The Boston fund firm has announced that approximately one hundred employees will lose their jobs. Putnam
officials stated that the cuts would hit employees "across all areas" of the company.
The cuts were effective as of Monday and affected every location and every division of Putnam, said spokeswoman Sinead Martin.
"[The cuts] are necessary in order to operate competitively. The changes were made entirely to improve the operating efficiency of Putnam. We are providing every affected employee with severance and outplacement support," stated Putnam Investments
Chief Executive Charles "Ed" Haldeman
Marsh & McLennan said last week that it would eliminate 3,000 jobs across its organization, but that job cuts at Putnam would be minimal.
It was not immediately clear whether Putnam's job cuts were included with Marsh's earlier announcement, or whether the job cuts are in addition to Marsh's previously announced cuts.
In other organizational changes, Putnam has named Josh Brooks
, currently head of Global Equity Research and chief investment officer of core equities, as head of chief investment officer of Large Capitalization Equities.
Putnam also announced that three of its portfolio managers are leaving the firm: Walt Pearson
, on the management team of the Voyager Fund and the Growth Opportunities Fund; Cole Lannum
, on the management team of Classic Equity Fund; and George Maris
, on the management team of the Convertible Income-Growth Fund, the High Income Bond and the High Income Opportunities Fund.
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