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
119 jobs Number of planned job losses
Announcement Date
2 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 3000 job cuts worldwide. On 2 March 2005, it was announced that in fact 5,500 jobs would be suppressed worldwide. This job cuts concerns 119 jobs in France and management is to reorganize its sites in order to strengthen its strongest activities.
Sources
3 March 2005: La Tribune
2 March 2005: Les Echos
18 April 2005: Les Echos
Citation
Eurofound (2005), Marsh Inc, Internal restructuring in France, factsheet number 61243, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61243.
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