Putnam Investments to cut 260 jobs

Putnam Investments will announce on Thursday details of a round of layoffs in which the asset manager will cut 260 jobs from its 2,400-strong workforce.

Jeff Carney, senior managing director, said the cuts will come from Putnam’s non-investment teams, such as the sales, operations, marketing and products and technology groups.

The layoffs are in part due to Chief Executive Bob Reynold’s plan for Putnam’s new business model, which is to focus on retail mutual funds, retirement accounts and institutional clients, said Carney.

Source: MarketWatch