For the second time in seven months, T. Rowe Price is cutting its workforce.

The Baltimore-based asset management firm eliminated roles Friday across its global marketing and global distribution enablement teams. The company declined to specify how many people lost their jobs.

“These organizational changes reflect a comprehensive operating model review with the goal of driving greater efficiency and building a marketing organization that is modern, scalable, and best equipped to meet evolving client needs,” T. Rowe Price spokesperson Arminta Plater said in a statement.

“We do not take workforce actions lightly and are providing support to impacted associates in recognition of their contributions.”

One of the country’s largest investment firms, T. Rowe Price reported $1.8 trillion in assets under management in 2025.

The company, among Baltimore’s biggest employers, was founded in the city 89 years ago. It relocated its downtown headquarters last March to polished, waterfront buildings at Harbor Point. It also has a campus in Owings Mills.

At that time, 2,000 of the company’s roughly 5,000 employees in the region were based at the new headquarters. Overall, the company employs more than 8,000 people, according to the most recently available figures filed to the federal government.

Since the move, though, T. Rowe Price laid off employees last July and again Friday. It also cut its workforce in 2022 and 2023.

During a quarterly earnings release Wednesday, T. Rowe Price reported a net income, or profit, of $2.09 billion in 2025, about $13 million less than in 2024.

Following the release, the company’s share price dropped by about 8%.

Robert W. Sharps, the company’s president and CEO since 2022, received $19.4 million in compensation in 2024, a 50% increase from the year prior.