“That’s capitalism folks. You either succeed or fail or someone could buy us”
I heard that from CEO in person about 4 months ago.
12 replies (most recent on top)
@en I seriously agree with this. Mr. Price would be mortified. Think of what Trusty stood for. You cannot with a straight face say it is the same stable force it used to be. While I don't mind cultural exchange at all, this place when too far down the DEI and ESG rabbit holes. They went in hard on ESG, which focuses on "social change" and Green Energy over sound investments. After 2020, I saw a decline in who was hired and it seemed like there were more IT outages, and AUM declined. More than before 2020. Plus, someone was asleep at the wheel in studying market trends and what investors wanted. Then to "fix" the drain on AUM, they pay millions to a baseball team to put logos everywhere. I'm not thinking about investing at a ballgame. What did they expect, people to sign up for T Rowe in their seats? Then, of course, the piece de resistance - get the cheapest workers possible, who could not get the jobs without weeks of training. Someone should write a book on this, and name it Post 2020 T Rowe Price: A Recipe for Blsh. When I get out of this place, hopefully on my own terms, I am moving my 401k elsewhere. These people couldn't manage their way out of a paper bag, much less manage hundreds of thousands of my money.
There will be case studies written and reviewed about the rise and fall of T. Rowe Price at MBA schools across the country.
@cn It not really as much a sales pitch, considering the people you mentioned have no leadership ability, meaningful ideas, original thoughts, or ability to transform the company. So they pay out of college Accenture kids to blow smoke and upend another company. It’s kinda their bread and butter.
@ck The same fat white dude was denied entry to a TRP blacks only event. He was so mad. I would have gotten a lawyer.
Diversity is not a strength, and when forced, it's a weakness.
@a1 "Do you think this partnership will result in more inflows to our funds?" Well it will do a heck of a lot more regarding inflows than wallpapering Camden Yards with Trusty, It makes sense for a team that restructured their season ticket plans to be even more expensive despite an iffy economy and poor showing on the field to be in bed with this company. Tone deaf to say the least, but at least the managers making these garbage moves can take their families to see the Orioles for "free" in the T Rowe suite.
@a3 I felt bad for those jettisoned to FIS, but they may be the ones making out the best. I guess it depends if they fall for Accenture's sales pitch like Chris, Kim, and Ramon.
@a1 I lived this scenario before. 3 years tops for me. Their radical departure from T Rowe of old and favoring cheap labor in other countries and fire selling assets shows exactly what they are doing. They are putting lipstick on this pig in hopes a suitor will come along and buy them.
DEI managers hired over the past 5 years finally ruined the company, and the only way to save themselves is to sell themselves to GS and negotiate golden parachutes for themselves. There is obviously no long term plan for TRP as an independent entity given they are mass firing long time good employees and replacing them with cheap overseas labor. This is all about balance sheet manipulation - clear off as much expenses as possible and sell of buildings and other assets to stockpile cash. The sad thing is they will have to redo the Camden Yards scoreboard sign to reflect the new name now that they have make the company broke with that whole ridiculous vanity project. It is and obvious fail, because 1 years later hundreds are getting fired and jobs sent overseas. Management should lay themselves off. To the fat white dude who asked at a Townhall in 2020 "How is the Firm going to rectify the lack of Black people in C suite and other management roles?" Yeah, worked out well - those few will be fine and many good Black employees losing jobs.
@a1 50/50 on being bought. Yes on flows, otherwise it is pointless.
@OP Heard the same.
@a1
FIS was a spectacular idea and employees benefitted?
@OP what do you believe the chances of us being acquired by GS over the long run, say in 5 years? Do you think this partnership will result in more inflows to our funds?