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Friday, December 05, 2008

Legg Enacts an 8 Percent Solution

News summary by MFWire's editors

Bill Miller and Co got slimmer again today. The Baltimore Business Journal's Rachel Sams reports that Legg Mason just sliced eight percent of its staff, roughly 200 jobs, effective immediately.

The paper sourced the news to an internal memo that it obtained.

"We are saying goodbye to dedicated colleagues, team members, and friends who have shared in our successes and our challenges and who have helped us in the remarkable evolution of our global business," CEO Mark Fetting wrote in the email memo sent last night night. "Next week will feel different at Legg Mason. But we must stay clearly focused on the business at hand, and committed to performing at the highest level."

The cuts follow a reported 40 to 50-person layoff from Legg Mason Capital Management in October (see MFWire, October 30, 2008).

Meanwhile, Miller himself told Dow Jones earlier this week that he thinks the "bottom was made" already in the markets.

"Panic is really hard to sustain," Dow Jones quotes Miller as saying. 

Edited by: Neil Anderson, Managing Editor

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