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Archive for the 'Finance' Category

More Boston Financial Jobs Cut

Friday, January 2nd, 2009

More Boston financial jobs will soon be lost.

On top of recent financial job cuts, four more Boston financial firms plan to cut a total of 110 jobs in the near future, according to an article by The Boston Globe. The companies slated to cut positions include Deutsche Bank, Citigroup Inc., Pioneer Investments and Boston Financial Data Service.

Deutsche Bank employs more than 375 people in Boston and has not confirmed exactly how many jobs will be cut. Citigroup plans to lay off about 70 workers throughout the state, after which it will employ 1,430 workers statewide. Pioneer Investments laid off 39 employees, or 6 percent of its staf, during November. The company previously employed 643 workers in Boston.Boston Financial Data Services hasn’t announced how many jobs it plans to cut.

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Boston Finance Jobs Cut with Putnam

Wednesday, November 19th, 2008

Another company is cutting Boston finance jobs.

Putnam Investments
recently fired 12 money managers, according to an article by Bloomberg. The layoffs came after the company’s assets fell 39 percent in the past year. Putnam follows in the footsteps of Fidelity Investments and Janus Capital Group Inc., who have taken steps to save money among the worse stock-market losses since the 1930s.

Putnam, based in Boston, is the asset-management unit of Canadian insurer Great-West Lifeco Inc., which is planning on cutting an additional 35 jobs. This will include 17 job cuts in the company’s quantitative analysis team, as well as a merger of six funds into larger ones. Putnam’s quantitative analysis team will be reduced to nine employees from 26, while the U.S. and international research teams will be merged. The layoffs account for about 2 percent of the company’s 2,500 employees.

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Boston Finance Jobs With Fidelity Could be Cut

Wednesday, October 29th, 2008

Keeping with the national trend, one Massachusetts’ company is cutting Boston finance jobs.

Fidelity Investments recently announced it is considering a plan to reduce its staff as it suffers negative cash flow in its stock mutual funds. According to an article by The Wall Street Journal, layoffs could include as many as 4,000 employees, or about 9 percent of Fidelity’s work force. While other industries in Boston are adding jobs, cuts at Fidelity would affect a number of the company’s units, including its core investment-management branch.

The company is “very stable, and very strong, but certainly these are extraordinary times,” Anne Crowley, spokeswoman for Fidelity, said in the article, adding the company has been reviewing its costs and staffing amid market turmoil.

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