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T. Rowe Price Group's closure of Tampa office displaces 169 workers

T. Rowe Price Group said Tuesday that it filed notice with state officials in Florida that its previously announced closure of a call center in Tampa, Fla., will result in 169 people losing their jobs.

The Baltimore-based money management firm announced last year that it would close the center, which employed about 400 people and move 220 of them to either its Owings Mills campus or another facility in Colorado Springs, Colo.

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The center, which provided phone support and other client services to individual investors and retirement plan participants, is closing in June.

The 169 displaced workers will receive severance benefits and outplacement services, which have included career fairs, interview and resume assistance, and wellness sessions, said Brian Lewbart, a T. Rowe Price spokesman, in an email.

“While we recognize the impact the pending closure has had on our Tampa associates, we are heartened that by sharing the news more than a year in advance and providing robust support, approximately 200 associates so far have been able to successfully transition to new opportunities, including some who chose to pursue roles at our other sites and relocate,” Lewbart said.

About 35 T. Rowe Price employees with client relationships will remain in the Tampa area working remotely, he said.

The closure, according to the company, reflects not only its ongoing efficiency efforts but also clients’ preference for interacting online.

“Our individual investor and retirement plan services businesses remain core businesses for our firm and areas where we continue to invest, and we are confident that we will continue to effectively serve our clients,” Lewbart said.

The company is expected to announce its earning Wednesday morning and is hosting its annual meeting Thursday at its Owings Mills campus.

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