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Job Layoffs
T. Rowe to outsource 220 jobs
T. Rowe to outsource 220 jobs

T. Rowe Price Group announced Tuesday it would outsource 220 mutual fund accounting and record-keeping jobs to New York City-based financial firm BNY Mellon this summer. The Baltimore-based money management firm said the employees would be laid off, then hired by BNY Mellon. The change will take place in August. About 200 of the affected employees work out of T. Rowe's Owings Mills campus, while the others are in London and Hong Kong. There will be a two-year transition period during which the workers can continue to work at the Owings Mills campus, but Lewbart said after that time, they eventually will shift to BNY Mellon offices. The closest BNY Mellon office is currently in...