WINNIPEG - Great-West Lifeco Inc. (GWO.TO) says Putnam Investments, its U.S. investment management operation, is cutting approximately 115 jobs in a bid to trim costs by US$65 million.

The company says the reductions amount to about eight per cent of Putnam's staff and will be primarily in its operations and technology areas.

A small number of investment management professionals will also be leaving the company.

Great-West, a member of the Power Financial (PWF.TO) group of companies, offers life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses.

It operates under the Great-West Life, London Life, Canada Life, Irish Life, Great-West Financial and Putnam Investments banners.