What do you think the chances are of another November layoff before comp/bonus decisions? We’ve had layoffs in November for 3 out of the last 4 years (2022, 2023, 2025), and we’ve had some of the worst outflows in the industry this year, so I think it’s pretty likely.
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@4h1 you mean 7 figure
@4fc Have they tried plastering Trusty and the Firm logo all over Australian stadiums yet? That did wonders for the US! Sad, incompetent "leaders" who will all be collecting 5 and 6 figure YE bonuses for losing strategy.
@4d8 APAC distribution is a mess. We keep trying to expand in SEA with essentially no plan and no brand recognition so are spending money to make zero progress. Australia has been losing clients at a rapid pace for several years now, to the point I wonder how much longer we can even sustain an office there. It’s very, very bad.
@3ta who was it? Has it happened yet? I'm hearing some in APAC distribution at risk as well given lack of results. I also heard one of the recent hires is so bad that AI could literally do 90% of their job AND with more accuracy.
@37k a couple “at risk” in emea distribution this week
With other firms offering products that are performing far better than T Rowe's why would new investors choose T Rowe? Savvy investors are the ones leaving. Old widows keep money here. Prove me wrong.
@3ct Probably some 22 year old know it all entitled punk.
@393 The company doesn't have any bond to downgrade mo--n. If this is from an actual TRP employee they need to be at the top of the next layoff list.
@39h People looking for investment opportunities will skip this dump.
@393 you don’t know much about investing do you?
We don’t depend on debt financing. And ratings don’t depend on flows.
@37p They are going to get downgraded like the State was by Moody's lol
28b net outflow this quarter.
Some facts: total flows for last 5 years is -300b. Of which equity is -380b. Fixed has been positive.
Stock price performance -45%
Has anyone heard anything about layoffs this month?
@30e Yep - and for an MC that likes to sp-t out the phrase "agile" ad nauseum - what about their own agility? The only agility in recent history was Sharps getting himself a huge raise right away. If "agile" applied to management they would have had their finger on the pulse a decade ago and made changes then. Now it seems the same people who sc--wed up that are the ones keeping their jobs while people who did nothing wrong lose theirs. Who knows - maybe in the end some regular staff would have to be cut, but considering these "decision makers" dropped the ball what is to say they are not leading the Firm down another bad path now? Other places have not completed the offshoring of IT roles so fast. Just a matter of time before a data breach or other public facing issue surfaces.
@30c I agree to a point, but this has been an industry trend for 15+ years now. Throwing your hands up and saying that it's inevitable market pressures seems to me a way to pretend that management doesn't have the agency to adapt and evolve, which they do. It gets old hearing the same excuses coupled with inaction that is dressed up as strategic instead of a manifestation of a lack of creativity and foresight.
@2z7 you need to take a wider view of things. Active equity is under pressure globally. Show me one active equity investment shop that is not having aum outflows.
Outflows are a drag. But out revenue is based on assets which are growing. Nearly double in 10 years.
As for Mr. Price, he presided over the golden years of stock picking. He would be as challenged today as current leaders. It’s a different game now.
Not saying current management is competent. They’ve been playing defense for a decade. Not sure the firm will ever see $200 stock price unless someone buys us.
@2z7 Well-said. This firm has truly lost its way. More and more I wonder if the health of the business pales in comparison to whatever friendships, political allies, personal business dealings. etc exist between the C suite and board members. This company has strayed so far from T Rowe Price's vision. He certainly would not support firing loyal workers and send to 3rd world slave labor. We'll see what the next earning call says....
and stock is back down again.
@2y8 Imagine if we didn't have to start from behind every quarter due to the outflows.
We have a CEO who was supposed to be the investments guy, and all he's done is preside over the worst flows and performance numbers the firm has seen in its history, while making basically no progress by the end of his 5th year in charge.
At what point do you look at someone's five year track record and come to the conclusion that they aren't up to the task? Five years is plenty of time to have executed a plan. There doesn't seem to be a plan, though, just buzzword management and blame passing while we jump to the next shiny object and bring in more consultants to help differentiate us from our competitors who use the same consultants.
Stock is up 1.5% in one day, but is down 50% in this management regime, with over $100 billion in net outflows. You can't cut expenses fast enough to offset those kinds of compounding losses, and eventually you run out of fat to trim and start cutting out muscle.
@2pa yes but let’s have the full picture.
higher net margin. Beat Street estimates on EPS. Mid single digit expense reduction
Stock rallied 1.5%
@2pa Well at least their IT is in the hands of a solid company!
ACCENTURE CONTRACTOR ACCIDENTALLY LEAKED PENTAGON CREDENTIALS VIA PERSONAL ANTHROPIC CLAUDE AGENT: WIRED
PERSONAL AI AGENT RAN ON DOD NETWORK FOR TWO MONTHS, EXFILTRATED INTEL AND SYSTEM MAP TO THIRD PARTY
https://www.wired.com/story/a-defense-contractor-gave-their-personal-ai-agent-access-to-a-secure-pentagon-system/
$28.3B in net outflows 👌👌
@27v Yes, there have been some isolated departures in recent weeks.
I’ve seen some ‘open to work’ banners on LinkedIn in the past few days so I think there have been some redundancies already
Layoffs don’t come so close to earnings. Usually few months before so can show savings impact. Safe til next time
@1t9 And "Business Update" meetings to the less fortunate. I have a feeling that TDO Partnerships Office email will make more sense after the next two weeks.
@1t8 Quarterly earnings call on Thursday followed by an All Associate Town Hall the following Tuesday? Great…
LESS THAN ONE WEEK TIL THE "EARNINGS" (OUTFLOWS) CALL. On a THURSDAY no less. Buckle up.
@1et unc
But what about that big building they want butts in seats in? They will likely hire as many offshore replacements as possible to save a buck. Maybe they should have just built an office the size of a larger row home? Save yourselves. The job market is bad - your severance could run out while you were looking.
@OP bruh most of my team are hustling looking for a job and getting outta this hole before Christmas. Our boss is batshizz crazzzzy. Half of us have Premium dawg. You should get it too and bust this joint.
@er probably some low level undereducated underpaid grunt. This no the way he feels important. Let it go.
@em Distribution. Mouthy twats like you hopefully get little once we have had our share.
@fb Why does this surprise you? Investments is the franchise, everyone else is just hired help, if you think differently you are kidding yourself.
@dk The November 22 layoff was just a mass culling of underperformers framed as a layoff. Everyone that got let go wouldn't have made it that long if we had been in office from March 20 until then.
@dj "They are racking up costs with AI while underinvesting in all our other tech..." This will bite them.
@fb Is there anyone left in tech to get a bonus? Hundreds lost their jobs this year. Waiting for the ACN person to jump on here and claim their getting bonuses too...
@em Tech gets “ great “ bonuses? Have u noticed what investments gets?
@er exactly. Sales’ bonuses are obscene, especially considering how bad our outflows have been for years. Yet other areas of the firm that are extremely important when it comes to meeting current institutional client needs and gaining and keeping assets get shafted.
@em So true. People running their mouths like they know what goes on across the entire company.
@e5 yeah for which area? Sales, investments, and tech always get great bonuses. Other areas not so much.