December 5, 2008

Legg Mason to Cut 8%, or 200 Jobs, as Assets Fall

According to Bloomberg: “Legg Mason Inc., the Baltimore-based fund manager that has lost three-quarters of its market value this year, will cut about 200 jobs, or 8 percent of its workforce, as it seeks to lower annual expenses by $120 million.”

“U.S. money managers have eliminated more than 4,200 jobs in the past two months in response to the worst stock-market declines since the Great Depression. Fidelity Investments is dismissing 3,000 people, or 7 percent of its workforce, while BlackRock Inc. is cutting an undisclosed number of jobs.”

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