The significance of the recently announced cutbacks by several asset management companies triggered by the declining market, is not in their immediate effect on business for the companies, according to analysts. Most of the cutbacks were in operations positions, such as telephone operators - people who were hired to handle increased volume during the market's surge. The cutbacks were significant, though, because they suggest that those firms believe they were over-staffed for the future, and that they are not anticipating a substantial market rebound soon, analysts said.

In February, Janus of Denver announced that it was eliminating 468 jobs from its operations unit, representing a cutback of 22 percent of that unit. Last month, Putnam Investments of Boston laid off 21 workers, according to Matt Keenan, a spokesperson for Putnam, who in February said the company had no intention of letting anyone go. Two weeks ago, the Charles Schwab Corporation of San Francisco and American Skandia of Shelton, Conn. each announced cutbacks of about 13 percent of their workforces, citing the need to limit operating expenses due to the declining market.

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