Thursday came around quick. Anyone impacted this week or know of anyone? Someone said ~10 in GCAS tech but I would think more for just before December starts. Thoughts with those that are and have been laid off.
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@21a Marketing. Sales. Departures. Who said departures?
@206 haven’t heard anything concrete but I think more is coming soon. Marketing and sales should see some departures
@214 he/she means pretty much marketing
@206 Despite being at the firm for decades, it always amazes me that there are acronyms I do not know.
Anyone heard of further cuts to IPC and GPM teams? I haven’t seen a few of them in a while.
@xd Cannot say.
@10c It was apparently one of the IPRC content operations teams, not sure what their official name was. All US based employees.
@zy Which IPRC team and how many were impacted? Was it a US-based team?
@zy which team? Someone said Operations and then Creatives?
@jd I asked around about IPRC, no one in that department was even aware of it but I was able to confirm an entire team was let go. It still has not been widely announced and most in IPRC don’t know or have not been told directly and have only heard it through the grapevine.
Absolutely reprehensible way of doing things. Mike Barry should be ashamed of himself.
@w6 Not just Europe. Australia has a really strong labour relations system too. In the end it doesn’t matter at the junior end. Bare minimum payout or bullied out. Pick one it seems. Senior end it appears they get huge payouts. Super unfair company from what I’ve seen.
@wp last week? Which country and team?
@pq There were a few
@vw European countries have more employment protections than we do...not sure what hoops they have to jump through to lay them off. I hope there are NO MORE layoffs for 2025. We need a break and a time to take care of ourselves.
@pq maybe their turn this week? End November. Give Americans a rest.
@pq typical T Rowe. Pile money, resources and headcount into underperforming regions. Letting good ole Americans suffer.
@k1 US. i haven't heard of any OUS layoffs last week.
@jd not good. Which countries?
@e1 irpc operations and creative. maybe more?
@en I think there aren’t a lot of GCAS tech peeps OUS, it’s mainly a US centralised role from what I know. Or maybe that’s the aim, have only a few of them left in US and outsource everyone else.
It would make sense the function sits in tech though and not GCAS. I wonder though if any GCAS operations associates have been made redundant though?
One poster said a few from each region, which is why I think there’s confusion and questions on if it’s just a rumour.
@ex "I saw it with my own eyes, both the meeting informing us and seeing GCAS tech employees being told they were “allowed” to leave early for the day to process. This was in OM"
How sad. Especially before the holidays.
@en Please don't rag on IT folks. We have as much right to complain here as anyone else. This whole thing su-ks for all of us. People who have given this place decades - half of their lives, are now having to learn how to write resumes and how to hide their age on resumes. A lot of really smart people who did nothing wrong are getting thrown for a loop. ALL DEPARTMENTS. And yes, there is a lot of anger on our end because training someone who does not have the aptitude for the work for weeks is infuriating. It is unfair, but unfortunately it is life. I guess the bright side is the tech folks can work another couple of months while training. Not all of those laid off have that. We need to support each other right now.
@en GCAS tech definitely had a layoff this week since I saw it with my own eyes, both the meeting informing us and seeing GCAS tech employees being told they were “allowed” to leave early for the day to process. This was in OM
@d5 sorry to hear. A few of the IPRC folk are cool. Did this just happen? Which countries/regions?
I sort of think the GCAS tech thing was false. Probably some IT person wanting tech to be the victim again. I don’t think there’s multiple people in GCAS dedicated to technology. It doesn’t make sense.
@dd so not just tech people in GSM then? Someone said just tech staff. Makes sense given the remit of the unit.
@cx Cannot say...
@d5 do you know what teams in IPRC are affected? I work with people in that department regularly and haven’t heard anything.
Rumor has it they want to just have Harbor Point and eliminate the need for OM, Tech Center, etc. Right now, there are too many people to cram into their fancy building. OM is prime real estate that they want to sell. Two buildings sit empty. Hundreds of people being fired so far this year. They should have just let people work from home. But they hate older people and others that do not serve their agenda and chose this route.
@dd So we work for a money manager that can only get by if it pays offshore slave labor to do the work? Wow that really screams "wealth". WTF would want to invest in this place? And remember, they pay the contracting companies and they take their cut and then pay the random foreigners substantially less. Maybe management is getting kickbacks, who knows. This place is going to crash and burn, and Goldman will buy up the ashes.
@dd Was it a lot of GSM people that were sacked? headcount/percentage?
GSM teams hit both US and EMEA/APAC. Management is cleaning house and just removing all experienced, higher paid people?? Several toxic GSM managers that have pushed people out due to toxic words/action. Of course working completely off-site even though TRP claims they want people onsite. Using Deloitte and Accenture (highest priced contractors) to do work - how is this saving money?? Sad for the investors, really sad.
IPRC, part of Global Distribution and Marketing.
@cq good to know it’s OUS. Which team though?
@c1 Overseas
@bq someone said it in another post. Don’t think it’s verified. Someone also said a few GCAS people in each region.
@aq which teams did you hear got impacted?
@a2 too true re Christmas. Those cruel, heartless monsters have dismissed people off with an effective date of CHRISTMAS DAY before. An absolute evil gesture that reflects the true T Rowe Price
@OP what the heck is GCAS tech? Surely if they’re using software from a vendor there doesn’t need to be dozens of these people on the books?
@a2 I heard of some terminations that took place earlier today. Not many, but still a sign that this is ongoing in little pockets.