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
5,500 jobs Number of planned job losses
Announcement Date
1 March 2005
Employment effect (start)
Foreseen end date
Description
The world's largest insurance broker, Marsh and McLennan, cut its dividend by half and warned of more job cuts after posting a quarterly loss related to charges from a settlement of a bid-rigging scandal. In October 2004, Marsh had already announced 3,000 job cuts and decided on 2 March 2005 to suppress 2,500 more worldwide.
Eurofound (2005), Marsh and McLennan, Internal restructuring in World, factsheet number 61242, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61242.
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