The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Legg Mason Cuts More Jobs Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, April 20, 2009

Legg Mason Cuts More Jobs

Reported by Armie Margaret Lee

Legg Mason has trimmed 40 more jobs, a company spokeswoman confirmed to The MFWire.

The cuts affected 12 percent of Legg Mason's product and marketing support staff. Most of the employees impacted by the layoffs handled administrative functions, said Legg Mason spokeswoman Maria Rosati.

Most of the layoffs took effect Friday and affected employees in Connecticut, New York and Legg Mason's Baltimore headquarters.

Legg Mason currently counts 3,848 employees globally.

In an e-mailed statement, Rosati said the cuts are a "result of broader organizational changes made to align the Americas business strategy with long term opportunities and to focus the bulk of our investment on our client facing efforts."

Rosati declined to comment further on the broader organizational changes.

She also said Legg Mason does not anticipate across-the-board reductions in force.

"We continue to examine all areas of our business to align our operating costs with the realities of the marketplace and to identify appropriate cost savings," Rosati added. "While we do not anticipate across-the-board reductions in force, we are looking at each part of our operations strategically and will make changes consistent with our business requirements."

The layoffs last week are the latest in a string of cuts at Legg Mason.

Last month, Legg Mason cut 20 jobs impacting workers in the mutual fund administration department. Around the same time, Legg Mason subsidiary Western Asset Management laid off around 100 workers, or about 10 percent of its staff (see The MFWire, 03/24/09).

In December, Legg Mason laid off 200 employees, or 8 percent of its headcount (see The MFWire, 12/05/08).

In October, Legg Mason Capital Management, the unit headed by Bill Miller, laid off 40 to 50 employees, or about a third of its staff (see The MFWire, 10/30/08). 

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2020: Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use