Putnam has fired 47 employees in their announced layoff. Although this is not drastic in number, it can underscore how hard it is to keep your job in finance these days. Included in these cuts are 12 fund mismanagers. The reason they get the mismangement label is due to their relative poor performance to their peers in the mutual fund world. They were lower than 70% of those said peers.
Since the focus is on the clownsumer, how does this affect him? Well, before these managers were given the boot they lost 40% of their funds value, which will reduce the clownsumers investment or 401(k) holdings. In short, it is either less consuming now or less consumign later for holders of these funds.
Putnam Investments is headquartered in Boston, MA.
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