Edward Jones laid off 259 home office associates this week as part of a restructuring effort announced earlier in the year. The layoffs affected Des Peres-based support staff who provide services to financial advisors in the field, and some local St. Louis employees were included. An additional 552 home office employees accepted a voluntary separation plan earlier in the year. The firm said the reductions impacted less than 2% of its total workforce and do not affect financial advisors or branch teams. The company described the changes as part of a multi-year initiative to boost efficiency and reinvest in long-term growth while serving over 9 million clients.
The Des Peres-based financial services firm said the associates were part of the company's "home office," which provides support to financial advisors in the field. Edward Jones did not reveal how many St. Louis-area employees were affected by the cuts, but local employees were laid off, according to the company. The company said that in addition to the 259 layoffs, 552 home office employees accepted a voluntary separation plan earlier this year.
The cuts "impacted less than 2% of Edward Jones' total full- and part-time workforce," the company said in a statement. Catherine Stengel, spokesperson for Edward Jones, said the company completed a phase of its multi-year initiative to "bring greater efficiency and agility to its home office functions, enabling the firm to reinvest in its long-term growth and impact in serving more than 9 million clients." Edward Jones had over 9,000 home office associates, according to June regulatory filings.
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