Thread regarding Legg Mason Inc. layoffs

Legg Mason is considering moderate sized layoffs. We know that the plan is to let go 20 folks from the internal audit department (they should be able to find jobs easily, accounting is in high demand) – this is all happening here at our Baltimore headquarters – jobs will be transferred to an outside firm, so I am not sure where the savings will come from. Now, the execs are calling this ‘co-sourcing’, I call it crap. There is approximately 400 folks here in Baltimore, so do the math, it’s 5% or so… Toronto will be hit as well, it’s a different story over there, but I do not have numbers.