"Putnam Investments cuts 104 jobs" by Todd Wallack, Globe Staff | December 10, 2009
Boston money manager Putnam Investments eliminated 104 jobs yesterday, mostly in Andover and Boston, as the company tries to find ways to become more efficient, said company spokesman Jon Goldstein.
It's a PINK SLIP.
Related: Putnam's Progressive Pilfering
The cuts amount to nearly 6 percent of Putnam’s total workforce. Putnam, which decided some positions were no longer needed as it shrunk and changed its focus over the years, cut 260 positions in February and eliminated more than 30 jobs last year. However, the company has also continued to invest in key areas. So far this year, it has hired 64 employees, including a dozen senior investment managers. Most of the current job cuts are in the company’s back-office operations and technology departments, though some workers will also be let go in its distribution and investment arms.
Putnam has $114 billion in assets under management. That’s up $10 billion since Jan. 1, mainly because of the improvement in the stock market....
Not enough to save any jobs, huh?
So what did they hand out for bonuses, huh?
