Edward Jones laid off nearly 260 home office employees across North America this week, part of a long-term streamlining plan that included hundreds more voluntary separations earlier this year, a spokesperson said.
The voluntary and involuntary job cuts represent less than 2% of the RIA and broker-dealers full-time and part-time workforce, the spokesperson told ThinkAdvisor by email Thursday.
"Edward Jones completed the next phase of a multi-year initiative designed 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," the spokesperson said.
"As part of this initiative, this week, the firm offered involuntary severance benefits to 259 home office associates. Earlier this year, 552 home office associates chose to accept a voluntary separation plan. Through these programs, the firm streamlined its U.S. and Canadian operations and created the foundation for a more effective home office," the firm said.
Edward Jones has more than 9,000 home office associates across the United States and Canada, and about 55,000 employees overall across the two countries. Financial advisors and branch office teams aren't affected by the layoffs, Edward Jones said.
The firm, which isn't sharing layoff numbers by location, has over 20,000 advisors in North America serving more than 9 million clients with $2.3 trillion in client assets as of late June.
The spokesperson noted that Edward Jones recently reported strong second-quarter financial results, including 12% growth in client assets under care and a 4% rise in advisors year over year. "This demonstrates the firm's continued growth and strategic focus on serving its clients, colleagues and communities."
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