Putnam Investments cuts 104 jobs

AP News
Posted: Dec 09, 2009 5:20 PM

Putnam Investments is cutting 104 jobs, or about 5 percent of the mutual fund company's work force.

Putnam spokesman Jon Goldstein said Wednesday that most of the cuts involve technology and operations positions at Putnam's Boston headquarters and another Massachusetts office in Andover. But 16 of the cuts involve Putnam's investment management staff, including three mutual fund managers.

The cuts are the third round of reductions under Robert Reynolds, who took over as Putnam's CEO in June 2008 to try to turn the company around. Putnam cut 260 positions in February, and 47 jobs in November 2008. The latest cuts will reduce Putnam's work force to 1,827.

The manager of $114 billion is owned by Canada's Power Financial Corp.