Rumor is layoffs are imminent the week of 07-14-25; between 5%- 10%
171 replies (most recent on top)
@1v5 I have heard they underestimated the work the Service Desk does. It is not solely Tier 1. But they don't seem to be correcting course. All 3 of those will be a joke once they are fully offshored. Even for us still there, it will be He-l. As soon as T Rowe Price had their named slapped on every surface at Camden yards til it was ridiculous, the Orioles started to su-k. Even players who were great before su-k. They also invested in advertising at M&T Bank stadium. So the Ravens may su-k too now. In any case considering they are fire selling employees and soon buildings, it doesn't seem that investment paid off. Maybe if they followed industry trends and added passive investments/ETF earlier, that would have meant more to actual investors than a bunch of people slugging beers watching baseball. The people making these d-mb decisions need to be let go. Not the people doing all the real work. But this summer they will all be sitting in their fancy catered suite at Camden Yards laughing about who they will can next, while all of us struggle to find work.
@1rq Girl at least you have one, in London there ain't sh-t
@1th It varies. The 4/1 mandate was for all of Individual Investors except tech.
Oh Trowe, the mistakes you continue to make, the institutional knowledge you are throwing away. As someone affected by the layoffs it will be fun to see how the firm attempts to navigate. I don't think they realize how big of an impact some of these teams being let go have on the firm and it's day to day operations. But the board members all making 300k plus a year, the ceo with his fat raises and the wasted money on camden yards and spending 1billion on harbor point are totally on track right? Absolute fools and sellouts.
@1tz No cr-p, really?? In this case the email went to everyone.
@1ty 6/26 around 9am ET
@1tyThe Communications from this management, who brag about their belief in transparency, is atrocious. I have learned more from this site for the past couple of days than anything at an "Ask Me Anything" or Townhall meeting or e-mail. I am not going to any more of those meetings - They all talk around the question like politicians. It disgusts me how cheerful KJ and RR are when discussing outsourcing. They probably see huge bonus potential from firing everyone. They don't care, hence their non interest in being honest. The way they are skating WARN notice reqs is a dk move,
@1tw See the responses indicating it was does not involve tech teams but thanks for playing. It likely wasn't to all associates just affected groups. They can do that ya know.
@1tw what day was it sent, could you tell? I need to need to go check if so.. I was worried because I saw a rumor about it and thought I need to try get money for my own car, but then CTO meeting made it sound otherwise.. Very lost and confused with conflicting messages..
@1tj Thanks I get so many emails from monitoring systems I probably missed it. I truly believe I will be unemployed by the time this becomes a thing. But that is good for those that get to stay. I have always been a fan of the option of 4 10 hour days and 1 off or people work 9 hour days and get every other Friday off.
@1tn Sounds like you need to read your email. :-)
@1tn tech is still 2/3, no change at this time.
@1th I never saw this either, I assumed it was only business units, since no in tech seemed to say anything, but I have no idea.
@1th there was a firm-wide email that went out to all associates, so you should have received it. They state in the email that 4/1 will apply to everyone except for those in GBS who will still be 2/3 as well as anyone grandfathered into exclusive remote roles.
@1td It is odd - the only place I hear about the 4/1 schedule has been on here. I am in OM. I have never seen a mention of this at town halls or at team meetings. I wonder if it only applies to certain groups? I know the in office requirements vary around the firm. Some people have to come in 4 days. Some only 2.
@1td They had a plan that was submitted to Baltimore County over the winter that would keep 2 buildings in OM and repurpose the rest of the campus into apartments. It got tabled before the first hearing.
@1tb I heard a rumor that the plan is to cram everyone who is currently in OM 1-4 into 5&6 before the 4/1 schedule starts then subsequently try to sell 1-4 but who knows at this point
@1t7 The email that went out specified they would continue to evaluate their "real estate footprint". I am wondering if they oust enough people if they will try and move remaining OM workers to Harbor Point. I heard bldgs 5&6 were closed off, and that bldgs 1 & 2 may end up closed at some point. But they are in such a "sell sell sell" "cut cut cut" mindset I bet they get rid of the whole campus. It is really sad that no one "in management" officially announced that OM could be sold. We had to read about it in the Sunpaper. I wonder if the whole company will just be sold at some point. There seems to be no commitment anymore. I do not want to work downtown. It is funny how they talk up this new headquarters to us in OM like it is the 8th wonder of the world, but they we keep hearing about power issues, elevator issues, AC issues, toxic dump foundation, etc.
