EMCC European Monitoring Centre on Change

Marsh and McLennan

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.