Industry

MassMutual has just laid off 65 workers, with most of the layoffs occurring in its Boston office, and the cuts spanning all departments—including finance, marketing and sales.

New York Life Insurance has hired 100 staff to support sales of fixed annuities through the banks, on the heels of sales in this channel increasing 130% in 2008.

LECG Expands Platform With Hiring of Vinella

All things considered, earning $46 million in 2008 was far less than the $81 million Mario Gabelli of Gamco took home in 2007 and the $81 million he pocketed in 2002, DealBook reports, citing a proxy filing.

PIMCO has promoted 78 of its executives, with 12 now executive vice president, 24 senior vice president and 42 vice president.

Putnam has hired yet another executive from Fidelity, Walter C. Donovan, who will serve as chief investment officer. A 25-year veteran of financial services, he was president of Fidelity’s equity division, overseeing portfolio management, investment research and trading.

Private equity may not play a prominent role as it relates to buying up toxic assets, but sponsors are actively seeking the money-making operations of various banking institutions. The latest to dive into the fray was CVC Capital Partners, which acquired the iShares exchange-traded-funds business of Barclays Global Investors.

The first quarter was lackluster for financial services mergers and acquisitions, with only 37 deals, compared with 57 in the first quarter of 2008, Jefferies Putnam Lovell reported.

Barclays Global Investors has hired Stephen Jobe as director of its iShares 529 programs.

The Depository Trust & Clearing Corp. has hired Daniel G. Faryniarz as managing director of market structure and industry relations, a new position in which he will work to help identify and develop new front-office and trading opportunities.