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.