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Rating:Job Cuts Continue at a Baltimore Fund Firm Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, May 11, 2009

Job Cuts Continue at a Baltimore Fund Firm

Reported by Armie Margaret Lee

Legg Mason cut another 22 jobs last week, including 20 at its Baltimore headquarters, a company spokesperson confirmed to The MFWire.

The affected employees were in mutual fund administration roles. The cuts also impacted two employees in the firm's New York office.

Legg Mason on Tuesday reported its fifth straight quarterly loss.

The layoffs are the latest in a string of cuts at Legg Mason and its subsidiaries. Since September, Legg and its subsidiaries have lost 565 employees, or 13 percent of the total workforce.

Last month, Legg Mason cut 40 jobs, affecting 12 percent of the company's product and marketing support staff (see The MFWire, 04/20/09). In March, it laid off 20 workers in the mutual fund administration department and around the same time, Legg subsidiary Western Asset Management laid off around 100 workers, or about 10 percent of its headcount (see 03/24/09).

Legg in December laid off 200 employees, or 8 percent of its staff (see The MFWire, 12/05/08). In October, Legg Mason Capital Management, the unit led by Bill Miller, trimmed 40 to 50 jobs, representing a third of its headcount (see 10/30/08). 

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