Legg Mason, parent company of money managers Western Asset Management and Legg Mason Capital Management, laid off roughly 8% of its staff, or just less than 200 people. State Street Corp., parent of State Street Global Advisors, announced it would cut 6% of its worldwide work force between 1,600 and 1,800 positions by March 31.
In both cases, the layoffs were part of cost-cutting programs in response to severe market conditions.
Legg spokesman Mary Athridge said the layoffs don't include investment professionals working at the parent's money management affiliates; executives at the affiliates make their own decisions on staffing.
About two-thirds of the State Street jobs to be cut will be in North America, but a spokeswoman declined to say how many people would be let go at the money management arm.