Legg Mason notifies state of 35 job cuts in Owings Mills

Money manager had announced plans to close facility

August 01, 2011|By Lorraine Mirabella, The Baltimore Sun

Legg Mason Inc. said Monday that it would lay off an additional 35 workers by January as part of a previously announced plan to shut down the money manager'sOwings Mills facility.

In a notice Monday to the state's Department of Labor, Licensing and Regulation, the company said the 35 employees, all of whom work at the company's Baltimore County offices on Red Run Boulevard, would be laid off between Oct. 1 and January.

The cuts are part of the company's plan to streamline its technology group and outsource some of its work, said Mary Athridge, a company spokeswoman.

Legg Mason last year announced companywide cuts of 350 jobs.

The company reported fiscal first-quarter profits last week of $60 million, a 25 percent increase compared with the year-earlier period.


Jamie Smith Hopkins contributed to this story

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