thank you ryan littlemore for reimagining our enterprise
31 replies (most recent on top)
@de who is this Ryan ?
VSO is offered to all associates that meet the rule of 70 (age + tenure = 70+) and anyone in a leadership position. The VSP is 2 weeks severance for every year of tenure. So, logically this is to get rid of all the people who built the firm as there is no reason some who started since COVID would even entertain this. But don’t worry “in 5 years you will all look back and be amazed and at what we have done here”…. This last statement was said by Penny to an ENTIRE room of people she just told were primary candidates for the chopping block as “we are offering this because we need less leaders”. Completely tone deaf.
Wish we could have an MP and ELT that has an original thought(s) when it comes to the direction and future of the firm for the past 6 years. All the ideas come from the NYC leadership team who have been at JP, Citi, BlackRock, etc.. They keep trying to bring those company ideas and push them down our throats to implement here. They are doing that or just using chatgpt like a magic 8 ball for decision making.
Predict that they go public in 5-10 years which would be stupid, but people like that $$$$
At one point in Penny's announcement she said we're going "automate the ordinary, so we can humanize the extraordinary." My jaw dropped that she would actually say something so meaningless or corny.
Do the financial advisors get a larger payout? Do the branch staff get a higher salary? Will clients see a reduction and fees? No. They don’t benefit at all from lay offs and off shore contractors. They will suffer from longer processing times, longer holds, errors and multiple contacts and calls to correct. Share in the work, share in the reward is not included in this strategy!
It’s better to have Ryan Littlemore reimagine you out of your job than quit because you had to work with him. He obviously has a great imagination. He imagined that he could be a Principal at a Fortune 500 firm with a 100 year old reputation without getting a principal securities license or learning about the culture. Of course, it may take another managing partner losing their job in a lawsuit before they will realize that hiring him and following his strategy was a huge mistake.
I for one look forward to being marked as redundant bc hard won tribal knowledge and being a SME is no longer valued. My only hope is that the partners can buy their second and third homes for cash instead of dealing with the headache of financing them like a commoner. (This is clearly sarcasm.)
I'm seeing a lot of McKinsey name drops. Lena Haas mentioned that BCG is working on this.
Tech and Operations were already hit with layoffs. Tech in 2023 with terrible communication and help. Last year was Operations and now this. Not sure if it's the rest of the firm like Service, HR, Marketing, or everyone.
A company that used to pride itself on now layoffs to 3 in 3 years is crazy. They used to run to run the company with a lean budget and every since Frank and the NYC leaders joined they are throwing away money left and right going to Agile, more 3rd party vendors who give sh---y support when problems actually occur.
No longer interested in the middle class investor. They want high net wealth clients and will do anything to get there.
Lol, current GP and former McKinsey consultant, Ryan Littlemore, who is the driving force of the layoffs and outsourcing has taken down his LinkedIn profile. What is he scared of?
I heard from a reliable source that HBAs are going to get hit especially hard. There was a lot of remote hiring during Covid and our leaders want people working together in the office again.
Wow yikes, they are evaluating if our jobs add value? How dare they. This culture ia supposed to be about golden handcuffs and no accountability.
It’s very clear how out of touch this thread is with the real world. Our firm is in a place of strength and we are doing things to help us become better. If you’ve been in other financial services or publicly traded companies, this is something they do and don’t even announce it and you find out the next day. All I am hearing are privileged people who don’t understand the real world.
The home office responses we have been receiving in the branch lately have been incorrect and unacceptable. Now we know why!
HQ employees are sc--wed. GPs need more return.
The empty chair at meetings represents your Indian replacement I imagine…
This Ryan Littlemore guy took down his LinkedIn lmao
At least won't pull up for me
It's more like "Lets imagine Ted Jones never existed and we went against every value he installed"
Ryan Littlemore = Yoko Ono
It is amazing to think this is the outcome of the horrible technology rollout that has happened in 2024, salesforce and money guide have flawed rollouts to say the least. You would think they would recognize that outsourcing those rollouts to third parties is part of the problem with FA satisfaction. I’m sure our focused on high net worth clients that already have brokers is going to be a resounding success. It feels like we forgot who we are and what got us to this point of success and now we want to rebrand ourselves. Do you feel rich now?
This is for the entire firm, not just tech. Thinking marketing, sourcing, hr, product, etc. Good luck all!
Not sure about the 50+ year olds but I wouldn’t be surprised. What about the MO WARN requirement? Don’t they have to follow that?
https://jobs.mo.gov/warn/2025
I have been hearing rumors that folks over 50 will be targeted for termination. But, wouldn’t that would get the firm into legal trouble?
I am relatively new employee (started in 2022 out of college) and it is crazy how much it has changed in my short time here. Everything was about how we take care of our employees and layoffs never happened, and now fast forward a couple years and incidents like this are becoming more and more common. Very sad to see. I’m not for sure what areas will be mostly affected, but it is sad for every employee to see this happening.
Definitely not the same place it was 20 years ago, anyone hear what positions in home office are getting chopped yet? Penny and her leadership tenure has been pretty rough. Culture is gone, no longer family centered, investment firm next door. Hiring all these partners from outside has diminished what this place was big time.
I think the poster was referring to the longer you’re in a role the more expertise you gain in that role and with that you can receive promotions the another salary grade . The assumption is you gain more responsibility with the promotion, but your still serving the same function. Service specialist 1, 2,3, senior service specialist. Would be an example.
@ac+1jp3h39ww - sorry, what does highest grade of your role mean? I thought every role had an associated pay grade/level.
The firm is definitely not the same partnership I devoted my career to. They might as well merge with Citigroup because that’s what they’ve become. From what I understand, they are looking for fat to cut in redundant leadership roles and in tenured associates. Meaning if you’re over 50 and at the highest grade for your role…..Get ready to pack a box. I’m getting my resume ready. Hopefully they don’t sc--w everyone on severance.
GP and former McKinsey consultant. https://www.linkedin.com/in/ryan-littlemore
Lol, we need to downsize and outsource executive leadership. I don't believe one person is bringing $23 million in value to the firm.
Perhaps if we eliminated the $23 million person it would free of cash to pay out other partners and avoid outsourcing/eliminating US workforce.
Also could save money eliminating the McKinsey consultants and the former NYU McKinsey lawyer who came from Citi that no one knows or understands how he ended up in a leadership position.
At least they will can our a$$es with empathy.
Anyone heard when the layoffs will start?
Once you sift through all the room temperature IQ MBA talk, it appears Enterprise Reimagined is a big workforce reduction and outsourcing project in the operations and technology areas.
Has anyone heard when they are going to start forcing retirements?