Legg Mason Capital Management Cuts Jobs, But Somehow Bill Miller Still Has One
More News related to BAC
- Copano Energy to Present at the Bank of America Merrill Lynch Credit Conference
- Maturing Debt Could Strangle Banks (C, BAC, JPM)
- Blockbuster to Present at the Bank of America Merrill Lynch Credit Conference
- Bank of America Exceeds $1 Billion in Lending and Investing to Community Lenders
- Bank of America Program Helps 100,000 Subprime, Option-ARM Borrowers Avoid Foreclosure in First 10 Months of Outreach
More News related to FRE
- Freddie Mac Monthly Volume Summary: October 2009
- Freddie Mac Applauds Columbus, Ohio Coalition Against Loan Modification Fraud
- Charter Financial Reports Fiscal 2009 Earnings
- Freddie Mac Will Not Issue a Reference Notes(R) Security on November 16, 2009
- Freddie Mac Issues 2010 Funding Calendars
More News related to MSFT
- Microsoft (MSFT) CFO, Liddell to Leave; Klein Named as Replacement
- Microsoft Announces Chief Financial Officer Transition
- Zscaler Defends Against Zero Day Vulnerability in Internet Explorer 6/7:
- Retired Four Horseman of Tech option implied volatility: MSFT, CSCO, DELL, INTC
- Sabi Launches 'ItzaZoo,' the Latest Breakthrough Learning Game
More News related to Insiders' Blog
- Strategist Says $1500/oz Gold Will Lead Oil Above $100/bbl
- Maturing Debt Could Strangle Banks (C, BAC, JPM)
- Traders Cheer Cracker Barrel's (CBRL) 37% Rise in Q1 Earnings
- Ford (F) Analyst Falls Asleep at the Wheel, Can't Get Ahead of the Stock
- Origin Agritech (SEED) Sees Follow-Through Momentum, Up 11%
According to reports from the Baltimore Sun, Legg Mason Capital Management is cutting its workforce by one-third, but senior investment managers, like Bill Miller, will keep their jobs. The firm plans to cut 40 to 50 people from its 147 workforce.
Assets at Legg Mason Capital Management have fallen 53% this year, dropping from $59.7 billion to $28 billion and the Legg Mason Value Trust, which is managed by Miller, has dropped from $22 billion to $5.8 billion. The fund lags behind 99% of it rivals, according to Bloomberg data.
Bill Miller, once one of the most well-respected value managers in the country, has made horrible bets on stocks during the downturn, including: mortgage lender Countrywide, which was bought out by Bank of America (NYSE: BAC); Freddie Mac (NYSE: FRE), which was placed into conservatorship by the U.S. government; and Yahoo! (Nasdaq: YHOO), which botched a buyout by Microsoft (Nasdaq: MSFT).
Related Categories
Insiders' BlogTrader Talk
Stocks Mentioned
+0.00Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
