Seems like we all know more is coming down this week but the rumor mill has run dry whereas a week ago management was leaking like a sieve. I would bet management noticed there were leaks and people being forewarned about layoffs so now they’ve silenced everyone who would be in the know.
Imagine being so stupid you decide to encourage a culture of fear and psychological abuse. So gross.
Completely agree with all the posts on the company having changed. Quite a few of the people who have joined in the past few years have been bad culture carriers. It has changed the DNA of the firm and our local office so much. You let in one rat and they cause so much trouble and more follow.
Agree with the long timers. The old TRP definitely wasn't a utopia. But it was much more thoughtful and measured about decision making and planning. It was also a place you felt lucky to get into if you scored a job there.
It seems like leadership's been focusing on trying to grow the firm into what it thinks a big, bad, high-profile global firm is. And it's not going well. Feels reactive and chaotic. So we're all now paying the price.
@pv Well said. I have noticed that as well. It is sickening. I know people that have already started sending resumes out regardless of what the company does from here out. This firm used to make all feel valued. Then they started making some feel valued after 2020. Now they seem to want to shout how replaceable we are. How can people feel all in and committed when there is no real commitment to them? The attitude in the Town Halls was that of people expecting huge bonuses at our expense. And that email and the post earlier of someone saying "ask your manager or HR". Really? Do they think we'd expect an answer from them either? In the Town Halls/AMAs I see the questions and several are about this topic. It is obvious we are worried. Instead the smile and give a vague non-answer that would make any politician proud.
@ra “The old TRP certainly wasn't some kind of paternalistic corporate utopia, but it was better than that -- much better than the "vast majority" of investment firms. Now it isn't, or at least not by much.“
this. exactly this. thank you for speaking the truth for us “old timers”!
"The vast majority of firms I've ever worked at run layoffs regularly, and they run them in a very similar way to this process."
I worked at those kind of firms, too, and -- standard or not -- the treatment of rank-and-file employees, and the obscene pay and privileges handed out to the insiders the top, both really su-ked.
The old TRP certainly wasn't some kind of paternalistic corporate utopia, but it was better than that -- much better than the "vast majority" of investment firms. Now it isn't, or at least not by much.
I'm retiring in a few more months and can afford to be indifferent about all of this, but I do understand why some people who have been with the company for many years are mourning the changes.
@pg in town halls/all hands meetings, the folks on top are practically gleeful explaining the savings that these cuts will bring - literally smiling and chuckling about it instead approaching it with a serious demeanor. The attitude of the folks on top is repugnant and it shows that they truly don't care about the people impacted. So yeah, lots of people are angsty about the situation.
other firms may do it this way and do it frequently, but for those of us who have been around this organization for a while, we know that until a couple of years ago, layoffs were rare and handled with respect, not only for the people being laid off for those who remained.
as for the angst, everyone situation is different, but I’m guessing most of us have mortgage to pay, families to support, and possibly even health conditions to be concerned about with loss of healthcare.
The email that was sent out last week was extremely vague about the reasons behind the layoffs, and future plans. Basically indicated there were more “changes “coming, but didn’t speak to the nature of though so I think it’s reasonable for everyone to feel anxious until the full extent of all that is clarified.
I don't really get the angst. The vast majority of firms I've ever worked at run layoffs regularly, and they run them in a very similar way to this process. It's not fun, no, but it's also a very standard way of doing it. I don't know where everyone is getting the idea that there will be lots more cuts. That all depends on business development - there is no plan for more layoffs right now afaik.