NEW YORK - Putnam Investments is set to lay off 256 people, about 4% of the asset management company's more than 6,000 employees, according to a company memo sent out by president and chief executive officer Lawrence J. Lasser.
The cuts will come across several different departments, including some analysts and portfolio managers. Market changes "caused us to reexamine current and planned programs to find the right balance between our responsibilities to institutional clients and mutual fund shareholders, and current markets," Mr. Lasser wrote. "We have concluded that Putnam's size and expense levels should be brought closer to what they were before last year's growth spurt."
Other reductions at Putnam, which is owned by Marsh & McLennan Cos., are expected to be made over time through attrition, the memo said.