Legg Mason has just laid off 40 workers, most of whom worked in administrative support in Connecticut and New York. Five of the workers worked in Baltimore. None worked in investment management.
The layoffs come on the heels of 20 people who lost their jobs in March and 200 back-office staff members who got the pink slip in December.
Legg issued a statement saying it made the cuts as a result of broader organizational changes made to align the Americas business strategy with long-term opportunities and to focus the bulk of our investment on our client-facing efforts.
Since March 2008, when Legg Mason had $950.1 billion under management, assets have fallen 30% to their current $665 billion. The layoffs and other cost-cutting measures will save the firm $135 million a year, Legg Mason said.