Legg Mason Inc. pares 8% of work force

Legg Mason Inc., parent company of money managers Western Asset Management and Legg Mason Capital Management, laid off roughly 8% of its staff, or just less than 200 people, as part of a cost-cutting program in response to severe market conditions, spokeswoman Mary Athridge confirmed.

Legg Mason Inc., parent company of money managers Western Asset Management and Legg Mason Capital Management, laid off roughly 8% of its staff, or just less than 200 people, as part of a cost-cutting program in response to severe market conditions, spokeswoman Mary Athridge confirmed.

Ms. Athridge said the decision doesn’t affect investment professionals working at the parent’s money management affiliates, which make their own decisions on staffing.

“We believe that this reduction in staff will have no effect on our ability to serve clients, work with business partners and compete for assets around the world,” according to an e-mailed statement from Legg Mason Inc. The company expects layoffs and other cost-cutting measures to result in “sustainable savings of $120 million in corporate expenses” by the end of its fiscal year on March 31, 2009.