Daily Briefing

daily briefing

May 09, 2009

Legg Mason cuts 20 Baltimore jobs

Baltimore money manager Legg Mason Inc. has eliminated 20 workers in mutual fund administration roles at its Light Street headquarters. Two more workers were affected at Legg's New York office as the company consolidates those functions, Legg spokeswoman Mary Athridge said Friday.Legg's work force, which includes its headquarters in Baltimore and its subsidiaries, has lost 565 people, or 13 percent, since September.

Hanah Cho

MassMutual aims to hire 30 agents

MassMutual is looking to hire 30 people to sell its insurance, annuity and retirement products in the Baltimore region, the insurance company said Friday. Agents will receive a base salary and commission as well as benefits, said Staasi Heropoulos, a company spokesman. Heropoulos said the company is seeing increasing demand for its products as consumers look for "a safe haven for their investments."

Hanah Cho

Fed OKs purchase of Provident Bank

The Federal Reserve approved Friday M&T Bank Corp.'s purchase of Provident Bankshares Corp., Maryland's largest independent bank. The deal is expected to be completed this month. Once that happens, M&T will become the nation's 21st-largest depository institution with deposits reaching about $43.2 billion and assets totaling $71.4 billion, the Fed said. The Buffalo, N.Y.-based bank also will become the second largest bank in Maryland based on deposits of $11.3 billion, or 12 percent of the insured deposits in the state. Shareholders of Provident, which has been a fixture in Baltimore for more than 120 years, approved the deal a month ago. The stock-swap deal was announced in December and around that time was valued at $407.1 million.

Eileen Ambrose

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