Legg Lays Off 40, Five Of Them In Baltimore

April 21, 2009|By Hanah Cho | Hanah Cho,hanah.cho@baltsun.com

Legg Mason Inc. has laid off 40 workers in administrative and support positions, including some at its Light Street headquarters, in the latest work force reduction for the Baltimore money manager.

The company said Monday that the job cuts affected mostly employees in Connecticut and some in New York. Five workers in Baltimore lost their jobs, and the job cuts took effect Friday. No investment professionals were affected, Legg said.

Legg is working to turn around its poor financial and mutual fund performance. Its assets had fallen 30 percent, to $665 billion, at the end of January, from $950.1 billion March 31, 2008, amid market volatility and investors withdrawing their money in a deepening recession.

The company has been cutting expenses and expects to save $135 million through cost-cutting measures.

The latest job cuts come on top of layoffs during the past several months. Legg laid off 20 employees in administrative roles last month, in addition to cutting 8 percent of its back-office work force, or about 200 people, in December.

Legg's affiliates, such as Western Asset Management Co. in Pasadena and Legg Mason Capital Management in Baltimore, also cut several dozen jobs recently. Legg employs 3,848 workers worldwide, including about 900 people at its Baltimore and Owings Mills offices.

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