ST. LOUIS — Edward Jones said Thursday that it laid off 259 of its employees this week as part of a restructuring effort announced earlier this year.
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.
Primary home office locations include two campuses in St. Louis and one in Tempe, Arizona, according to a regulatory filing for 2024. The company also has a home office in Ontario, Canada.
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 the reductions don’t affect financial advisors and branch teams.
The company said that in addition to the 259 layoffs, 552 home office employees accepted a voluntary separation plan earlier this year.
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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.â€
Penny Pennington, managing partner for Edward Jones, ThinkAdvisor in March the initiative aimed to reduce bureaucracy and invest in technology such as AI to make adviser support services more efficient.
Edward Jones had over 9,000 home office associates, according to a June regulatory filing.
On Thursday, the firm said it has about 55,000 full- and part-time employees across the United States and Canada.
in 1922 by Edward Jones Sr., Edward Jones grew from a small office in downtown St. Louis into a massive financial services firm that has over 15,000 branch locations.
The Jones Financial Cos., the parent company of Edward Jones, reported a pretax profit of $471 million for the quarter ending June 27, about the same as the same period last year.
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