Heard there is a small contingency of GP's discussing a no confidence vote for Penny. Has this ever happened at the firm?
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@OP I wouldn’t be surprised. Chubbie wants to take over so badly I would be surprised if he weren’t sewing discontent among other GPs to oust Penny and take over. Greed is ugly and this so called leadership team is as ugly as they come.
It's a rally nice thought, but no GP is going to risk their eye popping higher than industry compensation, especially now that there so many are outsiders making multiples of what they were somewhere else with Edward Jones.
Plus, too many good GPs voluntarily left when they saw the ship was sinking, so that the vote numbers will likely never work.
Sign me up. I cannot imagine there are many GP’s left who truly have confidence in the decisions Penny or her ELT are making after this debacle.
As much as it su-ks, I think it was inevitable to happen eventually. No firm can keep that pace. We have to play catch up to be competitive. As for the offshoring all may not be good workers but I have a couple on my team that have more education than my on shore but they share their knowledge with the team. I think while they want to invest in AI it is not there yet so there will be some back tracking.
Too little too late.
I mean, LAYOFFS have never happened either. They used to use their history of no layoffs and their refusal to use layoffs as a cost cutting measure as a marketing tool.
But GPs were the ones making these decisions with her. The entire Executive Committee is GPs. GPs agreed to carry out the plans. GPs are just as culpable.
And retired GPs have, I believe, a subordinated interest like retired LPs, so even if they could vote, their votes carry less weight.
This has never happened at Edward Jones. From my reading of the partnership agreement, it would take 50% of General Partner interest (not 50% of General Partner population) to vote to remove a Managing Partner.