Business Services Industry
Putnam Investments cuts 100 more staffers.
Knight Ridder/Tribune Business News, November, 2004
By Andrew Caffrey, The Boston Globe Knight Ridder/Tribune Business News
Nov. 16--Putnam Investments yesterday said it will dismiss another 100 employees in a cost-cutting move to reflect its smaller size after an employee-trading scandal cost it tens of billions in investors' funds.
The layoffs came a week after Putnam's parent, Marsh & McLennan Cos., outlined the company-wide elimination of 3,000 jobs to save money in the face of charges by New York Attorney General Eliot Spitzer that the firm's insurance brokerage rigged bids and fixed prices in exchange for commissions from insurers.
The 100 Putnam dismissals will count toward Marsh & McLennan's target reduction of 3,000 employees.
Putnam previously disclosed that about 70...
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