Thread regarding Edward Jones layoffs

@1b6 his experience running Canada is like running one state in US.

@1b6

Too young. Would be giving him too long a runway. It’s either Cella/Gunn and then him (after a couple of “branch immersions”) (joke).

@a7 it’s DG.

@j8 ELT is unable to admit they're wrong on anything and mean it. They'll say, "we hear you, we're working on it", but it's almost always lip service. They double-down on "we know what's best" more often than not. This ELT is one of the most arrogant, self-serving, unqualified leadership teams this firm has had in my 20+ years.

DC (or several others that currently sit on ELT) would be the final nail in the coffin to the firm being a "Good-ish" Place to Work.

@g5 Yep, PP was tricked. She fell for it. He has no idea what’s he’s talking about and he’s convinced PP to hand over the keys to the castle after a couple branch immersion stints. How does everybody but PP hate this guy? More poor leadership by PP.

How did DC originally get in a position where he was making high profile decisions? I understand once people like him get to the top by cutting people then another company brings him in knowing he is comfortable being a hatchet man. Where did he first ascend to the profits above all person? I cannot see him ascending on his own accord as he has a huge cringe factor. He must be related to someone.

@ee He's currently out on his second "Branch Immersion". For those unfamiliar, higher level GPs can "take over / fill in" for FAs for a few weeks, so that they can get branch "experience'. The branches they "fill in" for are usually top performing, well-oiled machines that would function fine without anyone for that period, and client appointments are reduced drastically while the FA is out.

ELT will 100% say he has branch experience due to all of these "in the trenches with you branch immersions" he has done.

DC is a pro at cutting corners and taking the short path (copying the Citi playbook, copy ingand pasting his consultant experience with McKinsey via BCG (layoff/offshore/AI), using GPTs for his communications, and now getting faux branch experience).

His ENTIRE marching orders has always been more value, more quickly which means shoving half-baked products and services out the door to say you're delivering stuff.

I agree that the writing on the wall is leaning to DC. This loophole they're going to use to force him in goes against every principal EJ, TJ, and JBach implemented. ELT will use bs genenic corporate speak such as, "we need to adapt" , blah, blah blah. I don't know why PP would want to tarnish the tradition of MP being a long term successful FA with the firm. She had to work hard to build her business just as the previous MPs

I don’t doubt for a second that the ELT is grooming. Who nose how much damage they will cause by the time they are finished.

Don’t you think that’s the master plan, she’s gonna be gone in a couple years and is grooming him to take over….from his office in New York. The writing is in the wall

I believe PP has lost enough face already. I have no idea how she continues to “lead” this firm with any integrity until she ages out in a few years. She definitely will not ride off into the sunset gracefully like JW did. Her replacement? I have no idea. I cannot see anyone on the ELT who PP has surrounded herself with and leans on replacing her and being viewed with integrity. Probably, will have to go outside the firm to get a fresh start. That person will have a difficult time gaining any type of respect from the rest of the firm. This should be a lesson for any executive. It took almost a century to gain the trust of an entire firm. It only took a few short years and a few bad decisions by an ill prepared managing partner to lose all of that trust.

I think for the save face, Penny does have to go. I also don't think things get any better with anyone on the current ELT replacing her. Can you imagine Chubak as MP?