TA Associates has announced that they are recruiting for finance jobs in Boston and have filled one big position recently.

TA Associates, a leading growth private equity firm, today announced the recent hiring of a new staff member in its Boston office. Lisa Harris has joined the firm as a Vice President in the Financial Services and Consumer Group.

Ms. Harris focuses on investments in financial, business and other growth services companies. She joins TA with previous investment experience as an Associate at Centerbridge Partners, L.P., where she evaluated and executed private equity and special situation investments across multiple industries. Ms. Harris was previously an Analyst in the investment banking division of Goldman, Sachs & Co. She received a BA, magna cum laude, Phi Beta Kappa, in Social Studies from Harvard College in 2004 and an MBA from the Wharton School at the University of Pennsylvania in 2010, where she was a Palmer Scholar. (more…)

Evercore Partners is launching an equity research group, a move that could possibly create finance jobs in Boston.

According to a press release, Evercore Partners Inc. today announced the launch of its equity research group and its plans to initiate coverage of companies in the Telecommunication, Media and Technology, and Financial Institutions industries during the third quarter.

The research group initially is comprised of ten seasoned analysts with deep expertise in the sectors they cover and a balanced perspective developed by working in sell-side research, buy-side firms and in the industries they cover. This experience, together with an ability to provide access to company management, provides the foundation to deliver valuable insights and actionable investment ideas to Evercore’s clients.
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Fund firm Legg Mason has adjusted the figure it previously gave when addressing layoff numbers and is now saying they will eliminate more than 350 finance jobs in Boston (click here).

According to Reuters.com, on Monday it said it would cut about 10 percent of its workforce, or 350 jobs, as part of a long-awaited restructuring designed to eventually reduce expenses by up to $150 million annually.

But on a conference call Thursday, Chief Administrative Officer Joseph Sullivan said Legg Mason may make additional job cuts through voluntary terminations and other steps.
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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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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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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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