do you say "she was hired to make the firm lean"? The firm IS NOT lean. There were virtually NO layoffs. Did you see all the open roles where we are just rehiring all the people who got laid off? Jones has not saved any money and is spending on the same things it has for the last decade. What fantasy of a lean, clean, operating machine prime for sell are you guys in? The firm isn't going anywhere. No one would buy a place burning this much money.
@OP if they throw us a bone, you can guarantee it will be on their terms with a long transition time. They wont take substantially less. It will be some bullsh-t like eventually...mamounts will be higher and better returns over the next X period. These current leader ghouls wont a accept any material impact to their free money.
Sell to the GPs? The GP’s already own the firm. The LPs are like bondholders. They just get paid in a sell (their money back and maybe a premium) there is no long term payments due like a pension.
@ah I thought the place being sold was a strong possibility when ER was first announced. Now with this meeting announced I am more sure of it than ever. Penny has laid people off and demoted people in order to shed as many expenses as possible. Labor is always the most expensive part of any business. Box checked. I believe Penny is going to find a way to get out of most of the limited partnerships. Those limited partnerships represent future payments of firm earnings. Potential buyers do not like long-term payout commitments. Look for Penny and team to try to find a way out. Companies shed their pension plans in order to be more attractive to potential buyers. Essentially the limited partnerships are pension payments the firm makes except the participants do not have the union representation. Instead of paying union dues every paycheck we pay a flat deposit to the firm in exchange for future earnings. If the announcement on November 5th is trimming back the limited partnership this place is going to change hands in the very near future. If it is not sold to an outside buyer the GP's may be offered. There will be no way in the world limited partners will be offered it. This makes sense why Penny has been such a weak leader. Penny was hired to make this firm as lean as possible and then pull the rug out from under everyone. Think the mover Major League. Tank it on purpose in order to get your bidding done. After the deal has been consummated look for Penny and Mike to leave St. Louis and head back to possibly Michigan or Tennessee. There is no way possible she will stay in St. Louis around people she just sc--wed over.
@ah if it sells, it won't go to the LP's. It'll either go public, or It'll go to the GP's.
Everyone thinks this place is going up for sale. So, What if over the next 10 years…they sell this place to the LPs and not the GPs? What are the thoughts then? Will associates accept the offer and feel more bought in…or will they still not trust the leadership and bypass historically 20-25% on their money?