@1rt Na we're all broker than you now. Have mercy on us. Go after the ones making the decisions - especially after Dec 20 when they get their huge bonus for firing half the firm.
@1rj it’s worse, blowing $1b to build on a toxic waste site while you sit on TWO BASICALLY NEW EMPTY BUILDINGS IN OM!!!
this thread has a summary of the cut (per group/role):
Hear ye, hear ye. Come one, come all, gather ‘round as a spinneth the great tale of assets lost, performance begone, and stock price plummeteth.
Art thou surprised at this woeful display of terrible RIF? Hath you not seen tumultuous deeds of peasant stock picking that foretold this lowest of days? Thy technology hub in NYC cannot save you now in this darkest hour.
Where art thou Sebastian Page? Cometh forth with a wise personal finance lesson and salve us with a mighty pincer move on your LinkedIn!
I HEARD THEY’RE SWITCHING THE CAFETERIAS FROM COKE TO PEPSI TOMORROW!!!!!!!!
@1rj are you ignoring interest rates not seen since 2006 for the majority of his tenure as CEO? Do you know what that does to an active equity shop?
@1qv highly unlikely they have another major round. It would look clueless to the stock market
@b4 I’m not sure how they’d swing a 32-hour work week for anyone not part of the layoffs. Since the stock market is open five days a week, and there are financials items and requests that are time-sensitive, I just don’t think it would be feasible. But maybe you know something I don’t, and I’m open to other perspectives!
@1rj Unnecessary
@1r9 it’s disgusting that a local towson guy and t rowe lifer is actively doing so much unnecessary harm bc he wants to cosplay a ceo. he’s desperate to be part of the club and copies every sh-t move they make, down to sponsoring the O’s and plastering their name all over the stadium. i wish i could give myself a $7m raise for bleeding assets and blowing $1b to build on a toxic waste site. literal circus
For new folks here, there is a large "ACTIVE" button right above the first thread... you can use it to see what posts had recent replies. That's all from me. Anyhow, I hope this helps someone. Good luck all....
@1rf likely because they aren’t done yet. They’re being sneaky. Way to create a culture of fear, completely unethical.
Anyone know why they didn't say the percent of workforce impacted?
@1pt "Nothing fails like success."
@1px At least we had plenty of warning then. I can remember Ed Bernard standing up in an employee briefing in late 2008 and saying that unless the markets staged a quick recovery, layoffs were coming. They didn't and they were.
This bunch is a lot more Nixon White House secretive.
@1r8 not sure why this is getting downvoted…it’s true.
@1q7 The company isn't broke but the fund outflows aren't really slowing down and there's been a lot of pressure from the Street about costs (which TRP has never made much of a serious effort to control).
So I think it's about shoring up the stock price -- which appears to be working, at least momentarily.
i guess we are official now:
https://x.com/TheLayoff/status/1945965900370501990
@1r8 Sharps has shown nothing but disdain for the people doing the actual work in the organization and the attitude has very obviously filtered down the chain.
Plus it’s not like he’s done anything innovative or made any real business changes. Except for making sure he is getting paid more than any CEO in our history to oversee us bleed assets.
It’s also obvious he’s salivating over the idea of AI saving him money. That’s not going to turn out the way he thinks it will.
@1qv It's easy to blame Sharps -- and God knows why Bill Stromberg lifted him from anonymity -- but the previous regime (Jim Kennedy in particular) sat on their thumbs for years while the industry was changing around them.
Maybe they were the smart cookies who realized there was no future for a long-only, purely active, plain vanilla fund family, but Sharps was the one left holding the bag.
@1r2 my thoughts exactly. fortunately i’m at the tail end of my career. sad to see though.
@1r5 seems like IT was minimally impacted.