Legg Mason reported a $325.1 million loss for its 2008 Q4 to March 31, compared with a loss of $255.5 million, in the year-earlier quarter. This loss primarily reflected the cost of cleaning up up to $10 billion of money market funds with holdings tied to structured investment vehicles (SIV).
Legg Mason's Q3 loss increased from $103.8 million (74 cents per share) to $1.49 billion ($10.55 per share). The firm took a $6.03 per share write down of its wealth managment unit.
A Legg Mason Inc. subsidiary announces that it would cut a third of its jobs (40) on account of falling AUM and weak fund performance.
Legg Mason stock falls as rumors that it would go private were dismissed.<ref</ref>
LM was downgraded by Credit Suisse analyst Craig Siegenthaler from "neutral" to "underperform" on concerns about fund performance