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170 T. Rowe employees to lose jobs in Tampa closure

T. Rowe Price Group will close its Tampa, Florida Operations Center in June 2019, consolidating into the firm's two other sites servicing individual investors and retirement plan participants.

T. Rowe Price Group will close its Tampa, Florida Operations Center in June 2019, consolidating into the firm’s two other sites servicing individual investors and retirement plan participants.

Nearly 170 T. Rowe Price Group, Inc. employees in Florida will lose their jobs when the firm closes its Tampa offices at the end of June, the company said Tuesday.

T. Rowe announced in May that it would close the firm’s Tampa offices in June 2019 as part of a plan to focus on customers’ growing preferences and improve operating efficiencies, consolidating some of those positions in offices in Owings Mills and Colorado Springs, Colorado.

In a WARN Act notification filed in Florida, the company said 169 employees will lose their jobs. Most of the associates at the Tampa office focused on phone support and other client service roles.

The firm also said that more than 200 employees found other opportunities or moved to other jobs within T. Rowe.

“While we recognize the impact the pending closure has had on our Tampa associates, we are heartened that by sharing the news more than a year in advance and providing robust support, approximately 200 associates so far have been able to successfully transition to new opportunities, including some who chose to pursue roles at our other sites and relocate,” Brian Lewbart, a T. Rowe spokesman, said in an email. “Support we provided to associates has included career fairs, interview and resume prep, and wellness sessions.”

Another 35 employees will remain in Florida and work remotely to service regional clients, the firm said.

Overall, the firm added 200 new positions to its Owings Mills and Colorado Springs operations. The firm consolidated its individual and retirement plan operations to focus on the growing demand from clients for digital engagement with the firm, Lewbart said.

“That decision was made after careful consideration and in response to a growing client preference to engage digitally and the success the firm’s digital transformation and technology innovations are having in enhancing online and mobile experiences and generating operational efficiencies,” he said. “Our individual investor and retirement plan services businesses remain core businesses for our firm and areas where we continue to invest, and we are confident that we will continue to effectively serve our clients.”


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