- T. Rowe Price has not revealed how many employees were laid off in July 2025
- Executives indicated more layoffs may come as part of expense management efforts
- CEO Robert W. Sharps emphasized the firm’s long-term efficiency plan and cost control
- Sharps earned nearly $20 million in 2024, a 50% increase from the previous year
- The company moved its global headquarters to Baltimore’s Harbor Point in 2025
- T. Rowe Price cut 2% of staff in both 2022 and 2023
- CFO Jen Dardis confirmed roles were eliminated in mid-July under the expense program
- CIO Eric Veiel called AI a game changer that could reduce labor costs
ALso:
- AI will be used to automate tasks and analyze investment data, though not explicitly tied to layoffs
- Second quarter results showed revenue below expectations but earnings beat forecasts
- The company’s stock price fluctuated slightly following the earnings call
https://www.thebaltimorebanner.com/economy/t-rowe-price-layoffs-ai-OKUEQG6LMFAMVICAU4FMOJDTWU/