Thread regarding T. Rowe Price Group Inc. layoffs

@x4 remoras su-k

@pj Epic post...loved the remoras reference. Spot on.

@pj it’s like being down and smashed in a game and relying on the same tactics and players. You’re right - change it up!

In this company, fools joining hands with fools to crush earnest, sound ideas—that’s what they now call collaboration.

This company has truly changed.
It used to be a place that valued intelligence and creative thinking—a place that took the time to nurture those ideas and bring them to life. Bottom-up really worked here, once.
And now? Collaboration in name only.
It’s full of political operators who shamelessly claim their subordinates’ achievements as their own, and mere clowns who latch onto those operators like remoras clinging to a shark. It’s a culture that swats down bold, unconventional ideas with the brute force of majority rule. Talk of short-term results and targets has become deafening. There’s no respect left for building a real argument, no respect for intelligence. The only thing that thrives here is harassment carefully calibrated to stop just short of being called harassment. I’ve concluded that this company has rotted from its people outward.
Goodbye.

@OP given the results and what we’ve seen, I worry that TRP might end up the way of other Baltimore asset managers. Swallowed up and then spat out by another asset manager once it’s chewed on the bones of this once great company. All while the politicians who’ve drove the company down to the ground, benefitting while blaming others, have made their money and gone.

@OP structurally challenged is an appropriate term. The firm ain’t set up for success in so many ways.

This is what happens when you put a huge focus into fluffy BS like advertising at ballparks, installing 6 figure fancy signs at ballparks, leadership buying itself cushy suites and a fancy building instead of the bread and butter type values exhibited by Thomas Rowe Price. And their choice to go with dollar bin workers from Accenture cannot possibly be helping in Talent Readiness metric. After RR's big transformation is complete, expect the ranking for Talent to be dead last. And the big guys are apparently not impressed with CL's "AI" expertise (or Accenture's for that matter) or the Netflix guy's Harbor Point Humanoid.

It just seems that everything this "leadership" team has done is akin to when some random people win a huge lottery jackpot and they just want to spend spend spend spend on the flashiest s-xiest stuff, til the cash runs out, not ideal for a firm that is supposed to be experts at managing and building wealth. I guess next time they will be at #41. What will this mean for outflows?