Like many papers, the WSJ Fund Track kicks off its coverage of Bob Reynold's shakeup at Putnam by underscoring the loss of 47 jobs out of 2,500 at the fund firm. It quickly shifts to Reynolds' explanation that "the moves aren't cost-cutting measures but are aimed at generating better shareholder returns."

Reynolds tells the paper that "they expect good returns -- that's all we sell; our product is performance, and performance has not met expectations."

The coverage also stresses the unusualness of Putnam is linking bonuses for fund managers and analysts primarily to returns. Portfolio managers must avoid the bottom quarter of their peer group over three years to earn a bonus and must be in the top quartile to earn a full bonus. 

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