In the wake of the close of its sale to Power Financial's Great-West Lifeco
, Putnam Investments
has eliminated 75 jobs, a company spokesperson confirmed to The MFWire
Putnam spokeswoman Laura McNamara said the cuts were made in the distribution and support departments. She said no positions in the investment division were eliminated.
"We've been carefully managing costs to improve margins, and there was an overlap in distribution and support [post-merger]," McNamara told The MFWire
There are no plans for additional layoffs, she added.
Putnam's sale to Great-West closed on August 3.
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