Putnam Investments To Cut 260 Jobs

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BOSTON (AP) — Putnam Investments is eliminating 260 jobs, or about 10 percent of its work force. It's the second round of cuts in just three months at the Boston-based money manager.

Putnam plans to announce the cuts Thursday. But Putnam Senior Managing Director Jeff Carney confirmed the layoffs to The Associated Press on Wednesday after the trade publication Pensions & Investments first reported the cuts.

Most of the layoffs will involve sales and operations staff at Massachussets offices in Boston and Andover.

In November, Putnam cut 47 other jobs, including 12 portfolio managers, from a staff of about 2,500.

This program aired on February 11, 2009. The audio for this program is not available.