It’s bad enough we have the layoffs hanging over our heads. Now we have some of these GPS trying to aggressively save their own skin and throw others into the fire.
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So many GPs have pointless jobs just emails and Zoom meetings all day with no real productivity.
Not sure about Tempe. There are a lot of talented people there. Plus Generations has a hub in Scottsdale. Maybe an opportunity to consolidate real estate, but not sure about shutting the campus down. Plus GP's like to AZ in February when it's freezing here.
I keep hearing the phrase "we're doing this from a position of strength" from GPs...I honestly don't know how they can say that with a straight face to associates who worked hard to put the firm in that position and are about to have their world rocked...
I fear for Tempe. With remote capabilities, there is really no need for a 2nd HQ location. The cost of living in Tempe has outpaced St. Louis and labor out there is more expensive, among other things like taxes. There are far more partners based in St. Louis as well. They sold the training building in Tempe and bought the 270 building in St. Louis, too. Hindsight is 20/20, so in looking back, those moves seem to be very intentional. Reducing the footprint of the home office will surely mean cutbacks in both locations, but Tempe may be toast altogether.
Everyone always knew a Penny wasn’t worth a Nickel 👀
I’ve heard a few people at work say they should close Tempe. I think they’ll do the opposite. Arizona is a very popular place to have call centers, servers, etc due to the abundance of skilled labor and lack of natural disasters. No snow days, little earthquake risk. The long term water situation is questionable but that isn’t stopping people and companies from building there. I think Jones will do the same. Tempe is an asset not a liability. I think they are seeing that the level of executive talent they need to achieve 2030 (HNW) will not move to Saint Louis. They want to live in NYC, SF, LA. They might move to Denver, Phoenix, Austin but they won’t move to Saint Louis.
Shoot, my own TL does no work!
I love it when I look in the directory and there's a GP reporting to a GP reporting to a GP, most without any other associates reporting to them. It's nuts.
We have a lot of directors that do no work, too. Where are these directors that work so hard? I have yet to see one. They're about the same as the GPs. They all love to sit in meetings in their ivory towers while they make decisions on work they know nothing about because oh, that's right, they don't do any of the work. Thank goodness they're the ones making decisions on who stays and who goes and how the work is organized and done. Good job, Jones.
Some GPs work, some don't. It's true at every level on down to TL. There is lots of waste above the employee level. Too many "leaders" with too few associates trying to run around and clean up their messes and do the actual work.
I don't care if the survey isn't anonymous. What do we have to lose at this point? Half of us will be gone anyway.
They should sell Canada, close Tempe, offer them a chance to relocate to StL and be done.
the directors and the handful of senior dirs do all the actual work at edward jones. gp's are overpaid and truly useless most of them don't even have a real job
Thanos could snap his fingers and no one would even notice that half of the GPs were gone. So many of them are useless parasites that hire directors to do all their work while they get all the rewards.
VSPs were 2 weeks pay for every year up to 35 years. 6 months of health insurance. Need to meet the rule of 70 (except the 50 years of age part) to keep your LP. I would not expect involuntary packages to be as generous.
What was the package granted to those who voluntarily separated?
I don’t get the impression that these will be voluntary separations. The firm will terminate your employment. Severance is TBD. I would not expect as good of a package as was granted to those that voluntarily separated.
When are the VSPs going to start being offered?
Answer your surveys. Just do what we all do and lie if your trying to save your job. Tell them what they want to hear.
I use Garmin. No GPS or TPS report issues
It is hilarious! Everyone scrambling to be in a meeting since they’ve been laying low for 3-4 years. These are our GPs 😂!! The money (60%+ return) they’ve siphoned. Unconscionable. BTW - Don’t answer your CES survey link. It is absolutely not anonymous. Just let that link die in your inbox.
Spill the tea!