Thread regarding Edward Jones layoffs

@ab Yep, I was in that meeting after already dodging layoffs the previous Fall. If you were a level 5-7 you were put on notice. I've lost count of how many solid people have left the firm in exchange for 100s of indian contractors and Directors who have absolutely zero knowledge about what we do day to day...but they make the big decisions, and cause the most damage. This place will be a case study for what NOT to do in any school of business.

@bb What do I have to be angry about? And what does god have to do with any of this?

Coming here, to an anonymous message board to provoke people that you work and maybe even occasionally share lunch with, while citing any religion is something. Maybe you should try a therapist instead, friend.

@ba https://www.health.harvard.edu/mind-and-mood/5-stages-of-grief-coping-with-the-loss-of-a-loved-one

Congratulations on reaching stage 2 (Anger).

You will get through this. I will pray for you.

@b7 And yet, here you are… to cope? Or rub salt? Which is it? On one hand you equal yourself and the other you’re less than.

Companies lay people off every day. Click any other financial service company’s page on this website. ALL of them are undergoing layoffs right now. Just like everything else, EJ is a few years behind everyone else.

EJ will be just fine. You probably won’t be, though. Hope you planned accordingly, but if you are on here coping, you probably didn’t.

@ae You are correct! This is a marketing and business strategy issue/failure but chubak and the boss ladies in charge want that sweet delicious cheap indian labor instead of US workers. The long term plan is to gut this company, get rid of anyone who remembers it being good, demoralize everyone, then sell it to one of the NY Wall street banks.

@ac 100% this. I was told in sept 2023 that I have 10 days to prepare all training documents and start training my replacements from india. This went on for 2/3 teams in my dept until december when we handed off 100% to them. It was and still is a mess over in that area because the contractors do half azzed work even though 10 people on my team were replaced by 27 of them! This is all about cheap labor. Then, we were told to not tell other teams in the division about our situation, including FAs who demanded to know who and why their accounts got wrecked and communication was dodgy at best. This place will destroy itself.

@a6 isn't that a field problem then?

@a8 There were layoffs last year. They tried to keep them quiet and people raised he-l. They overcompensated and came up with this clown show called Enterprise Reimagined, dangling people's jobs over their heads for the last 5 months.

@a8 There were layoffs last year…. approximately 400 plus associates were quietly laid off in operations.

@a9 You know what? You're right. I had completely forgot she was the Dead of HR for that period. Isn't that when CES scores started to plummet, too?

@a8 KJ has been advocating for layoffs since for a couple of years, while not acknowledging her role in the overhiring that created the issue in the first place.

And I’ve heard something has been in the works since 2022. I originally heard that there were supposed to be layoffs last year.

In all honesty, I didn’t believe it and thought the person who told me was being dramatic and trying to sow discord on her way out.

@OP this isn’t about bottom line results! Have you not been paying attention??? This is about flattening the organization, eliminating redundancy (ie breaking up fiefdoms) and enabling the firm to deliver solutions faster thus competing in the future. The industry landscape has / is rapidly changing and we need to change as well. The days of grandparents and or mom and dad sitting in an office being told what to do are gone….the new clients want tools, holistic guidance and advise not just being told to buy this mutual fund or that security.

BTW I’ve been with the firm for over 20 years and saw this coming even during JW’s tenure.