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Wednesday, February 11, 2009

Putnam Confirms Cuts

by: Neil Anderson, Managing Editor

Last Friday, The MFWire broke the news that layoffs were in the offing at Putnam Investments (see MFWire, 2/6/2009). Now more details have emerged on the cuts. Jeff Carney told The Boston Globe's Ross Kerber on Wednesday that Putnam will lay off 260 people, or about 10 percent of its staff, on Thursday.

Putnam spokeswoman Sinead Martin told MFWire that the cuts will spare the firm's investment side -- Reynolds already unveiled layoffs there in the fall (see MFWire, 11/17/2008, 11/17/2008 and 11/18/2008). Marketing, operations, product, sales and technology will be affected, however.

"It's kind of across the board," Martin said. "This is a response to our changing model under Bob Reynolds and to the extraordinary market forces that have battered our industry of late."  

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