T. Rowe Price Group Inc. is cutting 150 associate jobs as it plans to merge the operations center in Tampa, Fla., with two other sites located in Owings Mills, Md., and Colorado Springs, Colo, in June 2019.
These sites currently offer services to individual investors and retirement plan participants.
The move comes as part of an effort to "thoughtfully manage our resources in an increasingly competitive environment," President and CEO William Stromberg said in a statement.
The company said it is planning to relocate 220 positions from its Tampa locations and is currently hiring in Maryland and Colorado.
Approximately 400 associates currently work in the Tampa office, consisting mostly of phone support and other client services roles. T. Rowe expects that around 150 positions will not be replaced in this period due to efficiency efforts.
