Round 3 in Tech happened this morning. Train your replacement then good luck
45 replies (most recent on top)
@mv which country? I will transfer
@196 Actually, I know of one team where everyone is being laid off except the person WITHOUT a college degree. People with bachelors and masters degrees are out. He was one of the "favorites". Funny how the boss's "lunch crew" all live to see another September.
@323 As someone that has been on calls with these Accenture folks, I can say they are one of the most low energy bunch of people I have ever seen in my professional life. No one smiles. No pleasantries ("Good morning", "How are you?"). Total flat-line emotionless. There is no appreciation for the opportunity to work as they are hired by virtue of the currency exchange deficit between the US. They don't have to work to learn a skill set. Their is no sense of pride in work. They just get handed instructions from fired workers. I guess that will be the culture going forward, but that is OK. Since they set up the office space so that everyone is in tight quarters, the Firm feels that a strong sense of community can be built if we smell each other's farts and become subjected to other people's conversations about football, movies, or politics.
@ex Once an Indian manager is hired, the entire team tends to become Indian.
@18n It’s fairly obvious which country you're referring to. I’ve heard it was not just lacklustre performance that was the issue with the terminated leaders there. I personally found them very “difficult” to work with.
@1fr I look forward to triggering an "outflow" of my own when I get a new job. I don't invest with companies that make obvious poor decisions (leading us to this point) and that do not support the communities in which they sit. Their new offshore workers will not be supporting Baltimore businesses, paying US or local taxes, or doing anything to enrich the community. The lame "Community Connection" garbage this company does for photo ops does not count. I am sure when T Rowe workers show up to their fake charity events when they dish out soup or hand out hygiene bags they will be turned away because they do not fit a profile relevant to their propaganda campaign. D-bags.
@19y just because you didn’t go to college doesn’t mean you should take that tone and throw shade on university graduates who had to take on debt. Well done big boy! Does your comment make you feel better for being uneducated?
@1fe Only money I have with TRP is my 401k because I have no choice. Websites are always having some issue amongst other things. Par for the course for this sh-t company. Anywhere but TRP!
Simple survey: Which do you prefer for wealth management, Fidelity or T. Rowe Price? Prefer your own company, or nah, it su-ks? I work here, but I would like to choose something else.
@196 Only those with very high IQ's can sh*tpost anonymously on the internet.
@196 This is by far the stupidest thing I have read on this site. Your 300K+ loans are paying off well for you. I imagine this was posted to troll people; if that's the case, job well done.
Our company actually has quite a few people with lower educational backgrounds. I feel that people with less education tend to have weaker critical thinking and metacognitive abilities due to less academic experience, lack the competence to tackle problems head-on, and as a result, tend to rely on political maneuvering. Long story short — people with low academic backgrounds should be let go.
@17e This resonates a lot with what I see with my country local leadership team. Management made people changes when results became too appalling to ignore but I feel it’s like the saying - different smell same shitz. The “leaders” that got exited were tops at showmanship and not that effective at delivering results. New leadership is still being decided but I can already see one of the people they have installed has a similar showbiz factor with questions on their ability to deliver results… albeit seems like a nicer person than the old mob. Sadly I don’t think much changes.
TRowe is a frustrating place to work.It is, without question, the most toxic corporate culture I have ever experienced. people spend their entire day pretending to be busy, yet no one actually values high-quality work or individual contributions.
The biggest bottleneck is the "management" layer. Need to clear out these stagnant leaders who have been sitting in their positions for far too long. They have become comfortable, out of touch, and resistant to any modernizing influence. They don't manage; they just occupy space and block progress.
All jokes aside, I think AI will make it increasingly clear who’s sharp, who’s incompetent, and who’s actually capable. AI will essentially tell you who should be fired. The worst offenders are the useless ones who climbed the ladder through connections like some kind of corporate politician, and the id--ts who create chaos with their confusing communication and hold back the talented people. Get rid of those guys and the company would be in much better shape — and the stock price might actually improve a little too.
At this point, AI is smarter anyway — why not just replace the executives with AI?
