Asset management company Legg Mason announced today that it will cut up to 200 jobs ? about 8% of its payroll The announcement is not the first from an asset management firm, as declining values have led investors to pull funds from management. The downsizing is part of a plan to save $120 million in annual costs by the end of March 2009. As of September this year, the firm still had $842 billion assets under management.
See "Legg Mason to Cut Up to 200 Jobs as Assets Decline", The New York Times, December 4, 2008