Legg Mason to lay off 20 as part of restructuring of audit functions

Legg Mason Inc. will be laying off about 20 people in its auditing department in Baltimore at the end of the year.

The Baltimore-based money manager plans to maintain a small auditing team whose work will be supplemented by a large accounting firm, the company said. The name of the firm was not disclosed.

The company employs 387 in Baltimore.

"By doing so, we have created a structure in which we have the flexibility to allocate resources across geographies as needed, tapping into the subject matter and product breadth expertise of our accounting partner, while maintaining a small core staff to ensure communication and institutional knowledge," the company said in a statement.

The transition is expected to take effect Jan. 1, said spokeswoman Mary Athridge. Employees who will lose their jobs may apply for other positions within the company, Legg said.


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