Legg Mason Lays Off 40

Legg Mason laid off 40 admin and support workers Friday, including five at its Baltimore HQ.

The job cuts largely targeted Connecticut, with some in New York.

Legg laid off 20 administrative employees in March, and 200 employees in December. The firm owns Western Asset Management, which cut 100 jobs in March.

Founded in 1899, Legg Mason is a global investment management firm with a focus on asset management. The company’s business is divided in three units: institutional, managed investments, and wealth management.