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Rating:Putnam Disputes Report of Wholesaler Cuts Not Rated 3.0 Email Routing List Email & Route  Print Print
Thursday, April 03, 2003

Putnam Disputes Report of Wholesaler Cuts

by: Sean Hanna, Editor in Chief

Putnam Investments is denying a report that cut fund wholesalers as part of a layoff of 60 employees earlier this year. An article appearing this morning in Ignites.com stated that the firm let go between eight and 30 wholesalers in its southeast region and in its retirement and variable annuity lines last month. The report was based on comments from two recruiting firms.

The published reported added the cuts came prior the scheduled bonus payments to the wholesalers, angering some of them.

"We told them [Ignites.com] that they were incorrect, and they are," said Putnam spokesperson Nancy Fischer.

The firm did confirm in early March that it would be letting laying off some 60 employees, although it did not specify the jobs effected by those cuts.  

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