Thread regarding Edward Jones layoffs

@kk - how in the “What in the Sam H*LL” do you associate ANY of the things you list as (legitimate) issues with the firm with DEI?? This craziness started when they brought in a bunch of people from the outside that are part of the group who have traditionally been in charge in the fin services industry. Diversity Equity and Inclusion practices were designed to give a chance to IN ADDITION TO (not instead of) these people. Shocker, they’re making Jones into the rest of the financial services industry. Sounds like we needed MORE DEI, not less! EJ would still be EJ.

Your choice of “news” channels is showing.

The clients are well aware out the outsourcing as the service levels are down.

When a branch can't get answers at the home office and clients realize how the employees are being treated with the layoffs etc, they'll give their money elsewhere.

I've been with the firm a short time and what I've seen so far is:

1. You get preferential treatment if you have dark skin or are a female.
2. You will get passed over for opportunities if you don't qualify for the above.
3. The chroniism is thick
4. No matter how hard you work, it's never enough and they just move the goalpost on you.
5. The technology is atrocious.
6. The leadership are greedy and the metrics to succeed are set up like MLM. It's the Amway of Financial Advising.
7. There is little to no support.
8. The pay is horrendous.

Looking quickly for another home as are about half of my cohort.

There are several buildings across multiple campuses that have many floors so… I wouldn’t put a lot of stock into that comment.

@k2+1jpjyb06n post said
“Mostly 2 nd floor jobs will be hit”

Which departments are located on 2nd floor?

I worked for EDJ for 10 years and the common theme from top leadership: GPs, Directors, and Penny was we need process improvements by implementing more Macros on excel. That is INSANE! They wanted the lower level employees to come up with this but upper leadership did nothing in the means of tech. Then, they don’t provide any training for BOAs and expect them to handle everything, oh and charge FAs 60% of their commissions. Why, so Penny and her group and make 10s of millions of dollars. EDJ is a joke, so glad I left. There are so many better firms hiring.

Penny and her cronies have ruined Edward Jones. When Penny lips move is all about drinking the kool-aid, hip-hip hooray we are a team. I am disheartened and exhausted by the leaderships guidance. Ej has become a sweatshop! Work your ar-e off and get less than 40% of your hard work. New technology that doesn't work and your BOA is left being the one who has to figure it out and gets no assistance from the id--ts at home office. Give the BOA's a bonus for putting up with all the crazy, inept rollouts, treat FAs with dignity and not by what you can get out of them. Get rid of DEI and all of our GPs. Looking for a new home because this home has become a nightmare.

Mostly 2 nd floor jobs will be hit

Is enough ever enough for these people? Or is there only more, more, more?

It is just grand that Penny can give herself a pay raise while the rest of us take on 2 jobs to pay our bills. Way to go Penny! You are running the company into the ground. Ted Jones is rolling over in his grave.

kristin johnson in a made up job that does nothing making 20 million is crazy if they cut all the made up exec jobs we won't need a layoff

This article proves Enterprise Reimagined is an "us versus them" scenario.

It is not an "us versus Edward Jones" scenario, it is an "us versus the specific members of the executive team and their McKinsey weasels" situation.

Why isn't Frank LaQuinta's position being outsourced to India? He meets all the qualifications of someone corporations target to outsource and force into early retirement.

He is an old man, worked in technology for 30+ years, overpaid, etc.

These are the exact characteristics corporations look for when outsourcing a technology position.

Frank LaQuinta should be at the top of the BCG / McKinsey dorks spreadsheet of someone to layoff and outsource.

It would also save the firm $20 million getting rid of him.

The nerve of these people!

“The ratio of Pennington’s pay to the median Edward Jones employee was 252 to 1, according to the annual report.”

That's being generous - mine in comparison to her is well over 300 to 1!

Other executives at the company were also rewarded with pay hikes, according to the filing. Chief Financial Officer Andrew Miedler, who has been with the firm since 2002, earned a 28.5% pay increase to about $18.7 million. His pay over 2023 and 2024 grew at the highest rate, 74%, among his co-named executives.

Other named executives who received a raise included: Head of External Affairs Kenneth Cella, Jr., who earned a 15.5% increase to $22.3 million; Head of Digital, Data and Operations Francis LaQuinta, who earned an 8.6% increase to $20 million; and Chief Transformation Officer Kristin Johnson, who earned a 19% increase to $20 million.

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Honestly if we laid off the executive team that would save thousands of jobs.

Does anyone really believe Kristin Johnson is bring $20 million worth of value to the firm.

I wonder how much the McKinsey lawyers who weaseled their way into leadership made in profit payouts?

When clients figure out their sensitive personal data is outsourced to India so Penny, David Chubak, and Ryan Littlemore can cut costs to boost their bonus/pay, these clients will be angry.

Penny, David, and Ryan need to be fielding all the angry client calls from clients whose personal information has been compromised by the Indian outsourcing company we are using to do back office work.