Putnam investments eliminates 115 jobs to reduce costs

Great-West Lifeco (Tor., GWO) said Tuesday that its US subsidiary Putnam Investments asset management would eliminate about 115 jobs in order to cut spending US $ 65 million.

The company calculates that these job cuts represent about 8% of the labor Putnam. They will take place mainly in areas related to operations and technology.

In addition, a number of “restricted” of investment management professionals will leave the company.

Great-West Lifeco, a member of the Power Financial Corporation group of companies offers life insurance, health insurance, retirement services and investment, asset management and reinsurance.

It operates the banners Great-West, London Life, Canada Life, Irish Life, Great-West Financial and Putnam Investments.