Marsh and McLennan

Type
Internal restructuring
Country
World
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - 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
Job loss
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.

Sources

Citation

Eurofound (2005), Marsh and McLennan, Internal restructuring in World, factsheet number 61242, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61242.