T. Rowe Price lays off 54 Baltimore City employees

Investment management firm cites 'targeted role eliminations' after opening new headquarters

Feb. 14, 2026 at 4:55pm

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T. Rowe Price, the Baltimore-based investment management firm with $1.8 trillion in assets under management, has laid off 54 employees from its Baltimore City operations effective February 6th, according to a notice filed with the Maryland Department of Labor.

Why it matters

The layoffs come less than a year after T. Rowe Price opened a new 2,000-employee headquarters in Baltimore's Harbor Point development, raising questions about the company's long-term commitment to the city and the stability of financial services jobs in the region.

The details

T. Rowe Price officials did not provide specifics on which departments were affected by the layoffs, but the company cited 'targeted role eliminations' as the reason. By law, companies laying off more than 50 people or at least 25% of their workforce must alert the Maryland Department of Labor 60 days before the termination date, though exceptions can be made for unforeseeable business circumstances.

  • T. Rowe Price laid off 54 Baltimore City employees effective February 6, 2026.
  • The layoff notice was posted with the Maryland Department of Labor on February 12, 2026.

The players

T. Rowe Price

A Baltimore-based investment management firm with $1.8 trillion in assets under management and a net income of $2.09 billion in 2025.

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The takeaway

The T. Rowe Price layoffs raise concerns about the stability of financial services jobs in Baltimore, even as the company continues to maintain a large presence in the city with its new headquarters. The layoffs underscore the challenges businesses face in navigating economic uncertainty and the need for clear communication with employees and the community.