Rumor is layoffs are imminent the week of 07-14-25; between 5%- 10%
171 replies (most recent on top)
Has anyone heard about impact to software development teams? In this round or coming plans?
@1r3 lol let them try! We’ll just keep reposting the things we are hearing.
WARNING!!! - peeps - we are putting all eggs in one basket here. this thread is way too long and if someone starts posting junk or goes agains the site rules (or TRP legal asks for a takedown) layoffs.com admins will remove it. it'd better to post on the main TRP page on this site as it cannot be taken down completely.
admins can nuke a topic or two but they cannot remove the whole page as they have no grounds for that - here is the page www.thelayoff.com/https://www.thelayoff.com/t-rowe-price-group
or linked /t-rowe-price-group
Source: years of experience, I was with fidelity for about 10 years and they have a lively forum here
@1ph the ship is sinking, just a matter of how fast.
@1r0 they did offer buyouts to some people a few months ago. I know several people who took them. That was definitely a harbinger.
I fail to understand why they refuse to consider voluntary separations. With the number of highly-tenured employees I think they’d hit their targets very easily. This gets asked in every all-hands meeting and HR just says “Nope, next question”
Yes I got the email yesterday and was one of the unlucky ones. Have been there over 35 years and now need to find a new job. several managers in my group were also part of this mess.
@1qw More layoffs and reorgs of certain groups is what I’m hearing, especially in global marketing. Sounds like this could be an ongoing situation rather than the typical one and done, more thoughtful RIFs that TRP has been historically known for.
Does anyone think they're going to fire more people this round? They didn't give a number to affected employees, which I find a little concerning.
@1qv What have you heard to the degree you can share? More layoffs taking place next week or plans for reduction?
Heard through the grapevine that the layoffs have only just begun and we will start hearing more next week. What an absolute nightmare and failure of communication from the top down. Guaranteed to depress morale and motivation. Rob Sharps has got to be the worst CEO we’ve had in decades.
@1pw the amount is based on tenure … 3 months would been roughly 6 years tenure at 2 weeks severance per year of service
@1pw that's the standard. the lump is paid out as a bonus, so it's really more like a month and a half of salary. if you're an at will employee, just be glad you got a severance, they don't have to give one.
@1qj They try to keep to the minimum to avoid the WARN threshhold, they haven't filed one since 2021. The 3rd quarter of the year is generally when to expect them, I've noticed. I was laid off by them 2 years ago around the same time. The package is usually very straightforward and if you are at-will, they don't even have to give that to you. I was devastated, but landed on my feet 2 months later. I'm so sorry this happened to you, I hope you can rebuild quickly. Just remember that employee loyalty is not always the best bargaining chip if you were there a long time. I was there nearly 10 years. I should've gotten out before 5.
@1qp Baltimore sun picked it up as well.
Bloomberg publishes a piece about this and the stock gains accelerate. What a bunch of fu--ing jackals this industry is.
@1qj Even if under WARN, a 3mo lump sum would more than cover lack of 60 day notice (requirement to pay employees for the 60 days if no warning).
@1qj Doubt they fired 500 employees at a single site or more than 50 employees that constituted 33% of the workforce at a particular site.
@1qj I believe you have to lay off a certain % of workers at a certain worksite for it to register for WARN notice.
Does anyone have any figures on how many people were impacted? I wonder why this doesn't fall under the WARN act. I'm no attorney, but it with the numbers being thrown around with the number impacted, it may fall under the WARN guidelines. The general idea of WARN is if a large company has foreseeable layoffs and the size exceeds a threshold, they need to give the employee 60 notice. If anyone can comment, I am all ears. Otherwise I will be waiting to sign my docs until that's reviewed by a professional.
@1qe There were a few Intermediary Sales Consultants in USI, a number of positions in general across the firm. No idea how many positions eliminated total or how many of each position. But it was told to me in my meeting that every business unit has been affected to some degree
Do More with Less.
Come into the office more.
Layoff complete areas (Help Desk/Command Center) and Train Your Replacement.
