Marsh and McLennan

Type
Internal restructuring
Country
United Kingdom
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
280 jobs
Number of planned job losses
Job loss
Announcement Date
10 November 2004
Employment effect (start)
Foreseen end date

Description

Marsh & McLennan, the US insurance broker grappling with allegations of fraud, announced on 10 November 2004 plans to cut 3,000 jobs and reported a fall in third quarter profits of more than 90%. The job cuts, mainly from the risk and insurance services division, represent about 5% of the broker's workforce. Michael Cherkasky, who recently took over as Marsh chief executive, said the reduction was ‘based on the realities of the marketplace and our current situation'. About 280 people are expected to lose their jobs in the UK.

Sources

  • 10 November 2004: The Guardian

Citation

Eurofound (2004), Marsh and McLennan, Internal restructuring in United Kingdom, factsheet number 60747, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60747.