The bear market continues to take its toll on fund industry employment. This week Putnam Investments cut 35 positions from its Informational Services Division (ISD) in response to the continued bear market and a decline in the amount of ongoing projects at the firm. The cuts represent less than one percent of Putnam's 5,600 employees.

Eighteen technology contractors learned that Putnam would not renew their contracts at the end of 2002. An additional 17 internal staff in the division were informed that their jobs were eliminated this week.

The cuts were focused across the entire company. They did not include any technology staff working on investment related projects.  

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