Putnam Cuts 78 Workers

Affected employees were in ‘operations positions,’ infrastructure and back-office

Putnam Investments announced Thursday it laid off 78 employees at its Boston headquarters and Andover office.

“As part of an effort to realign our corporate resources, Putnam announced that we will reduce our workforce by 4%, mainly in operations,” spokesman Jon Goldstein told AdvisorOne in a phone interview.

Investment and distribution personnel were not affected, according to Goldstein. He added that the company continually evaluates where to best deploy its resources “in a manner that best benefits our clients.”

The company was founded by George Putnam in 1937 and has over $117 billion in assets under management. It boasts 5 million shareholder accounts and 110 institutional clients. Putnam has offices in Boston, London, Frankfurt, Amsterdam, Tokyo, Sydney, and Singapore.

Thursday’s announcement is effective immediately.

Reprints Discuss this story
This is where the comments go.