If this forum is a reflection of layoffs, it almost appears IT have been decimated by layoffs much more than other teams. Can I ask which IT teams have definitively been outsourced? Also, which other teams have had meaningful layoffs? Doesn’t seem to be that many outside Operations.
12 replies (most recent on top)
@s8 Bare bones? Ummm, have you seen how many “relationship management” staff there still are? A lot of fat to still be cut.
@t6 probably. Take a look at how many Discover people are being laid off after Capital One acquired them. Anyone's guess who will be the lucky few to have TRP and GS on their resume after this is all over.
@s8 keep the workforce? An acquiring firm will likely lay off even more no?
@s8 I agree - and have thought this since the summer...it is obvious, especially if you look at how they are dealing with real estate. They build this fancy building downtown, and meanwhile have 2 empty buildings in OM. The downtown building is not owned, it is leased back. It seems like they want to use that to look "successful" and OEM and OTC will be sold to load more cash onto the balance sheet. T Rowe used to be about excellence. Those days are long over. If you look at who they are getting rid of and what they are replacing them with, it screams "good enough to get by until the sale". Add in the whole Goldman thing and it makes sense. RS, RR, CLP are all setting themselves up for platinum parachutes in the end. Garbage people throwing other people under the bus for a huge payday.
I think it’s obvious that TRP is trying to make themselves an attractive acquisition target, most likely to Goldman. Eat the cost of layoffs, get short -term resources to keep the lights on, keep a bare-bone workforce who an acquiring firm would want to keep, get bought out by Goldman. It’s the trend in all the asset management firms to consolidate. It’s over. Writing is on the wall
Goldman Sachs deal is likely one of the reasons for this strategic technology reorg. Deals focus will be on bringing co-branded target-date strategies, model portfolios, and both private and public market multi-asset products to clients, especially targeting retirement and wealth management. Goldman Sachs brings deep private/public market experience; TRP is recognized for its active investment management and retirement solutions. Their joint initiatives—including adviser-managed accounts—are expected to roll out by mid-2026. The reorg creates clear, centralized structures for technology, data, and operations, streamlining the firm’s ability to execute joint public-private investment product development with Goldman Sachs. This structural consolidation positions TRP to deploy technology and digital platforms more rapidly and scale new co-branded products.
While this sounds positive, where could the next cut's be, why and when?
I wonder if any one in TRP even might know the answers to these questions, because they seem to be clueless too. There was no townhall, or AMA sessions, but just one quick broadcast likes of those done by 1960s news reader sessions.
We may be stepping into a very non T. Rowe Price way of handling these situations.
There are more questions now than ever before , because of the way the messaging is handled. This does lead to very low morale among all associates, and less energy to work on anything in 2026 , but rather focus on securing their career by searching for alternative job opportunities.
I hope they we are done with purges for the year at least. No one is hiring Thanksgiving time to New Years. Feels like waiting to find about a death sentence counting the days down till week of Thanksgiving to see if they do it week before.
Highly encourage everyone to take a look at the org chart. Check out what teams have a bunch of Accenture/TCS contractors. Those will likely be next. And teams that work closely with them will probably be impacted as well.
What proportion of the division you reckon will be cut in the end?
Check out the subreddit "r/Accenture" and find a thread "Worst outsourcing company ever (coming from one of your clients) " Enjoy.
I just asked this of Google AI "What type of corporate jobs are outsourced to Accenture?"
And it said "Accenture outsources a wide range of corporate functions, particularly in IT, Finance, and Human Resources . Specific outsourced jobs include roles in IT services, digital marketing, finance and accounting, and human resources, as well as other business operations like procurement, sales, and marketing. These tasks are often handled to help companies reduce costs, improve efficiency, or leverage Accenture's specialized expertise"
Gotta love that "specialized expertise" at the Helpdesk now! ahahahaha
@OP So far I only know about the Helpdesk/Service Desk/Command Center layoffs/downgrades. Then apparently various data science groups under CLP. But with the AI and "cloud first" mentality, it is clear infrastructure teams will be teeing up for layoffs by mid 2026 after various moves are complete. The Accenture contract is a huge contract - they are not stopping with these cuts. It is for hundreds if not thousands of bodies.