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Tuesday, May 11, 2010

Legg Mason Plans to Cut 350 Jobs

News summary by MFWire's editors

Legg Mason is cutting 350 jobs, including 250 through closing an office in Baltimore suburb Owings Mills, according to The Daily Record. The layoffs account for 30 percent of the local workforce and 10 percent of the total workforce.

The action is related to Monday's revelation that Legg Mason is streamlining businesses to increase profitability. Company CEO Mark Fetting told The Baltimore Sun that the affected investment operations, billing, accounting and similar back-office jobs will be transferred to domestic affiliates or taken oversees, to "take it closer to the client."

The cut is expected to happen over the next six to 18 months, after which the company will have 550 employees in the Baltimore area. In 2008, there were about 1000 Legg Mason employees in Baltimore. 

Edited by: Daniel Tovrov

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