Baltimore-based T. Rowe Price Group is laying off 2% of its global workforce, saying it needs to cut expenses amid challenging market conditions.
The global investment group said it is eliminating some roles and reducing third-party spending as a way to continue to invest in future growth. The company did not say how many jobs are being eliminated in Baltimore or Owings Mills, where it also has operations.
“This has been an exceedingly challenging year for asset managers, including T. Rowe Price, and the challenges we have faced are likely to intensify,” a company spokesperson said in an email Thursday.
In its most recent quarter, ended Sept. 30, the company reported that its income had fallen by half to $384.4 million, or $1.66 a share, from $777.2 million, or $3.31 a share, in the July-to-September period of 2021. Revenue fell 18.7% to $1.59 billion and assets under management fell 23.7% to $1.23 trillion, comparing the third quarters year-over-year.
The company employed 7,529 people as of Dec. 31, a nearly 2% decline from the previous year. It had 7,990 employees as of the end of this September, up just over 6% from the end of last year.
T. Rowe Price has business operations in Colorado Springs, Colorado, and London, with other global locations in Sydney, Hong Kong, Singapore, Tokyo and Luxembourg.
The company said it offered “generous” transition assistance packages to laid-off workers as well as outplacement support.
The firm is building a new headquarters in Harbor Point, where two seven-story buildings are expected to open in 2024 and house 2,500 people.