T. Rowe Price to Cut Jobs as Profit Plunges

Asset manager T. Rowe Price(TROW Quote) announced a flood of job cuts after reporting a 68% plunge in first-quarter profit.

In the quarter that ended March 31, earnings fell to $48.2 million, or 19 cents per share, compared with a profit of $151.5 million or 55 cents a share in the same quarter last year.

Results included non-cash charges of $35.6 million for writedowns of its own investments in its mutual funds, which experienced losses. Excluding the charge, earnings would have been 27 cents, beating analysts' estimates of 19 cents. ...