Job cuts at Legg Mason
Legg Mason Inc. said yesterday that it will cut jobs at its Baltimore headquarters and money-management subsidiaries, starting with the dismissal today of about one-third of the employees at the division run by famed stock picker Bill Miller.
Legg Mason Capital Management, which Miller oversees as chairman and chief investment officer, confirmed yesterday that it plans to cut 40 to 50 people from its work force of 147, with notices going out today.
The Baltimore-based division, like its parent, is having a turbulent year. Clients have pulled large sums of money out of its mutual funds, including the well-known Value Trust fund managed by Miller, and the remaining investments have fallen significantly in value because of poor performance and market volatility.
The news came as the corporate parent reported its third-straight quarterly loss, mostly due to costs of supporting some money-market funds to prevent investor losses.
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