For the third time in three years, Baltimore-based T. Rowe Price is laying off employees.

The investment management firm is lowering payroll as part of a larger plan to reduce expenses. It declined to specify how many employees have been laid off or to break down the cuts nationally versus locally.

The 88-year-old firm relocated its global headquarters from downtown Baltimore to a sleek building in Harbor Point in March. At that time, about 2,000 employees were based in the two seven-story wings connected by a glass atrium, among more than 5,000 in the area and 8,000 overall.

“We have a broad plan and a number of activities underway to best position us to return to organic growth and reduce our controllable expense base over time — including targeted role eliminations, operating model changes, and general reductions across our expense base in all categories,“ company spokesperson Arminta Plater said in a statement.

T. Rowe Price previously laid off about 2% of its employees in late 2022 and another 2% in 2023. That translated to roughly 150 employees losing their jobs each time.

The company had been growing slightly over the past year. From March 2024 to 2025, T. Rowe Price added about 2.6% to its workforce.

The firm declined to explain what prompted the layoffs in more detail, but during an earnings call in May, President and CEO Rob Sharps noted that there is “policy-driven market volatility pressuring our assets under management and revenues.”

T. Rowe Price is one of the Baltimore area’s largest companies and private employers.

The firm paid “double rent” as part of the move, and chief financial officer Jen Dardis estimated on a February earnings call that there would be $20 million to $30 million in costs associated with the relocated headquarters.

The company also recently upped its executive compensation in an effort to keep up with peers, according to U.S. Securities and Exchange Commission filings from April. Sharps received $19.4 million in 2024, a raise of more than 50% compared to the prior year.