T. Rowe Price lays off 2% of its employees in ‘targeted’ cost-cutting move

T. Rowe Price Group Inc. has laid off 2% of its employees across the globe, citing an “exceedingly challenging year” for the industry and company. The Baltimore investment firm’s management committee sent a memo to employees to let them know that the company was downsizing. “We made targeted expense reductions across the enterprise, including further reducing our third-party spending and eliminating roles, with approximately 2% of our associate population departing the firm,” a spokeswoman said in confirming the contents of the memo.