Putnam Investments announced Wednesday it will lay off 260 people, or about 10% of its staff, on Thursday, Dow Jones reports. Most of the people being let go work in distribution or operations, but a few are in sales.

Jeff Carney, senior managing director and head of global marketing and products, said the cuts are being made due to the deterioration of the economy but that they will not impede the company’s growth going forward. They are also in line with the restructuring that Putnam President and CEO Robert Reynolds has instituted since taking over as head of the firm in July.

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