Due to a net loss of $676 million in the fourth quarter,
The firm also said profits at its
MMC will also cut its dividend for the first time in 40 years, by 50% to 17 cents a share.
Both MMC and Putnam have been reeling since they have been sued for bid-rigging, price fixing and mutual fund market timing. However, MMC Chief Executive Michael Cherkasky said in a statement that by next year, the staff reductions at the parent company will enable the firm to deliver profit margins in the high teens.