Asset manager T. Rowe Price ( TROW) 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.

Revenue sank 31% to $384.5 million from $559.1 million in the year prior.

Total assets under management declined to $268.8 billion compared with $378.6 billion a year ago.

The company said it has decided to cut staff by 5.5%, or 288 workers.

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