Amid the rumors of hundreds laid off, Putnam Investments confirmed that 21 cleaned out their desks yesterday, from several departments and at various levels across the company. A spokesperson declined to specify what departments experienced cuts.
The Boston, Massachusetts-based fund firm characterized the shakeup as a normal routine in evaluating employees, while acknowledging the falling market's partial role. The spokesperson declined to estimate the cost savings resulting from the cuts.
At approximately $343 billion, Putnam's assets under management have taken numerous hits since 1999, when year-end assets stood at $391 billion, and after 2000 at $370 billion.
Putnam's profile has been high, with a strong stance against market-timers bringing its name farther forward. 
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