Putnam Investments is laying off 78 employees, or 4.4% of its workforce. The layoffs, primarily in operations, follow a 3% decline in assets under management, from $121 billion in 2010, to $117 billion in 2011.

The news comes on the heels of Putnam’s announcement that it expanded its wholesaling staff by 20% last year, bringing its total external wholesalers to 54 and nearly as many internally. Prior to the layoff, Putnam had a total of 1,767 employees.

Lee Barney writes for Money Management Executive.

 

 

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access