I ain’t in America but the reorg over there has got me thinking about what happens in my region and country. Has anyone heard much? Is the USA the first to restructure and then other countries follow?
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@2vr I am one of the people gone after next week. If I had to choose between losing my job to people overseas and recent local college grads I'd prefer the latter - at least the money would stay within our community and the country needs our own STEM workers....but thanks to corporate greed (everywhere not just here) who will pursue STEM jobs now that companies default to overseas now? Cost savings is great - but cutting down to unskilled labor in an increasingly complex and technical industry is a disaster waiting to happen.
@2q1 the cost savings will be larger from the mid and senior staff, not juniors. So many RMs are such a waste of space and resources that the business should just half the headcount. Who knows AUM might even go up.
@2vg Yes - sales chat bots should absolutely be next. It should be like those websites where within 2 seconds when you have barely had a chance to read the information on the page a chat bot complete with fake human name pestering you to sign up.
@2q1 perhaps they’ll bring out the AI Chat Sales Bots to do the selling. Who knows, it might be a hit with clients who’d rather straightforward factual answers rather than the mumblings of a third tier college graduate who exudes arrogance and has a “track record” of no sales even though they say they’re the biggest rainmaker on earth.
@OP maybe they will get AI to do away with all the analysts in the RM divisions. What do they even do that can’t be done by AI? Or what do they actually do that isn’t just another team’s work? Easy cost savings.
@242 not just Australia. Look at the UK. A lot of what you mention for down under can easily apply to the muppets in power getting the gold in London. Some people are just too stuck in their ways with little to contribute.
@242 um yeah nah. This is about Distribution right? What are you saying? The previous head honchos were arguably terrible at their jobs. They had experience prior to joining, yes but it was arguably lower tier experience. Track records of success, hahaha, what success? Sure new leadership might not be thrilling but in my opinion they’re on balance better than the last.
Point taken on self promotion though. I cringe when I hear some of it. The company has to change with that stuff.
The Bradbury effect seems alive and well in Australia. It leaves some of us wondering whether blatant self-promotion now counts for more than experience and a proven track record.
@18e It is funny, in the TDO newsletter there was a link to internal job positings. A job in Middle Office under AP was highlighted. It is weird that they are highing for so many positions in that area. Wouldn't Ramon's big F2BLOW vacuum su-k up all of those jobs within 90 days because Accenture is determing how much they want to make in that area so will try and recommend most Associates do the "Train and Go" and Accenture will make the maximum. I know from training them myself Accenture lied like He-l through their teeh about the staffers the assigned T Rowe, So, T Rowe is OK with Accenture lying about the resumes and skill sets of its bench of workers and along with that relies on Accenture to tell them how many T Rowe emoployees need to go. They lack in business ethics, so of course they will demand the maximum number of people get fired and Accenture take over - because the company makes money off every single body that "works" here. So if it may be better to not completely eliminate all T Rowe Associates , and keep more around on the team, but then Accenture would not make their target income. The people replacing us are absolutely horrible. And it doesn't seem possible for T Rowe to be able to demand new better workers. At best Accenture will happily double the team size with inept bodies because they get paid by the body, and the customer must take whatever cr-p Accenture installs upon them and polish that tu-d into a diamond. This "partnership" seems to benefit Accenture more than T Rowe. At RR's last job at Fanny Mae, he also led firing of employees with the "Train and drain then go" strategy, I wonder what personal financial benefit he gets doing business development for Accenture on the sly. I am disgusted at how T Rowe no longer cares how their data/systems are maintained, who has access, and whether our security and network people have followed best practices. I want to move my 401k money out as soon as I possibly can.
@yp anything that is manual and can be automated should be. Goes for both GCAS and GIO. I’m surprised if a further shakeup is not imminent.
@yy In my dealings with Investment Ops, that would be one of the rare occasions that offshore workers may be better...but if you ask any of them, they think the world revolves around them. With AI and upper management wanting to offshore as many as they can get away with fast, I do not any of those Investment Ops people still working here by the end of next year. Maybe sooner with this F2BOW sht.
@gr Given the direction of net flows, probably not.
@yp what do client ops even do?
@yp what about investment ops as well? Surely AI can do a lot of their jobs now?
@OP forget about RM folk. When are they going to make half of client operations gone?
@gf given the AUM in the USA v OUSA, OUSA should experience more layoffs
@OP No. Theirs was ears overdue.
@fy To clarify - income is 10%-20% of local workers - not just 10-20% less.
@OP Many foreign countries protect their workers better than the US. That said, it could be that there are more hoops to jump before they can ditch you guys. They are doing it because the can pay a fraction of what a western country person would cost - 10-20% less cost of labor, no benefits unless required by law, and potentially no or reduced taxes. They are high on Accenture and they do not value the workers they see day to day. I know people who trained these replacements, and they are shocked at the amount of training they need. It is almost like they rip your heart out to install it in someone else - you do not matter.