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.
