Thursday, April 23, 2009

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T Rowe Price earnings drop, cuts 288 jobs

* T Rowe Price first-qtr earnings drop 68 percent
* Company cuts 5.5 percent of its workforce
* Layoffs to lower operating earnings by $2.5 mln in Q2
* Job cuts to save company $17 million
T Rowe Price Group reported a 68 percent drop in first-quarter profit on Wednesday
and announced its first sizable job cuts in eight years but also said it took in new money.

The company, which has been managing money in Baltimore for 72 years, reported $4.5 billion of inflows and distinguished itself from most rivals who are expected to report outflows.


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