Metlife Unit Axes Workers

September 5, 2002 ( - State Street Research Corp., a MetLife subsidiary, is letting go 60 employees as part of layoffs prompted by the continuing market-driven industry slowdown.

Reuters quoted State Street Research spokeswoman Alyson Riley as saying that the laid off employees – which represent 11% of the company’s workforce – are from the firm’s distribution and service divisions.

“We’re obviously not immune to what’s happening in the marketplace and we’re looking for places to consolidate,” Riley told Reuters.
The cuts come only a few weeks after State Street Research announced it was hiring several high-profile investment managers. They also come at a time many Boston-based fund managers are trimming their payrolls to help curb costs, Reuters said.

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No. 4 mutual fund firm Putnam Investments, the fund unit of insurer Marsh & McLennan Cos. Inc. and State Street Corp. already made layoffs and No. 1 mutual fund firm Fidelity Investments is mulling job cuts this month.

After the cuts, State Street Research will have 475 employees, Riley said.

State Street Research, the investment management arm of insurer MetLife Inc., is one of the oldest mutual fund companies in the country with assets of about $46 billion under management.