Thread regarding Edward Jones layoffs

McKinsey doesn't know how to run companies. Their professional craft is impressing C-suite executives. That is what they know how to do.

@ms can we get figures on demotion facts please. Anyone who has this data would be greatly appreciated. That is the hush money we should be talking about along with the ex-employees

I don’t get the younger and cheaper argument. The labor may be younger, but not necessarily cheaper.

@ab Chubbie is that you????? IDGAF that it’s worse at other companies. Why people are upset is that this is a dramatic and needless shift to a culture that has been unique for over 100 years. Plus it’s one that doesn’t even make sense as the firm has posted record profits. It’s all about greed and becoming like all the other companies out there.

@h4 and that doesn't even include the demotions or the poor souls who will be stuck absorbing twice the workload for the same pay.

9k human lives-1k impacted negatively = 1/8 of an organization. I am no CFP.. of wait, I believe I am, and that is a significant impact #frogsboiling #whereisjim

Has mcdonald's stopped mixing its mcflurries?

I work in the field and we are so disappointed in management for letting all of these McKinsey sc-m in to our formerly respected partnership. We can all see the writing on the wall for 2030. Just wait for the mass exodus of profitable teams that leave this firm.

The most hilarious thing is watching ex-consultants move to companies and actually be responsible for strategy. They are all talk, no results. Have you seen Hasen’s 2030 AUM projections? The guy licked his finger and threw out big numbers to impress Penny. We are already off track with no chance of hitting them.

@ab I think people can handle change, but those that have been here under Bachmann, Hill, and Weddle (some that even knew Ted), understand that this is not the way things have ever been done at Jones. In 2008 during the financial crisis, Weddle allowed for natural attrition to drive down numbers. Bonuses were taken off the table. GPs and LPs accepted lower payouts. They found ways to protect their people because their people mattered to them. That's the firm and culture we all know. People bent over backwards for this firm and accepted lower than average pay for years because the firm promised no layoffs and held to that promise.

This place is now totally unrecognizable, and it's all self inflicted due to pi-s poor leadership hiding behind consultants.

Yep, ex-McKinsey are the worst. No actual experience but they love to hear themselves talk. Toxic

Ok, Chubak.

When will ELT share how many people were demoted or just quit due to the insanely low ball offer you gave them? I'd like to see those numbers.

Cry your way to Wells Fargo, I’m sure they’ll give you big hugs and never fire you. The firm needed change and you can’t handle it. There were under 1k people impacted and only a 250 ISPed. This is NOTHING compared to a publicly traded company. You’ve been spoiled