Ge-z, 8B prelim net outflows just for November. Things aren’t getting better…
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@w9 I was shocked you were down-voted for a simple question. I have asked myself in the past. This seemed to start in 2020-2021 and hasn't stopped since. Not everyone who works at TRowe works in a financial role. It is worth questioning what changed in 2020-2021 to make this a such a persistent problem, and why all of the kings horses and all of the king's men cannot figure out a way to stop it. It was d-mb to build the fancy new headquarters with this happening - ditto for the Camden Yards/M&T nonsense. They want to spend money of what is flashy, but then bring in cheap substandard workers to pay for that stuff - I wish someone would explain how these decisions are to improve the problem at hand.
Why didn't they build the new headquarters in India for 10% of what Harbor Point cost? That is their "fix" for employee costs, and this would let their "Accenture Partners" work in office for all of the collaboration and comradery they keep telling us are important.
@fv I don’t know why I got so downvoted for this. I was genuinely asking… Y'all are so mean lol
@s8 Looking at performance, maybe some of the PMs don't have an understanding of basic finance?
@n5 totally. Sad thing is there’s associates in distribution who have no idea about basic finance and don’t know much about the products they’re serving or selling
@fv if you work for T Rowe and you got to ask, jeez, that’s part of the problem. Too many people don’t bother to find out the basics of our company or industry. You can point fingers, expect more training, wanna be spoon fed this, but come on… like… if you worked for the Orioles, you’d find out why hitting fewer home runs bad very quickly.
@fv more outflows than inflows = negative net flows
@fk Rats and crime at HP?
Can someone explain to me HOW they are able to have $8B in net outflows? I don’t have a finance background.
@fh Interesting - and he was the one who pretended he had "concerns" about worker safety with the squeegee kids? He is probably connected to the MD/City politicians who likely begged him to keep TROWE there so the Squeegee Kids could have steady customers. Really d-mb move on their part - they could have done something cheaper. I can't imagine clients are thrilled going down there with the parking issues, rats, and crime.
@e7 Apparently there was a vote on the board to back out of the HP deal and leave Baltimore city but required an unanimous vote and they were two votes short. The old CEO was still on the board and voted Yes.
@eh True - The push to Accenture looks at "cost savings" only, and ignores that the dedication and quality of the workers will never be the same. I have been saying all along as they shift more jobs to Accenture in areas with access to root and other admin privileges the p-o will hit the fan big time. Data breach? Network issues during trading hours? The Clown Show will ramp up in 2026.
@ec Accenture is terrible. One thing I admired about TRP when I came here was how dedicated my coworkers were - people would go above and beyond to get the job done. There was a lot of pride in work. They will never get the same dedication from a bunch of hired g*ns who are paid from somewhere else. Good luck getting any of them to work beyond their normal hours. And they are terrible. I work in tech. Operations is now too d-mb to even page someone when there is an issue that requires off hours resources. They expect you to know the person's T Rowe ID and even then they get it wrong. The Service Desk does LESS work than the people who were fired. And the Helpless Desk is worst of all. They botch installs and then cannot think beyond that because the instructions they are reading from obviously have reached their end, and they cannot come up with solutions on their own. Hiring these type of people will further hasten the decline of this place, but RR & KJ worked at Fanny Mae where they did also did this so maybe they get a commission when they can drum up more work for their "Accenture Partners".
@ec TRP is not alone in outsourcing to accenture, a lot of large organisations do this. But accenture coupled with other pivots which seem panicked and ill considered to keep the ship afloat and not as part of a well considered shift point to underlying problems and it is too easy to just blame KJ and RR. Problems were brewing long before KJ joined, in fact she had a cr-p show to try and turnaround from a COO angle. Buck stops with the Board for the mess.
@e7 yes that’s true about the board. But KJ, RR are responsible for the Accenture. Hope RR moves away from them. You can cut costs an infinite amount of ways without the poison of Accenture. I don’t understand the rabid fascination with Accenture. Everywhere they go it goes to sh-t. The headlines say otherwise but as everyone is experiencing it’s BS.
@cd The buck stops with the Board. TRP strategy change has been panicked to keep up with competitors not a well considered pivot. Like a sudden overnight realisation that the strategy is wrong or that their is no proper strategy for the market shifts. Layoffs equally panicked to keep the ship afloat. Pointing at KJ, RR etc as being to blame is a red herring, the problems were there long before both joined TRP. Responsibility for the strategic failures rests solely with the Board.
@cd margins are thin as for passive. Active pays… if performance is good.
@bt let’s be honest here: TRP products stink. First thing that neighbors tell me when the hear I work at TRP is why our funds are so expensive compared to competitors. The customer service is even worse. Have you ever tried closing an account?
Five years of outflows. I am not sure who exactly was responsible for the decision to double down on active vs passive and being late to the ETF game (if anyone knows, lmk), but those decisions were the death knell for TRP. Invesco and Blackrock innovated, why not TRP? Things will not get better even with GS collaboration and Crypto. I can't help but feel that execs know TRP is in terminal decline and are just focusing on getting a golden parachute while everyone else is left to sink with the ship.
Take care of yourselves, all.
@bt need take charge RM team not pass the buck RM team
The company needs better sales people LIKE RIGHT NOW. Bring in a bunch of A graders with top industry experience and a strong track record. Smart hard workers who will get the job done. Not the lazy, d-mb, showy, talk all day dunces that are in the current line up.
@aq Thanks for this response. Yeah I get the harbor is becoming more unpleasant than Harbor East, but the whole of Baltimore City su-ks. I honestly thought they would pull out back when the old CEO wrote a letter to Brandon Scott during all of the Squeegee Kid drama. Somewhere in the County may have been cheaper and there would be no need for the expense of a 3rd party parking garage. I guess they feel they have to have a presence in the City to honor T Rowe Price somehow, but they already dishonored his name selling out loyal workers for 3rd party offshore workers. Businesses with any sort of loyalty to an area don't do this stuff. Yes those workers are much cheaper, but they are terrible.
@a9 A few reasons...
Pratt St./inner harbor area not the family-friendly destination it once was. Many instances of employees having incidents in the building and parking lot, no reason to expect that to improve any time soon. Harbor Point fixes that.
This was 4-5 years in the making, once significant resources are committed it's not easy to change direction.
TRP has never made good real estate decisions.
Question: WTF did they spend hundreds of millions of dollars on Harbor Point? Did they think that would "fix" this situation? They close buildings in OM and they sit there empty. They demand in office 4 days a week. If these were people who knew anything about the value of a dollar, perhaps they would have utilized OM to the fullest and not been so against remote work. They are firing people who come in the office and give those jobs to people in other countries - so their argument about collaboration falls short. If they absolutely needed downtown space, they could have gotten a better leasing deal in an existing building as there is a lot of empty office space currently downtown. And they would not hire so many roles focused on DEI. It is almost like they think they are the government.
Ouch - The Clown Show continues. Even if these dummies offshored everyone, it would not make up for the $8B, yet I am sure they will focus on that as the "solution". What a delusional bunch of id--ts. On that note, why did this site feel the need to censor the first word in your post? lol I look forward to initiating my own "outflow" when I get laid off. Everyone who can should.