They are laying off all onshore contractors and replacing them with offshore resources.
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@235 "Flat to small single digits"referred to bonus lavels vs last year's. Heard same lesewhere, although process still live.
I actually found the town hall interesting, it was cool to hear from the head of USIW and to hear about the AI strategy
@23p Yep that town hall was tone deaf AF
@23d totally agree. coo call was just a giant push for AI. It did nothing to improve morale.
@235 The COO had their town hall - many were hoping something would be said to calm nerves or shed light on things, but all they did was bring some "AI Guru" to spend an hour discussing the "Gee Wh-z" aspects of AI and any Q&A was limited to AI questions only. A real disappointment, given a hundred or so of our colleagues were gone for good after Sept 12 (after training their inadequate replacements). Then again, if you look on the T Rowe "Careers" site, there used to be lots of IT jobs available. Heck, there would be signs about referral bonuses. Now you see few and they usually have notices filed requesting H1B hires for those few jobs. Sounds like FI was more sensitive to their people's needs in their Town Hall. All tech at Trowe will be done offshore or via H1B visa workers it appears. DR Testing had all kinds of technical problems this session that were never encountered before.
Fixed Income Town Hall ...some VERY interesting direct quotes from head of global FI:
"You don't cost-cut your way out of a problem"
"There are no more plans for headcount reduction in FI"
"We are NOT being bought by Goldman Sachs"
RE raises and YE bonuses: "There are roughly flat to small, single digits [% of assets under management] to be divided across the firm"
AUM as of Jun 30 is almost 1.7 trillion
@114 if you don’t mind sharing, what groups have you been seeing that happen? Or have you just heard that this is going on.
@10e I found out layoffs have been going on all along - they are not just announcing them. They don't like us sharing information on this site, and of course they do not want the WARN notices to be posted online. I'm sending out resumes. I have accepted that it will happen, if not this month, then another month in the near term.
Sept 15 ?? Anyone hear anything?
@a2 Yep GENIUSES - ALL. And such a fine DIVERSE group. And the COLLABORATION with them is great considering they have no ability to have to come sit and a gross flex desk like the rest of us dummies. Funny how Collaboration and Diversity were so important, until they weren't.
@aj They ended the contract well before it was up for renewal
Isn't that just them not renewing the contracts? Heard chatter about that one for a while, just didn't know when those expired for most.
@af Tech Org
What groups?
Hmm. The help desk transition is going so well….smashing.