Legg Mason lays off 3 analysts, 2 others

Maryland Watch

November 06, 1998

Legg Mason Inc. has laid off three analysts and two support-staff employees who follow the restaurant and leisure industries.

Robert A. Frank, director of research at the Baltimore-based brokerage and money management firm, said the decision was made as the company is moving to direct more analyst coverage to rapidly growing regional technology companies.

"This is a reflection of getting out of businesses that don't make sense for us within our capital market strategy," Frank said. "Part of what we are trying to do is move into the growth areas in our region."

He said the restaurant and leisure businesses are "mature" industries.

Frank declined to identify the analysts who were laid off Tuesday.

He said he will soon begin hiring additional technology analysts. "We could have offers going out next week," he said. "We are looking at people now."

Frank said three of the people who were laid off are interviewing for other jobs within the firm.

"It is a good, healthy exercise to look at your business and say, 'Where do we have the most opportunities for all of our stakeholders?' "

Pub Date: 11/06/98

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