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Spirit of St. Louis Headquartered in St. Louis, A.G. Edwards & Sons is the nation's largest securities firm based outside of New York. The firm was founded in 1887 to serve St. Louis banks trading on the NYSE. Although the firm suffered some tough times during the Great Depression, the reputation of A.G. Edwards remained unmarred. The company leapt into the computer revolution early on, installing IBM computers at its company headquarters in 1948. Edwards' firm has now grown to include more than 650 offices in 49 states (and the District of Columbia); the company employs more than 6,600 brokers. Although publicly held, the firm's leadership has remained in the family - current CEO Benjamin Edwards III is a fourth-generation descendant of the founder. A.G. Edwards expansion While most of the firm's revenues are generated from commissions from selling stocks and bonds to individual investors, Edwards' investment banking division has been expanding rapidly. Its I-banking arm is currently comprised of more than 100 professionals. A.G. Edwards' customers include a variety of individual, corporate, government, and institutional customers, but it has made its market niche in investment banking with middle-market companies. In March 1999, the company reported record earnings and revenue for the fourth consecutive year. Investment banking revenue totaled $219 million for the firm's 1999 fiscal year, up from $190 million the year before. Brokerage army On the retail side, with its ability to provide a vast range of services, A.G. Edwards emphasizes building long-term relationships with its clients. Insiders say A.G. Edwards stresses accountability from its management by tying all management bonuses to company profits. The firm is growing so robustly that it had to expand its St. Louis headquarters, where 4,000 employees work, in the summer of 1998. The firm also picks stocks quite well: Edwards was chosen as the top stock-picker for the first quarter of 1997 by The Wall Street Journal, and the second best for the preceding 12-month period. The company also offers asset management and insurance services, trust and portfolio management, and advisory services. Asset management revenue rose from $315 million in fiscal year 1998 to $405 million in fiscal year 1999.
When recruiting, A.G. Edwards looks for team players and leaders. Prior interest or experience in the securities industry (e.g., through a summer internship) is a plus. A.G. Edwards has a somewhat more traditional slant than most other financial firms, and requires its hires to have a very strong code of ethics. New college grads generally start at the analyst level; MBA grads typically begin as associates. New employees in the banking division are slated for generalist slots initially, and can expect a variety of assignments in corporate finance, mergers and acquisitions, and valuations. While new brokers can start at any of the firm's U.S. offices, new hires in investment banking all start out in the St. Louis office. Applicants should consult the company's web site, www.agedwards.com, which lists some specific current openings. The company accepts resumes via fax, e-mail, and regular mail.
Not the Arch too? A.G. Edwards takes employee training seriously, employees report. This commitment is evidenced by the company's training center, which offers employees more than 30 educational programs. One A.G. Edwards broker who has worked in two other brokerage houses calls the firm's culture "more supportive than other major brokerage firms. I wanted to join A.G. Edwards specifically because its policy is to do what's right for the client." Employees also concur that "the firm really cares about a work/life balance." This philosophy pervades all of A.G. Edwards, insiders say. One analyst says "the employees are happy and friendly in every department." Employees at the headquarters in Saint Louis praise the many benefits and perks the firm offers: "free parking, 24-hour security, a subsidized cafeteria and a little gift/convenience store on the premises, discounts to see the St. Louis Arch." All A.G. Edwards employees can take advantage of a stock purchase plan; senior employees receive stock options. The firm was rated as one of Fortune magazine's 100 Best Companies to Work For in 1999, largely because of the firm's retirement plan, under which 3,500 employees have more than $100,000 and close to 200 have more than $1 million. Good to clients and employees Unlike some brokerage firms, which pressure their brokers to meet sales quotas, A.G. Edwards has a low-key, "client-oriented" atmosphere. One employee sizes up the company as a "Wall Street firm without the Wall Street mentality or egos." In fact, the firm's CEO, Ben Edwards, hosts monthly company-wide radio conferences during which he answers employee questions. While some decry "the rather dull and conformist city of Saint Louis," or complain about "the bureaucracy - you have to get approval for transactions from three different groups," most employees relish the opportunities A.G. Edwards offers. "No matter what you do," says one recent hire, "you learn so much here that you end up opening more doors than you knew even existed. If you're willing to learn and work beyond what's expected of you, you'll never dream that so much good could happen to you." Says another, "If you are ready to settle down in a relatively nice Midwestern city with a great, family-oriented company that doesn't work you to death, then you should look very hard at A.G. Edwards."
Ron Hoenninger Human Resources One North Jefferson Ave.1 St. Louis MO 63103 (314) 955-3000 (314) 955-5402
Merrill Lynch;Morgan Stanley Dean Witter;PaineWebber Group;Salomon Smith Barney;U.S. Bancorp Piper Jaffray More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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