EJ Employees Are Lovin’ It
Edward
Jones is having an awfully good run, according to the firm’s fan base, er, its
employees. Edward Jones made Fortune magazine’s “100 Best companies To Work For,”
list again this year. Edward Jones came in at number two, for its 10th
year on the list. According to the firm, Jones has been among the top 10 companies
for seven years, and had consecutive No. 1 rankings in 2002 and 2003.
The
St. Louis-based Jones beat out fellow Wall Street firms, Goldman Sachs, which
came in at number nine and Midwest-based regional b/d Robert W. Baird, which
rolled in at number 14.
We
here at Registered Rep. are not surprised. In December, Jones came in with the
highest overall score in our 2008 Registered Rep. Broker Report Cards, sharply
contrasting the near failing grades reps at other big firms gave their
respective employers. While the recent upheaval on Wall Street has certainly
humbled the traditional Wall Street-based firms, the general perception of the
average Jones advisor has been that of an aw-shucks, small-town rep with little
sophistication. Jones reps are also criticized for ardently loving their firm
as if it were a cult. (As one Wall Streeter we know put it, “They knock on
doors!”)
Considering
the carnage at brokerages, everybody can shut up now. Jones employees are
happy. What’s wrong with that? Read here
to see why Edward Jones advisors are so darn happy.
While
Edward Jones’ recent success brings to mind the Bronx Bombers of the 1996
season, in other baseball news, Citigroup can’t even seem to keep up with the
Mets. According to the Journal, the verdict is still
out on whether the bank will maintain its 20-year and nearly $400 million
marketing deal with the Mets, which includes naming the new stadium (CitiField)
after the ailing bank. A Citi spokesperson says the Journal got it wrong; Citi will
remain the sponsor. “Citi signed a legally binding agreement with the New York
Mets in 2006. No TARP capital will be used for Citi Field or for marketing
purposes," the spokesperson says.
The
agreement with the Mets came under attack from the Hill since the bank accepted
$45 billion in bailout money from the TARP (Troubled Asset Relief Program) in
addition to passing off $301 billion of loans and other assets to the
government. Still, next week, Citigroup
Chief Executive Vikram Pandit and other bank CEOs are set to appear before a
House committee, where they will undoubtedly be roasted as to its use of TARP
money.
