Hoping we’re done for the holidays, but not feeling very confident.
40 replies (most recent on top)
@mh Sure. Compared to their handpicked narrow style box benchmarks, and on a non-risk adjusted basis...
@bq lol the reactions. More like outrage 7.12.
Eh, looking over the Rps team this week. Looks like direct hires from Cutco. Over weight, poorly dressed, men and women, with bad hair cuts. Did snake skin make a comeback
Had the feel of a carmax sales rep meeting.
The view of some back water place in Pasadena, priceless.
@md The harbor view is wonderful on a sunny day, not that one needs to visit too often. Lots of work to do out in the market, getting in those flows so you all can get paid down there in the factory.
@me right and how goes the influencing of clients? More outflows next quarter?
No one is saying it’s an easy job, that’s why Sales is getting paid a lot as you always mention. You’ve got major league salaries with minor league performances.
@me cr-p! Can you read a performance table. There are strategies here that still outperform.
@me I wouldn't want your job - but you do realize you need to start hustling. Your job is like trying to add water to a fish tank with a huge hole in it. Good luck to you and anyone else in sales. It must be like being a pager salesman these days with out outdated products. Sales need a bit more respect here.
@ek I’m not sure your little mind can comprehend the work that a thoughtful RM puts in to making the client experience magical. My magic is influencing clients to buy the cr-p at T. Rowe.
@ma "I can feel the anger as you thrash away at that keyboard"
Thank you for proving our point about how terrible and unethical you folks are. Keep posting - you do realize that people outside of T Rowe come here. It is a great place to check for where not to want to work. Enjoy your corner office overlooking the dirty harbor. I understand the entire building was built on toxic waste. I am sure that made it "cheaper". No other company would want to expose their employees to that. Have an awesome day and breathe DEEP!
@m2 when they lay off Sales people, we get huge payouts. Take a year off on holiday and go to the next firm.
@jj I can feel the anger as you thrash away at that keyboard, honkin' away in your tiny little world. All spun up and letting rip on those keys typing hurty words. Keep it coming and entertain me.
@m2 This place is souless. And they have been retrenching since 2021. So far the sports marketing cr-p is not helping outflows. And our stock price is stuck in the mud. Other companies and money managers are not experiencing these issues. Presenting yourselves as this kind hearted company through DEI ratings, virtue signal charity events/photoOps, and pysop at stadiums that you are this great Baltimore company while having zero loyalty to Baltimore workers is souless. It is misguided at best, greedy at worst. Don't sugar coat it or try and make us feel like this is a noble and normal thing to do. There are other ways to save money and be efficient. People with no ties to Baltimore moved here to take jobs to slice up this once thriving company with no concern about the repercussions would be to the community they are in. Baltimore people stink to you. Once other soulless companies farm every available middle class job overseas, do you really expect people to be able to invest in and have 401ks with you? Making workers who have done a great job get fired for this reason and have to sit with and painstakingly work with unqualified contractors to ensure their success in THEIR new job (your old job) how would it feel if the "leaders" had to do that. It is humiliating and sad.
@m2 Didn't they just give RS a 10 million dollar raise back in the spring? They also spent a bunch of money to plaster the logo all over the two sports teams stadiums. Then they start giving employee's the ax 4 months later. That is considered retrenching?
@f9 this company is not soulless...that's scandalous. They are retrenching because they are going through a rough patch. As a business they really have no choice. Would not begrudge them even if they laid me off today.
@ft salary is so great in Sales :)
@ek hey it’s the job. Don’t hate on Sales people when you want to be one.
@fv um angry and little B, you’re describing yourself, take a look at your comments.
It’s not everyone else’s fault you’re a lazy, self centred, mo--nic charlatan. It’s thugs like you that have infiltrated a once great company and in an insidious way made this place your own.
You’re probably a good manipulative pr--k who says just the right things in front of people but everyone knows beneath the thin veneer you’re a little shyte.
@fs Who's an angry little person today? So funny reading you all spitting out this stuff like little bi--hes.
@fs Getting well paid though, so who gives a fk?
@ek for those that don’t know: RM = Relationship Managers = Sales team = Distribution team. The team supposed to be both servicing clients and getting new clients. The team failing at both.
@ey Knowing these people. they will keep firing people through the holidays. They will send out a text on Christmas Day saying "Check your email between now and 6pm to see if you are fired." The stock is sinking despite all of these "tweaks"....I guess no one wants to invest in a soulless company that hates people while cosplaying being "good community stewards". This year don't be surprised if several former Associates will be crashing the free turkey line on Fulton Ave.
@es Any leader talking about how the culture is one of our strengths after this should be mercilessly ridiculed.
@OP it was GCAS technology. mostly people hired from a few years ago, or over hired during the 2022 hiring bo-m. some employees with 20+ years of service. very sad day for them and what this company is becoming. years of service is just a number now...
@e0 seriously RMs do absolutely NOTHING. All they do is push emails around to investments and other SMEs to do all the work for them. It’s pathetic. They have zero ability to actually address client needs while balancing logistical scale and support from the firm.
@dw rotate requests and queries mainly between GCAS, RFP team and PSG, and just “quarterback”. Like WTF! Please. Layoff those A holes.
@bj wouldn’t surprise me if GCAS end up doing some of the RM duties. Some of the RMs don’t know how to service a client to save the relationship and assets. They end up going to GCAS for almost everything. I don’t know what actual client servicing the RM team actually does?
Which regions are being impacted?
@bh who dat?
@bh queue the tech people on this forum with outrage 5.0
@bh would that be under Transformation Office? I heard they royally sc--wed up the Coric launch and wonder if that has anything to do with it.
As I understand it, GCAS hired many people for growth a few years ago. Obviously that growth and mass inflows didn’t eventuate (the opposite in fact, good job Distribution). So it’s not surprising that they’ve got rid of a few people. Honestly, the only surprise is that they’ve waited so long. Some GCAS teams in certain countries have way too many people. I don’t know what some of them actually do all day. There’s a few of them though that are really smart operators and valuable to keep.
@bg it was GCAS Technology not GCAS the BU
@as whaaaaat?? That’s is crazy. Do you know what area of GCAS? It’s a huge department.
@as 10? How sure are you?
@b7 how many people in GCAS and GIO overall? 10 seems low for a global layoff in Ops?
Were the layoffs today announced at a pre - scheduled meeting this morning? Or did they send out that call and everything after all the same day?
FYI for those who don't know.
GCAS = Global Client Account Services
GIO = Global Investment Operations.
Sorry to the folks who lost their jobs today. Rough times and a bad time of year.
@as Ahhhh the old "Some will stay....some will go....and some will get an email by X:XXam if they have been canned. Wow, I guess that is the chosen method for delivering this news. I guess they expect you to be at your most productive while you await that email. This place is run by ghouls.
@am yes, it was announced over a teams call that some would be staying in GCAS, some would go to GIO and some would get an email from HR they were being laid off at 9:30. It was close to 10 people.
@OP hearing rumors about layoffs in GCAS this morning (Nov 18)