Edward Jones is getting ready to announce internally a series of job cuts to employees that work at its handful of campuses in North America.
Based in the St. Louis area, the company this week released an internal communication that went out Wednesday to Edward Jones leaders, saying layoff notifications would be coming by Aug. 26, according to a report in the St. Louis Business Journal.
It is not clear how many employees will be affected, but none of the private partnership’s 20,000 financial advisors will see their jobs at risk. It’s the 9,000 employees who support financial advisors who are at risk, with some already taking early retirement and buyouts as the company progresses with a reorganization internally dubbed “Enterprise Reimagined.”
With $2.3 trillion in client assets, Edward Jones is one of the largest wealth management and investment advice companies in operation. The company in March said it was cutting home office workers at its St. Louis headquarters as a result of a companywide restructuring.
"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,” wrote a company spokesperson in an email Friday morning. “As a result, the size of our home office will be reduced.”
Meanwhile, Edward Jones is not alone in the industry in looking to reorganize. Other large broker-dealers and wealth management enterprises have pruned staff this year.
With the uncertainty caused by President Donald Trump’s global trade and tariff battles, some large financial advice firms this year have been ready to cut staff and potentially reduce costs. Those firm include Morgan Stanley, Cetera Financial Group and Osaic. LPL Financial Holdings has also reduced staff at broker-dealers acquired in its acquisition of Atria.
Edward Jones operates from two campuses in the St. Louis area and one in Tempe, Arizona, and has a Canada home office in Mississauga, Ontario, according to the St. Louis Business Journal.
Edward Jones’ job cuts and overall realignment internally are contributing to higher costs for the company, it said in its quarterly report from August 8.
“Home office and branch compensation increased primarily due to estimated separation costs associated with Enterprise Reimagined, higher average wages and increases in healthcare costs,” according to the filing with the Securities and Exchange Commission (SEC). “Home office and branch compensation and benefits expense increased 20% to $727 million and 12% to $1,353 billion in the second quarter and first half of 2025, respectively, primarily due to estimated separation costs associated with Enterprise Reimagined, higher average wages and increases in healthcare costs.”
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