@11n Maybe there was a little bloat in some areas - but good people could have trained and moved around. I took their request to learn very seriously. My goal was to move into more "happening" areas at the firm. Earned several certifications, and not done yet. In the end they kept the person who did none of that and canned the rest of us. But, then I look at others who were let go over the past year and was in shock they were letting them go, so whatever. I can't see this turning out well. The teams they did switch over so far are not performing well, and they doubled down. In the end it is the almighty dollar with shades of cronyism. This place went downhill for me when they created the "flex desks" anyway. If you do some research, you will see how some companies that went this route switched back to in house. I saw someone on here alude that T Rowe did this on a smaller scale earlier and brought those functions back in house. Some mistakes are apparently worth repeating. Funny how none of these cost-saving efforts have improved the stock price at all.
There can be no real excellence from people with no real connection to the company who must use knowledge docs just to get by. Also, there is high turnover in these offshoring companies as those who are any good want to make real money and leave. There is a good chance that within a year at least half of those we are training will no longer be there. The whole thing is sad as this place was once so great.
@g5 way too much tech bloat for an asset manager? Look at the ones with growing AUM, and how they actively and consistently invested in tech.
But 11 upvotes for a post that is all over place taking shots tech, fraud, collaboration culture and investment teams? Miss anyone buddy?
@xr I wonder when the first network incident/data breach will be? The Helpdesk, Service Desk, and Operations offshore workers have been absolutely smashing so far! There was a required class for at least our division about Japanese culture and their low tolerance for mistakes/failure. With this crew, between a potentially poor AI roll out and foreigners who cannot do the job without their predecessors writing step-by-step docs and weeks of extensive hand-holding - SPOILER ALERT - there will be mistakes. The question is not if, but rather how big?
Thanks to the evolution of AI, it's becoming increasingly clear who is competent and who is not. Managers who can't give quality instructions to AI are also giving poor instructions to their subordinates. Please fire all managers who are incompetent, overpriced, and do nothing but engage in workplace harassment
@OP not that it matters anymore but the techs in those offices managed more than just tier 1. It used to be outsourced and was brought in house years ago because of quality. I hope no one complains when there is no one to call during the next real critsit.
@g5 so true and even on the desktop support side. I was surprised to find out that there’s offices OUS where there’s a ratio of ~1:20 for tier one desktop support. Seems like paradise over in those places.
@h9 I have no inside info, but it makes sense that after RIO and mainframe exit finish there will be more cuts of people working on those initiatives.
I heard one news
After RIO go live they planning for more Layoffs.
Is it true?.
It was blindingly obvious we had way too much tech bloat for an asset manager. We never needed that many people. Honestly, an underperforming firm is basically a fraud, so this shake-up was overdue. But the real cancer is that 'collaboration culture' they love so much—it’s just a bunch of people scratching each other's backs. The failure starts and ends with the investment teams who can’t deliver
@bq What do you mean not accurate? I was on the meeting yesterday. And yes I got "an invite". It is happening. Application Development may be safe "for now". Just like I was a year ago. With AI and a multi-million dollar Accenture contract I hope you are correct and you are safe, but FYI Accenture offers all facets of application development. They do it all.
@d0 So happy for you. This gives me hope. Best luck in your new role. You can set an account up on X for free, even if you don't "tweet" and the Grok AI tool has been very helpful for any of my colleagues that needs it. It can help with your linkedin profile, resume, and what you should bone up on next. You don't need a paid membership. Also, you can submit the job description to Grok and your resume and it can tweak it to help get past the AI scanners. Good luck to all affected!
@aj I am so sorry. This is so very sad what’s going on here!
@aj let me guess… some countries will still have tier one desktop support services… crooooozy… and biased
What’s going on in TRP?
Last week I got offer from another
Company..this is correct time to leave Trowe.
@at not accurate. No Tech Ops IT people. They’re not getting rid of Application Development.
@bb not if it's limited to the groups mentioned below.
Looks like nobody in investments impacted?
Why don’t these get counted officially as layoffs? I understand the roles aren’t being eliminated, but I noticed these (effectively) layoffs aren’t in the news. Is there a legal distinction when you outsource?
It’s sad this company is going down hill. I really think TRP is going to be bought out soon hence all these layoffs.
@at seems like we've now come full circle from "we don't need managers, just hands-on engineers" to "we don't need hands-on engineers, just managers"
@ar It sounds like they are keeping a small fraction of people, for now. There are a couple of people on my team who apparently are spared. But the idea is to have no T Rowe Associates who perform IT work. Just managers of the resources in that space and project managers.
Daley and LePre. If you weren’t already told you’re in the clear.
Database Admin
Networking
Global Desktop Services
Last days July 31 Train your replacements. What a thud end to an otherwise stellar career - I wish I never came here.
Don’t know scope of teams or locations.