Email that basically says this is done today, but more actions to come.
Give Rob S a big raise even though we are supposedly a pay for performance firm.
Summary
No longer a firm that cares about people.
When economy picks up I expect mass exodus.
Talk about needing to come into the office more because of eroding culture. I don't think that is the problem.
Interesting how the worse they have treated people, the worse their bottom line gets.
@1qc "We have developed a broad and ongoing plan to reduce our controllable expense base over time." I imagine that means more of these cuts are likely.
All - let's please keep this discussion about the layoffs and not about weird tangential resentments you have about the company or a group of people. We're just concerned about whether we're going to soon loose our livelihoods or what next steps might be if we do.
That said, does anyone have more facts they can share? The number and roles of those impact, etc.
The real yeah part is they want us all to come in for face to face work but they were too cowardly to do this in person and did it over zoom
Does anyone know if they’re planning more rounds for layoffs? Or is this it “for now”?
Curious as to how far reaching they were and which groups were involved.
@1q8 I left the firm a couple months ago and best believe I did the same thing. Rolled it out immediately.
@1q0 Was it any good? Did it help?
@1pq Agreed - This place took a serious dump. Such a vaulted company is now trash. When my turn comes to get fired I am transferring out my 401K - I don't want them effing that up either.
@1pa Why is the firm so broke all of a sudden?? Orioles/Ravens Vanity Projects? DEI selected managers?
WOW - I thought this post was off base as there were layoffs (delayed as they are still around training their replacements) earlier. Now this. I am working on fleeing this sinking ship. What happened? Was it the Orioles Vanity project that made them broke?
We are at a pivotal moment on our path back to organic growth. In the face of rapidly changing industry dynamics, we are committed to making the decisions necessary to invest in our strategy and take advantage of the opportunities ahead. This includes taking a hard look at everything we do in order to ensure that our work is driving value for our firm, our clients, and our stockholders.
We have developed a broad and ongoing plan to reduce our controllable expense base over time. This plan aligns our expense growth with our anticipated revenue growth while allowing us to invest in our future. This will require us to adopt operating model changes to support our strategy and to drive efficiency, evaluate our real estate footprint, and embed a focus on continuous improvement throughout the organization.
As part of this work, today we eliminated a number of roles across all business areas. Associates impacted by today's action have been contacted. In recognition of their many contributions to our firm, we offered generous transition assistance, as well as outplacement support and resources.
We have also identified a small number of subscale strategies for closure, sequenced over the coming months. Portfolio managers of impacted funds have been informed, and further communications regarding these changes will follow our standard processes.
We will share more detail about our broader plan and specific actions in the coming weeks and months as changes are finalized.
We recognize that this is a period of significant change, and we understand that it can be difficult to navigate. We are confident in our plan, and with your help, we know we will succeed.
Thank you for all of your efforts to deliver value for our clients.
@1pd for that cost it better function with those delays. Every other Fortune 500 company builds HQs, and has lights that stay on! It’s 2025, construction of an office isn’t difficult.
Sounds like you should be laid off if you can’t competently complete your job you halfwit. Enjoy slobbin on that Rob Sharps!
@1py boss was on for all of about 45 seconds of the 20 minute conversation
@1pz basically, a company that helps you with your résumé and cover letters. Maybe even some networking. I guess I’ll know more when I get my package in the mail tomorrow and see which company it is. Some are better than others.
@1pz it’s an online organization that helps with resume writing, rebranding your LinkedIn profile, training etc. When I was laid off by TRP in July 2023, they provided that service to us for 12 months.
@1pw what is "outsourcing services"? thats a new one on me
Did anyone else's boss leave the meeting? Lol
@1pt not completely unscathed, there were layoffs in 2009, too. I remember clearly having meetings about how to save money and people straight up saying we should remove vending machines, then 2 months later the talent cuts were made. That felt like a labored decision, though.
@1pp it is a lump sum payoff +3 months of outsourcing services. I havent quite done the math on the lump sum, but looks to be about three months salary.