T Rowe Price Layoffs Job Cut: fires 288 employees: Finance Trading Times

T Rowe Price Layoffs Job Cut: fires 288 employees

The news is from T Rowe Price, which is the major asset management and investments company, is reported to be going for layoffs. The company has a tagline or punchline, "invest with Confidence", but seems like the employee confidence for this company is reducing. We had reported an instance of T. Rowe Price Mutual funds in our article Low Cost Mutual Funds. However, The news is not good for the employees of the T Rowe Price as the organization is going for job cuts. Now the situation is getting worse for the employees as the recession is taking a toll on all sectors and all of the sectors are feeling the heat. T Rowe Price Logo
How many employees may be fired in the T Rowe Price layoffs?
As per the reports, there are going to be 288 job cuts by T Rowe Price. That will be around 5.5% of the total employee strength of T Rowe Price.

What is the total no. of employees of T Rowe Price?
The total no. of employees of T Rowe Price is around 5300 as of now.

What will be the cost and savings by T Rowe Price layoffs?
Around 120 million USD is expected to be saved.

When will the T Rowe Price layoffs happen?
No info on concrete dates of layoffs.

Which locations and department of employees will be affected by the T Rowe Price layoffs ?
Most of the jobcuts have happend in the phone operations, processing and technology segments - the reasons being quoted is lower volumes of work. However, no fund manager is fired. Only some investment professional (around 6 in no.) are laid off.

What is the primary reasons for T Rowe Price layoffs?
It's all about the worsening market situation, economy, declining sales and no clear site of future revival.

Any other news about T Rowe Price layoffs
As per WSJ, "Financial certainty around the globe is beginning to stabilize," Chief Executive James Kennedy. But he added that while it's a stabilizing period, "we're not expecting a recovery any time soon."
Let's hope that alternative jobs are available to the affected employees of T Rowe Price Layoffs Job Cut
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