The New York City office of Putnam Lovell NBF Securities is going to shrink. The investment bank is planning to cut 35 jobs of the 48 jobs in its underwriting, research, sales and trading units. Most of the cuts will be made in the New York office.

Meanwhile, John Griff, president of Putnam Lovell's U.S. businesses, said the firm has added a convertible arbitrage team. That new team is one of a number of trading team's he expects the firm to add. It also plans to hire for its advisory, merchant banking and finance businesses.

The trading areas of firms have been hard hit by the decline in the dollar value of trades over the past three years as stock prices have fallen. In April of 2002, Putnam Lovell sold itself to National Bank Financial in order to increase the capital to which it had access. 

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