Legg Mason to cut 250 jobs in Baltimore; posts 4Q profit Read more: Legg Mason to cut 250 jobs in Baltimore; posts 4Q profit - Baltimore Business Jou

Employees were informed about the new round of job cuts on Monday and Fetting said he spoke with Gov. Martin O’Malley, Baltimore Mayor Stephanie Rawlings Blake and Baltimore County Executive Jim Smith.

“It is always saddening to hear that one of our major employers is shedding jobs in this difficult economic environment,” Rawlings-Blake spokesman Ryan O'Doherty said.

David Iannucci, director of the Baltimore County Department of Economic Development, said: “It is always disappointing to lose any jobs, especially from a financial services leader like Legg Mason.”

The financial services sector is one of the county’s targeted industries, he said.

However, “the good news is when it comes to the recession the county is doing better than most in digging its way out of it,” he said. “We will work immediately to offer them services and ease their transition,” Iannucci said.

Shaun Adamec, a spokesman for Gov. Martin O'Malley, said despite the layoffs Baltimore's financial services industry remains strong and pointed to Morgan Stanley's (NYSE: MS) expansion into Harbor Point and a profitable first quarter for T. Rowe Price Group Inc. (NASDAQ: TROW).