Edward Jones has issued an internal memo indicating it will unveil cuts to home office staff jobs by Aug. 26, the St. Louis Business Journal reported last week. Financial advisors and branch teams aren't included in the planned cuts.
The financial services firm — which supports about 20,000 financial advisors —confirmed the restructuring plans affecting home office associates but didn't release further details.
Edward Jones has about 9,000 home office employees companywide.
"As we continue our journey to serve more clients more completely, Edward Jones is making changes to its home office structure designed for greater speed and ease of decision making to support our client and branch experience. As a result, the size of our home office will be reduced," a spokesperson said in a statement sent to ThinkAdvisor on Monday.
"We are committed to communicating early and transparently with our colleagues throughout the process and take decisions that impact our colleagues very seriously and strive to make them according to our core values. Our top priority remains supporting our colleagues and serving our clients," the statement added.
Home office associates across the United States and Canada will be affected, according to the spokesperson.
Penny Pennington, Edward Jones' managing partner, confirmed to ThinkAdvisor in March that the financial services company was planning a long-term initiative to reimagine home office operations and that she had shared a video about it with the entire organization.
The firm's primary goals include reducing bureaucracy and using technology, including artificial intelligence, to improve advisor support services, she said at the time.
The St. Louis Business Journal reported about the internal communication last week, noting that a spokesperson said that the firm hadn't decided how many layoffs are coming and didn't plan to release location details.
The most recent annual report says that Edward Jones primarily conducts its U.S. home office operations from two campuses in St. Louis and one campus in Tempe, Arizona.
As of Dec. 31, it operated 11 home office buildings, including one in Mississauga, Ontario. Home office employees work in all 50 states and five Canadian provinces, the St. Louis Business Journal noted.
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