The consultants hired for the F2BOW initiative have set a target headcount reduction of 60-100. This is for business only, tech headcount reductions haven’t been determined yet, but they said there is significant “capacity creation” there as well. No set date, but probably later this year.
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@er There is a smart way to make cuts and a d-mb way. Populating a business with people who won't be able to really contribute and move things forward is foolish. It solves the expense issue, but if the business fails due to poor execution what is the point? I am wondering why all of these layers and layers of managers will be looked at? They are the top earners and not all are worth it. People can make their own decisions as to who needs to go.
@ee so what you’re saying is … everyone
All countries and all teams are at risk
@ed can you name the areas under review?
Timing is clearly uncertain, but it is hard to see how the firm can go on without more expense cuts.
The gap between Net Income growth and Wage Expense growth is still huge. Stock price has gone sideways. If top line doesn’t keep up you cut expenses.
Most people here get on with their stupid moral bullsh-t of how they are intelligent employees and how they used to love the culture. Markets dont give a rats behind for your precious culture.
@ed Thank you - I will have to check those out. If I find out where I will post location for anyone else. We were told something about "90 days". Not sure if that is how long F2BOW is or how long it will take to implement it. The meeting we had was about as vague as all of the speeches on their exciting "AI Lab".
@bs It’s not just US. Anyone who works front/middle/back office is at risk
@e5 The documents related to F2BOW are certainly not secret and that’s where you can see the layoff discussions… oh sorry, they call it “capacity creation”
Two things can be true at once. Yes, this is one of the excused work remote all week weeks, but it is possible there will be more cuts. At the rate this place is going, it will probably be until all T Rowe employees can fit in HP. They are very secretive about this F2BOW. I already forget what that stands for. In the meeting I was in, the big mucky mucks were all giddy unveiling this, but at least we did not get many details. First I am hearing about a consultant. I wonder if they are associated with Accenture? Of course Accenture wants to take as many positions as possible so they can make more money, so that is kind of like the fox watching the hen house. Anyway all I can picture is "The Bobs" from Office Space. Anyway, it seems that all F2BOW is an excuse to get rid of more people and more people beyond IT. This place is so unstable I am glad to be leaving. Good luck to everyone. "Headcount" is a euphemism for crushing peoples' dreams.
@ap Calm down. This is one of 3 weeks this year where everyone works from home. It was announced at the end of last year. Pay attention to your email and stop trying to start fires here.
@bj what? Mass layoff in the US? Sorry guys
@be all US associates have WFH next week afaik
@ap who’s remote working all next week? First I’ve heard about it.
The whole company is remote next week. Maybe this is the new Thursday email telling us to work from home on Friday so we can wait for lay off emails. Welcome to Q3!
Maybe after Q2 like last year