Thread regarding T. Rowe Price Group Inc. layoffs

@12x I don’t get how so many people in “Investments” don’t actually make the right investments, if any investments at all. How many useless people in Investing adjacent roles with short job descriptions that could be jotted down in a few dot points to you need? Better yet why is the rest of the company going up headcount so you can have Portfolio Analysts that do pis all and act like they’re so integral to both the investment and sales processes. AI could do most of their job anyway.

@OP what I don’t understand is how some sales people have NEGATIVE NET SALES over a long period of time and still have a job. By that I mean their client base take more out then go in.

@r7 lol how can people “get on board” with Next 90 when no one even knows what the f*ck it is?? We’ve only been given vague messaging about “increase accountabilty” with zero specifics. How does a management committee announce a Big New Plan without the actual plan?? That alone is representative of the idiocy of the management committee, who seem to only be good at making it obvious they actually have no plan at all.

As someone who has worked across many aspects of this firm, including as a PM for several years, I find the initial post insulting.

@OP+1kta3fd18, you're so deeply out of touch with modern asset management - where the entire value chain from operations to technology to investing (and many others) - needs to work seamlessly to raise and retain AUM. The complexity of this business is enormous. You're trivializing core functions for success (that you don't even know that keep you on your pedestal).

I can only speculate but are you a US equity PM that has not needed to raise capital for years? Are you a PM of a franchise with Target Date AUM?

You're part of the problem at this point. Get on board with Next 90 or leave. Both will be additive to those of us who want to turn this firm around.

@kf they didn’t say 90% buddy. You want to peek into the future of the industry, put two sigma technology into google.

Two Sigma is a technology-driven quantitative hedge fund that applies artificial intelligence, machine learning, and massive-scale distributed computing to financial markets. Managing over $$70 billion in assets, the firm treats data as code to rapidly test trading hypotheses through supercomputer-level simulations across global markets.

@g1 so Two Sigma has 90% workforce doing IT? “Ignoramus” is one word to describe you. There are others too but I choose to be more polite than you

@e5

@e5 “many hedge funds do that”.

Shows how much you don’t know. Hedge Funds are exactly the firms that have a big in house technology presence. The funds winning AUM today have massive engineering organizations and In-house data platforms.

Citadel, two sigma, millenium, balyasny etc

In 2026 you ain’t winning as a long only shop that treats technology as a cost centre. If you think that, apply for a voluntary RIF please and leave everybody else to helping investments win.

@cz y’all shouldn’t hate just because someone has a degree from a good university

@f4 you mean the new Accenture IT? crazy right?! Because those who’ve been here as associates for any time all not only had to have bachelors or more, not to mention constantly training on new technologies. so uneducated lol

@cz why do so many of the IT crowd have no education?

@e7 name calling was quite unnecessary.

You’re saying that an investment company is regulated to have 90% non-investment employees? Ok
Take care

@e5 You appear to be entirely ignorant of law and regulation. As a large public asset manager, TRP does not have the option to outsource everything but Investments. And I'd argue it's imprudent to outsource everything that could technically be outsourced.

To the angry ones here- You be the Tail wagging the dog. The point isn’t that investment performance is good. It is that everything can be outsourced except Investments. Many hedge funds do that.

@d7 what a great comment lol. Somehow being the LAST to lose your job makes you special? LOL. At the end of the day a company cutting staff on a regular basis to survive is not going anywhere good for anyone. Increasing profits by continually cutting experienced staff instead of actually bringing in new business is not a long term strategy. I will bet there will be some investment staff cut while SOME IT staff still remains. Careful about getting too comfortable...the decisions being made do not reflect any sort of thoughtful process.

@cz not agreeing with @OP

BUT if you’re in IT, you are long gone before Investments gets touched.

Two words: Passive management.

Active investment staff are as much dinosaurs as anyone else in the industry

@OP way to go with the portfolio management buddy! Love the alpha. Keep up the good work and get more calls wrong. I look forward to seeing you serving me a burrito so you can pay off your expensive car and useless degree.

@OP The primary reason for outflows is that "the 10%" is, in aggregate, doing a lousy job at running those assets. Still, grateful that they make all the money for this firm, as I am receiving plenty of it - none of which is invested in your products.

@b6 just ask blackrock or state street about how they feel about technology. Then reconsider your position.

Investments is at heart of this firm. No doubt. Technology and operations define whether we can do it at scale, at a profit per associate.

@OP all the down voters see is - IT: you do not matter

@a7 so Wall Street is the only place for talented people or high paying quality jobs? lol. it’s crazy to think who is actually behind some of these comments.

@ap for now. I’ve seen this play before. Mark my words within the next five years this company is either going to fail or be bought. outsourcing looks good on paper, but people who are not invested in the company could care less, whether you make the news from some catastrophic failure or security breach. and have a financial incentive to charge by the hour for fixing the disasters they created. Glad I won’t be around to see it here

@a7 looks like somebody’s bitter that they can’t work from home. can’t help but wonder if you’re the same person who brings that up over and over again in this forum. get over it. Covid brought work from home mainstream. There’s always gonna be some of it, whether for specific skill sets or unique personal situations that are none of your business, health conditions,etc. The past few years have exposed just how many jobs can be successfully performed remotely. There’s no changing that. When the job market is employer favored, they can do all the things to force people back to work, but the pendulum always swings and they will have to adjust again. i’d put money on that.

never laughed so hard. go try being a successful investments firm without IT and other support staff. you’re either hiring them directly or paying somebody else. It’s just about the quality that you’re willing to sacrifice. The 10% that you speak of would generate exactly 0 profit without support especially now. Get serious.

@OP harsh words but hard to argue

There’s a reason tech and ops can be outsourced but investing cannot

And how much money is Investments making with their stellar performance in recent years? G t f o with that garbage.

Um 😟 sales bring in the money… if you are a half decent analyst you know sales and revenue have a direct bearing on profit. If you are in Investments you might be laid off soon if you don’t even know basic financial statement analysis.

@OP If we’re being precise, Investments doesn’t generate profit either. Sales brings in assets, clients pay fees, and everybody else supports the machine. You need everyone clicking.

The idea that only one group “makes money” is a pretty good way to misunderstand how asset management works.

Agreed.

This isn’t a jobs program with WFH and daycare benefits included. How many of you can get a better job on Wall Street?

Hey bootlicker, your boss is calling you over to his office. May sure you take a fresh new pair of knee pads, since your current ones are quite worn.