The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities 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
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://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60747.
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