Rumor is layoffs are imminent the week of 07-14-25; between 5%- 10%
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wearing a polo shirt while I dressed up for this meeting is disrespectful
@1pq Unfortunately success fostered a culture of complacency in upper management. Go back to 2010 and you have a firm that had navigated both the 2000 tech bubble and 2009 financial crisis unscathed with no long term debt and $250 Billion in AUM. Our biggest competitor, Blackrock, had 4x the AUM but was all kinds of tied up in the fallout from the financial crisis. TRP stays the course and is sitting at 1.5T of AUM with years of net outflows. Blackrock was aggressive, branches out and buys the ishares ETF franchise, and is now has ~12T in AUM and is an S&P100 company. TRP has sh-t the bed for 15 years and its finally caught up to them.
@1pn I heard GIO/ FCO was one of them. The banking team lost someone
@1pp did they share how much the lump sum was and if any part was based on tenure?
@1pj back when I started (late 90s) it was THE Place everyone wanted to work. I felt like I hit the lottery when I was hired. Not even close to the same place anymore. I blame the recent senior management...the culture has shifted and not in a good way.
@1pm Was not directly affected, but told lump sum payout plus 3 months.
@1pj do you know what departments?
@1ph any word on severance? Sorry this happened to you. My meeting is at 1130 :(
@1pd i’m not op but a fortune 500 company (or one ranked slightly above the threshold) should be able to figure out how to build a functioning building. not sure why anyone thought it was a good idea to build over a toxic waste site, im guessing that had nothing to do with the delays or discovery of toxic fumes in the parking garage
Was told 7-10% of the firm globally were laid off this morning… seen 4-5 layoffs since starting 4 years ago. So sad and disheartening because I do love the company, but it’s taking a turn for the worse. I blame Kim J.
@OP Got the news this morning. Kinda bummed but Loved working at TRP and would’ve loved to be a part of the growth going forward.
@1pc Those windows and hot offices come with a great tax credit though.
@1pd when they can get accurate metric reporting, decent sales signals, working dashboard reporting, accurate sales reporting, and countless other tech issues somewhat operational, then the $278M hq might get some slack
When you build a new building and operationalize it for 2,000 people you can let us know how easy it is. In the mean collect your paycheck, enjoy the amenities and stfu. Clearly you have zero clue. And like Pratt worked perfectly, ge-z.
AND the racist homophobic a--hole below you should be ashamed of yourself. What’s wrong with you?
When you build a new building and try to operationalize it for 2,000 people then let me know how easy it is. In the meantime collect your paycheck, enjoy the amenities, and shut tf up. Clearly you have no clue.
AND the racist homophobic a--hole below - you should be ashamed of yourself.
@1m6 empty HQ with power issues, elevator issues, and super warm due to all the windows. It was built for optics, not function.
@1p8 COO
@1p9 I am so sorry you are going through this. This company used to rarely do layoffs. Now they seem to happen at least once a year. Sad to see. I have been with this company a very long time and cannot believe how its changed for the worse.
My husband is trying to decide what to wear for a Zoom layoff. Tux is at the cleaner so… sweatpants…?
He was doing volunteer work for the firm when his invite from MP came through so he never saw it. He got a text from his LM yesterday evening to check his email and make sure to RSVP for his execution.
@1p5 Which group is he from?
@1p4 what was the severance package they offered?
Never got an appointment, so seem like I might be ok. No firmwide communication yet, but will share.
Friend was just laid off. Meeting titled "business update"
Rumor is true I was just told the news I am laid off. But hey, at least they sent us a mysterious email yesterday so we could all lose sleep last night!
@1n3 is it 121 or a group meeting?
Some already got laid off in APAC (AU, SG and HK) and there is a rumor saying a big news will come out today from the HQ.
I got the business update meeting for COO EMEA also. I'm def it's q layoff.
assume not performance driven but to cut costs? Really bad optics after giving CEO huge raise, persistent outflows and a new empty HQ.
@1m4 rumor has it that it’s 2 weeks pay per year of service, capped at 6 months of pay.
@1kt 3 month severance is a joke for people who’ve been there almost 2 decades (like myself). T minus 12hrs until “the talk”. Still in shock. Worried about insurance coverage the most as I’m giving birth in October.
My husband just got the same email this afternoon. Is it definitely indicative that they’re laying him off? Sounds like it based on previous comments.
@1kq So sorry this is happening for you. I have not received an email yet. Hopefully they offer a decent compensation. I think the last round of layoffs was a 3 month severance.
@1kp
It will not let me post picture but here is the text:
“I need to connect with you tomorrow to share an important business update.
Unless you have another reason to be in the office, please do not feel that you need to come in person. A zoom link is below. Regardless, let me know your plans and I will reserve a spot if needed.
Thanks,”
@1kk paste the email here
@1kj I received the email myself 😢. Never been through this before do you normally get some sort of compensation ?
Confirmed 4 from the TO (coo group) received the email
@1k1 what severence package are they offering?
2 in USI CO that are known so far
@1k2 Its the appointment where you're told you're done. Generally its your direct manager, and their manager and someone from HR is likely present but not necessarily on the appointment itself.
@1k1 what does this mean?