Putnam Investments will lay off 10 percent of its staff
Putnam Investments plans to lay off 260 people on Thursday, or 10 percent of its staff, an executive said.
Putnam becomes the latest Boston fund firm shedding jobs following last year's steep stock market decline, which has reduced the revenue these companies earn from assets they manage.
Jeff Carney, Putnam senior managing director, said the jobs will mainly be cut from its sales and operations staff, and mainly from offices in Boston and Andover.
Putnam, now owned by Canada's Power Financial, has been in the throes of change since it hired as chief executive Robert Reynolds, a former top leader of Fidelity Investments, last summer with a mandate to improve the performance of its funds and halt the outflow of money withdrawn by investors.
Reynolds had already overseen a shuffle of the its mutual fund operations that included cutting more than 30 jobs late last year, and had introduced new absolute-return funds for retirement products.
Carney said the layoffs are the latest part of the restructuring, reflecting a drive to make its operations more efficient and less need for sales staff.
(By Ross Kerber, Globe staff)