Boston-based Putnam Investments announced February 11 that it would lay off 260 people, about 10% of its workforce, with a spokesman saying the cuts were entirely due to poor overall economic conditions. However, its parent company, the big Canadian insurer Great-West Lifeco, announced February 13 that it took a $1.35 billion (Canadian) charge in charges related to Putnam in the quarter ending December 31, leading the big Canadian insurer to post its first quarterly loss ($907 million) in more than 10 years.
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