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Great-West says Putnam cutting 115 jobs in effort to reduce costs by US$65M
WINNIPEG – Great-West Lifeco Inc. (TSX:GWO) says Putnam Investments, its U.S. investment management operation, is cutting approximately 115 jobs in a bid to trim costs by US$65 million.
The company says the reductions amount to about eight per cent of Putnam’s staff and will be primarily in its operations and technology areas.
A small number of investment management professionals will also be leaving the company.
Great-West, a member of the Power Financial group of companies, offers life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses.
It operates under the Great-West Life, London Life, Canada Life, Irish Life, Great-West Financial and Putnam Investments banners.
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