I am not sure how some of these so called leaders make it to the top. But, that is one issue. What really boggles my mind is how so called leaders make decisions at one company. The first company turns around and reverses mistakes that leader made. Then a second company hires this leader to come to the new company and do the same thing. For example, Citi laid thousands of people off under DC's "leadership". Citi found out his vision was not sustainable. Citi has since reversed many of his decisions and hired people back. Some people have already moved on. Then what mystifies me is why does Penny Pennington and the powers that be at Edward Jones turn around and hire DC who has proven himself to be a failed leader? Penny Pennington has brought DC into the flock knowing full well that he is a wolf in sheep's clothing. DC is doing the same thing at Edward Jones that he did at Citi. I have seen many really good people who are really good at what they do get laid off to an extent that this model is unsustainable. After DC packs his bags and moves on to the next company to do the same thing Penny Pennington will have to rehire many people she and DC laid off. DC is a mercenary who goes from company to company cutting people and doing things that most people cannot do and be able to sleep at night. The first time I ever saw DC he was having a TED Talk moment in the South Campus Auditorium where he was talking about the movie Zoolander 2 of all things. He was also lecturing us about the culture of Edward Jones (people who had been there for 25-30 years). He said his favorite movie was Zoolander (that should tell you how deep of a thinker he is). He was using some salty language when he was speaking about Zoolander 2. The thing was he was saying it in front of the empty chair on the stage. As we all know the empty chair represents the client. We all have been taught to not say anything in front of the empty chair we would not say in front of a client. But, there was DC lecturing us all about Edward Jones' culture and how bad Zoolander 2 was. It was so surreal having been in the auditorium in the past listening to past managing partners like JB, DH, and JW. On the same stage years later is DC obsessing about how bad Zoolander 2 was. It was the strangest thing ever. But, this is the man Penny Pennington has hitched her wagon and her legacy to. It has become bad. It is going to continue to get worse. The Penny Pennington era at Edward Jones will be looked on as a dark time in the firm's history. When DC has done all the gutting Penny Pennington has hired him to do he will pack his bags and move on to the next company prepared to destroy the lives of the very people who built it. That is just what DC does. I guess he can sleep at night. I do not think anyone with a soul could sleep at night though. You knew who DC was when you brought him on. Shame on you, Penny Pennington, shame on you.
22 replies (most recent on top)
DC: ChatGPT, people don't think I'm authentic, genuine, or humble - how can I make them think I am?
ChatGPT: Tell them a story about a time you made a mistake and what you learned from it.
DC: Okay! What if I stretch this mundane story into something bigger than it is and fake some tears. Will that make them think I'm a real person and that I'm those things?
ChatGPT: Yes, David! That could work! David, you are a very, very special boy.
@am Couldn't agree more. He brings nothing positive to the firm. I hope if someone besides him gets named the next MP that he'll swiftly be shown the door. Penny is too big of a coward to do it.
The problem with DC is nobody talented and authentic wants to waste years working for such a clown. This place will lose so much talent over the next few years.
@fr Ellis island. Not mayflower.
@c5 - Boy I wish there was a recording of this. I would watch for a little Friday entertainment.
For a man who has “the biggest American flag” hoisted in his neighborhood and the fact his Grandma either came over either on the Mayflower or thru Ellis Island (he can’t get his story straight), he sure likes sending American jobs overseas. His ignorance is truly his and only his bliss.
@c5 He was biting his lip and nails. One of the most offputting calls in corporate history.
@ek I know for a fact Penny has been laying people off as early as 2023. I know people who had to train their Indian replacements.
@e8 Just recycle Penny's talking points to the clients.
"We're doing so well financially as a firm we've been laying people off for over a year now and outsourcing work to India for 1/10th the pay."
I’m honestly not sure if she’s trying to gaslight everyone or if she’s just completely incompetent.
DC is cringe.
@bx I understand. We are hearing from branch teams there are unusual delays in routine paperwork delaying client business. Their clients are frustrated that something that could be done in a day is taking around a week now. We are not covering for Penny. We tell the branches the work is no longer being done in the United States, but India. My department is refusing to take the fall for Penny. If sending jobs to India and laying people off and making less people do more work for the same or less pay then Penny needs to own it and take accountability for it. Branches and clients are not happy.
@bx there will certainly be more vsp rounds
This post was well put. One callout - the September 10th Market Management call was the most bizarre call many have ever seen. He cried, was sweating, biting his lip, and he stated that those who have talent should leave. He then says he needs feedback, like the time a woman he hugged asked he stop because it’s unwelcome and makes her feel uncomfortable. He does not provide her name but calls out the fact she’s on the call.
And now - as mentioned in the OP, the Sr. Executives are in India determining the location for the service area. Nearly 50% of Fortune 500 companies outsource to India - it’s just the hypocrisy coming from a woman who preaches local, community based outcomes for clients and associates alike. Never thought I’d say this but our two main competitors in downtown St. Louis have more ethics and integrity than here.
@ar , he doesn't see that he's the problem and PP.
It's going to be interesting to hear what they have to say when they come back from India.
All I can say is we've hired folks from India and they're not able to comprehend how to do a simple task the correct way.
Folks with cognizant on their Team have to come back and fix their mess.
Waste of corporate time when there's so much to do. I'm actually embarrassed when I need to reach out to other companies on paperwork and I can't figure out what I'm taking about. OR the paperwork cognizant created is completely wrong.
Please VSP more folks and I'll go this round!
and his little boy Ryan L, the both of them together want to rip this place clean of every sense of decency from their office in new york! He is supposed to be internal consulting but all he does is hire more BCG because he so incompetent, he can't do anything without BCG by his side. what has this place become?
One would think to get as far as DC has gotten he would have taken an or-l presentation class before.
The man is either totally tone deaf or pure evil or a combination of the two. He also bragged in a meeting that he skipped out early on meetings in St. Louis to fly back to New York to watch his beloved Knicks play at Madison Square Garden in the 2025 playoffs. I guess we are supposed to do what he says instead of what he does. He does not lead by example. So glad the Pacers spanked the Knickerbockers in the playoffs.
@ak DC told us to our faces. He said he does not know why people at Edward Jones are so against layoffs. The rest of the world is doing it and Edward Jones associates had had it too good for too long.
@ak There are literally financial articles about it and them reversing course.
DC isn't going anywhere without being forced. In one of those town halls he marveled at how efficient Edward Jones was at generating revenue and profit. He will su-k on the EDJ te-t as long as he can.
...why is DC still here?
He isn't inspiring.
He isn't original.
He isn't compassionate.
He isn't authentic.
He isn't genuine.
He isn't visionary.
He isn't clear and articulate.
He isn't empowering.
He isn't selfless.
He isn't a cultivator.
He isn't innovative.
He isn't consistent.
He isn't motivational.
He isn't trustworthy.
Again... why on God's green earth is he here? He doesn't have any redeeming qualities that a senior leader should have. He has only hurt this firm and the people that work at it. Admit that he was a bad hire and take action. PP could regain some of the trust and respect she lost if she had a backbone and kicked him to the curb.
How do you know this about the decisions made by Citi?