Rumor is layoffs are imminent the week of 07-14-25; between 5%- 10%
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"Important business update" emails are being sent within the COO group
@1f2 they did they gave rob sharps 10 millions dollars for being in the red for last 3-4 years.
@1f2 That is the case with a lot of leaders in the US too. Half of GD leadership is allowed to be remote and you're lucky if they come into the office twice a month.
Definitely hope so! The leaders and salespeople in my office (outside US) are super lazy and there's way too many of them. I don't know what they do all day. Some are rarely ever in the office. One of the 'leaders' in the office is in barely two days a week, calls in sick all the time and constantly says he's "busy". Absolute pretentiousness to the extreme, says how can I help and then when you tell them, they just say sorry can't too busy (not raising any money more like it). No wonder sales and flow are soooo bad! Just superficial sales people getting paid too much and costing the rest of the office. People like that are the reason the firm is going to four days a week in the office and in financial trouble. Global GD leadership need to do something.
Will there be any impact on Global Distribution?
@vq They have already told the Service Desk, Command Center, and Help Desk that their jobs will be going to Accenture. In fact they are currently training the new offshore (Phillippines) now. They got 13 weeks notice. Not sure what severance involved but I would imagine they won't get it if they do not train their replacements. I still wonder if some jobs are just going to be outright cut - that is whatI would guess would be happening next week. I guess we'll see. I don't expect to be there in December.
Rumor is company wide "reduction in force" for week of 7/14 along with an announcement of partnering with an outside firm for IT. Unless they change strategy they are going to be in cost cutting mode until they see inflows return. That won't happen until we see a few years of down or sideways S&P500/ Nasdaq 100 returns. There's a whole generation hooked on low cost index funds that have historically outperformed. They won't be open to seeing the value of active management until they take it on the chin.
@q8 There is no vision in this new group of managers. Apparently R---- was a hatchet man at his last company and he is here to do the same. He can brag about all the money he saved the firm, get a huge bonus, and move on to do the same elsewhere. I have not been impressed with the offshore teams I deal with. It is just sad.
Fancy new headquarters, Orioles sponsorship, Ravens Sponsorship...and now significant layoffs. Sounds about right given what I've seen/heard/experienced first-hand as a long-tenured Associate. Super disappointed in the company TRP has become.
@b4 The company seems broke. At the DR exercise in September, they no longer offered catered food. Subsidized WeightWatchers memberships ended. Now they are shipping jobs "to their Accenture Partners" in the Philippines. The Command Center, Help Desk, and the Service Desk are gone in September. They have generously been given months to train their replacements - How much does that su-k? They have to make sure that the unqualified cheap labor can succeed. They likely can't get severance without it. I predict they will be as good as the "EASE" folks who add no value, perform no basic troubleshooting or triage, they just hit the X matters button and forget it. They dumped a ton of money tattooing the logo all over Camden Yards only for the team to su-k one year later. I heard they dumped big money into something with the Ravens too. Our team expects to be going next so we are preparing. T Rowe Price is rolling over in his grave. This new crowd doesn't care about its legacy as an Baltimore or American company.
I work at the Owings Mill Tech Center in Maryland and we’re hearing that the entire command center will be laid off. Also, hearing that they may implement a four day 32 hour workweek for the rest of the employees.