T. Rowe Price has started laying off employees, the company said Thursday, — including at its Baltimore headquarters — in a push to slash costs and jumpstart growth at the global investment giant.

The company did not disclose the number of job cuts but confirmed the plan includes “targeted role eliminations.”

“We have a broad plan and a number of activities underway to best position us to return to organic growth and reduce our controllable expense base over time—including targeted role eliminations, operating model changes, and general reductions across our expense base in all categories,” Arminta Plater, a T. Rowe spokeswoman, said in an emailed statement.

The company opened a new 2,000-employee headquarters in March in Harbor Point, after moving from its prominent downtown office tower of five decades. The firm began building the two seven-story waterfront buildings east of the Inner Harbor more than two years ago, designing the waterfront campus to help attract and retain top talent.

T. Rowe had been headquartered since 1975 at 100 E. Pratt St., where it occupied nearly half the 28-story building overlooking the Inner Harbor.

The company declined on Thursday to offer specifics about the job cuts. The downtown Baltimore workers are among 5,200 area employees, including those in Owings Mills.

During the first three months of the year, the firm’s assets under management decreased by $40.3 billion to $1.57 trillion.

Rob Sharps, T. Rowe’s CEO and president, said in a May 2 presentation that the company was making important progress, “despite policy-driven market volatility pressuring our assets under management and revenues.”

But T. Rowe’s investment platform “makes us uniquely well positioned to navigate periods of uncertainty and to help our clients to do the same,” Sharps said.

The company is scheduled to release second-quarter earnings Aug. 1.

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