T. Rowe Price laid off 2% of its global workforce last week, a spokeswoman for the Baltimore-based money manager confirmed Wednesday.
The layoffs are the second such round for the firm in less than a calendar year. Last November, T. Rowe Price laid off 2% of staff — around 150 employees — citing "an exceedingly challenging year for asset managers."
The firm, which had $1.35 trillion in assets under management as of March 31, will report its second-quarter earnings later this week.
In the statement provided by T. Rowe Price after last November's layoffs, the company said it expected the challenges facing the asset management industry were "likely to intensify" and cut costs to "protect our ability to invest for future growth."
A spokeswoman for T. Rowe Price declined to explain the reasoning behind this round of layoffs or comment on what roles were cut, only stating: "We deeply value the dedication and the contributions of our departing associates and offered generous transition assistance packages, as well as outplacement support and resources in recognition of these associates' many contributions to our firm."
T. Rowe Price is not the only asset manager to conduct layoffs or announce hiring freezes in the current market. BlackRock, the world's largest asset manager, has similarly has had two rounds of layoffs this year, impacting approximately 3.5% of global staff. In February, AllianceBernstein laid off 4% of staff, and in April Lazard announced plans to slash a tenth of its global workforce.
