Company/Organisation:
Marsh and McLennan
Geographic Location
Country:
World
Company
Sector:
Financial services
Financial and insurance activities
65 - Insurance, reinsurance and pension funding, except compulsory social security
Number Employed:
66265
Group:
Marsh & McLennan (MMC)
Employment Effects
Announcement Date:
01-03-2005
Planned Job Reductions min:
5500
Planned Job Reductions max:
5500
Type of Restructuring:
Internal restructuring
Direct Dismissals:
5500
Additional Information
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.
Sources:
02-03-2005Les Echos
02-03-2005bizjournals
03-03-2005La Tribune
Sources Links:
www.bizjournals.com
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