T. Rowe Price has cut 54 positions at its Baltimore City offices, according to a state dislocation filing that lists the terminations as taking effect on Feb. 6. The notice, posted this week, covers staff based at the investment firm's Harbor Point campus on the waterfront.
State Filing Lists 54 Affected at Harbor Point
The Maryland Department of Labor's dislocation log shows a "Mass Layoff - No Recall" entry for T. Rowe Price, listing 54 employees at 1307 Point Street with an effective date of Feb. 6 and a posting date of Feb. 12, according to the Maryland Department of Labor. The public listing identifies the site as a Baltimore City location and classifies the cuts as a mass layoff with no recall.
Company Did Not Immediately Respond to Requests
As reported by The Baltimore Sun, T. Rowe Price officials were not available to comment on the job reductions. The Sun also noted that the firm only moved into its new Harbor Point campus last year, which makes the timing of the staff cuts particularly notable for a marquee local employer.
State Notice Rules and Timing
Maryland law requires employers that plan to separate more than 50 workers, or at least 25% of the workforce at a given facility, to notify the state's Department of Labor 60 days before the termination date, according to the Maryland Department of Labor. In this case, the T. Rowe Price filing shows an effective date of Feb. 6 and a posting date of Feb. 12, a timeline that is shorter than the 60-day window described in the statute, and the department remains the official source for any questions about how the rules apply.
Context: A Global Manager With Local Roots
T. Rowe Price manages about $1.8 trillion in client assets, according to a company press release via PR Newswire, and its year-end results showed roughly $2.09 billion in net income for 2025, based on the firm's earnings supplement reported by MarketScreener. For a company of that size, a 54-job cut is a relatively small, localized move on the balance sheet, yet it still lands hard for the affected employees and the service businesses that depend on Harbor Point traffic.
What to Watch Next
While limited compared with T. Rowe Price's global headcount, the layoffs highlight ongoing cost control across big asset managers and will be closely watched by city and state officials. The Harbor Point campus opened in 2025 and can accommodate as many as 2,000 employees, as reported by The Baltimore Sun, and we will be watching for any company statement or details on severance and reemployment support.
