Putnam to trim 10% of staff

Putnam Investments tomorrow will lay off about 260 employees, roughly 10% of its work force, mostly from distribution and operations, said Robert L. Reynolds, president and chief executive. Some sales staff also will be affected. In an interview, Mr. Reynolds said the firm is cutting back its non-U.S. retail distribution efforts. He emphasized the firm’s growing commitment to U.S. defined contribution plans and mutual funds. He said Putnam remains committed to the U.S. and international institutional market. As of Jan. 31, Boston-based Putnam had $101 billion in assets under management, half of which is run for institutions, according to its website.