T. Rowe Price announces job cuts

April 22, 2009 – 8:36 am – No Comment

Shortly after T. Rowe Price Group’s financials for the 1Q came out (with a profit 68% less than the previous year) it announced that ti would be saying goodbye to almost 300 employees. Unlike other dismal financials coming from similar firms, T. Rowe Price actually posted a $48.2 million profit (19 cents a share), this number was obviously not what it was looking for however, coming from a $151 million (55 cents a share) profit from the same quarter 2008.

Analysts that were polled by Reuters were expecting an earnings of 19 cents a share on a revenue of $387.2 million.

The jobs that will be cut from the company are mainly in telecommunications, processing and technology departments. In those departments lower amounts of work has led to overstaffing.

This is just one of the cost cutting measures from the company, as it plans to reduce expenses by as much as $120 million by the end of the year.