Layoffs coming next week abt 650 ppl
39 replies (most recent on top)
@1kjd that was 10/15/2024 in Ops . . . this has been happening for a long while. Before ER was announced in March 2025.
@jzeb ... 10/15 hasn't happened yet.
I was just let go from a support position of 9 years because our office is merging with a high producing office who wants a recent college graduate who completed an internship to come on board. I was told the FA was desperately trying to figure out how to get her on and the next week, in a total shock, I got my marching orders. They "say" my position is being dissolved, but I am told that once I was notified, an email surfaced that said, "now you can hire " ---- ". I'm all for someone getting a job out of college but I don't feel I should have to be sacrificed for it just because I'm not as well liked (there is some history behind this) and have been blamed for various things over the years by people in this larger office. I'm also on FMLA for a health condition. I'm 57 years old.
They will absolutely sc--w you out of your partnership. I can't imagine they will ever be relevant again - if they ever were
AI = Actually Indians
No. Edward Jones doesn't have the ability to use AI.
They will hire hoards of Indians.
Are they actually automating any jobs/processes with AI? I feel like it's a flat out lie to cover up the outsourcing.
Agree they need to offer early retirement, knowing many if not majority of tenured FAs are never in their office and cashing in on commissions and partnership bonuses, while the BOA do all the heavy lifting during the FAs permanent vacations
The email has a PowerPoint from expensive consultants. 2025 plan to eliminate middle management, fire front line people, force retirements in the US. Do this with AI and India outsourcing. It’s coming!
No, but this is how I plan to say goodbye: https://youtu.be/z0aF9kSLpeY?si=QSqOlmufF8xSG741
“KJ and Penny accidentally forwarded an email on strategy of getting rid of the older population without it looking like it's age discrimination”
Anyone have a copy of the email?
Ted Jones would be so hurt to see the company he and his dad built being turned over to contractors in another country. This firm brags on their positive impact on the communities. Do they understand putting 100's of people out on the street without jobs in St Louis is harming the community.
KJ and Penny accidently forwarded an email on strategy of getting rid of the older population without it looking like it's age discrimination. So what do you do.... offer voluntary severance packages to anyone whose years of service and their age equal 70. Guess what that's the older population. People who have kids in college and people who have dedicated their lives to building this firm to what it is today.
I heard every division will be affected, so no one is safe. 3-5 Indian associates for every 1 American, so they're all about it.
I heard Tech is in for a big end of year furlough, too.
They lie to the branches about it. IDK how it's not in the media yet.
It's been going down in Tech forever, now 400 gone from Operations, more in Market Management now, ramping up big time in 2025. Sad. Thanks, influx of McKinsey & Co and Citi GPs (cough, cough, Chu-bak-ah, cough, cough).
Yes heard Market Management has small number with 90 days to figure things out but not related to Operations.
I heard some folks in Market Management were informed today that they need to find a new role within 90 days. Does anyone know more about this? It seems to be separate from what was announced on 10/15.
Yes. Impacted associates and leaders were communicated to on 10/15. They have one month determine if they will take then VSP or roll the dice.
So did these layoffs happen? It is a week past when they were supposed to?
Job Architecture has been described internally as a way to compare jobs to each other and ensure they are "structured" correctly for the organization. HQ GPs have already gone through this. For example, a GP that is on Operating Committee or ELT is not the same as a GP that is not on one of those leadership committees. Another example would be comparing DL roles or TL roles from one division to another, or Product Managers across Portfolios. It is to ensure consistency among grade levels and responsibilities in the firm.
VSPs were mentioned in the trimester talk. They also mentioned job architecture. What is that? Is it related to VSP?
"Are VSPs being used to avoid having to file a WARN notice for layoffs? " Someone asked this with the HR rep and he acted offended. "We are doing this only to better serve our clients, and we care about your futures." Or something along those lines.
Are VSPs being used to avoid having to file a WARN notice for layoffs?
It will be interesting to see if layoffs are brought up at the T3 Trimester Talk today. "Although revenues are at all time highs, we need GP returns to be over 45%"
Service is going to take a big hit next year with a push to automate a lot of jobs there. IVSPs already took place in HR. A lot of Product jobs will head overseas - those teams already have a lot of overseas contractors. Current conversations around underperforming FAs. No one seems to be talking about overpaid, underperforming GPs
Where in the company is safe then going forward?
The messaging has been clear. “As other divisions review their workforce strategy, VSPs are a tool in their tool belt.” It’s happening in Ops now, but will happen in other divisions later. Service, Ops, Product - all of these divisions are weirdly structured or headcount heavy. I don’t know what half of WMAS does. There will be more.
So they said It's not happening in service but it can happen anywhere, anytime? Some appear terrified and some appear to feel like they're still going to be okay after the announcement from Tuesday.
Just got out a teams meeting and it was stated it's not going to happen in Service Division - it can happen anywhere, anytime.
Operations won't be the last group that this happens to. Outsourcing is going to be a big push in other departments. They will need a home office in India by the time this is done.
Any word on Tech layoffs?
Proof of what?
Does anyone have proof of this.
The writing is on the wall. Those who don’t take the voluntary separation offer will be involuntarily separated in the coming weeks/months with far less generous package or no package at all.
I am not impacted but know the package. 2 weeks pay for every year up to 35 years. 6 months of health insurance. Need to meet the rule of 70 (except the age part) to keep your LP. It is voluntary for now. I’m sure if the voluntary separation doesn’t meet expectations, involuntary packages will be offered that are less generous.
I am in another division and not impacted now. But expect other divisions to be impacted in coming months.
Can anyone impacted share general terms of voluntary separation? How many weeks severance per year of service, etc.
Hope GPs get huge bonuses!
Oh joy. What a bullsh-t company.
Da---t. I'm in Ops. This is bullsh-t, I knew they were up to something. Are these straight up layoffs with only a few months notice or are they going to offshore all jobs, make us train our replacements (again for me), then we have 4-6 months to find a new job.
409 people impacted in the Operations Division. Shared with leaders already. Impacted associates will be communicated to on 10/15.
For the firm or specific division? Our leaders have been acting weird lately and we have a unplanned team meeting late tuesday. Ugh. I already went through this last year when my job got outsourced to india. No, Im not a tech/IT person either.