As T. Rowe Price’s Tampa operations center closes, 169 people will lose their job

Following an announcement last year, T. Rowe Price is preparing to close an operations center in Tampa, Fla., in June.

The Baltimore-based investment management firm said Tuesday that 169 employees will lose their jobs as a result of the closure, according to documents filed with the State of Florida. According to T. Rowe Price spokesperson Brian Lewbart, all of the employees will receive severance benefits and will be offered outplacement services.

In all, the office employed 400 people when the closing of the center was initially announced. As a result, 200 positions were transferred to offices in Owings Mills, Md., and Colorado.

T. Rowe Price initially indicated that in announcing the closure a year in advance, employees would be given the opportunity to transition to new opportunities. T. Rowe Price spokesperson Brian Lewbart said about 200 have done so, with some finding roles at the company’s other sites and by relocating. About 35 more will remain in Tampa working remotely.

“Support we provided to associates has included career fairs, interview and resume prep, and wellness sessions,” Lewbart told Technical.ly.

Most of the employees in Tampa worked in phone service and client support roles, working with individual investors and retirement plan participants. The company said it was responding to a shift, as clients want to interact with the firm digitally.

“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,” Lewbart 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.”

The company made a big investment into tech development in recent years. In the Baltimore area, work on client-facing experiences has been taking place at the company’s Linthicum Heights innovation center.