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Article: Marsh turnaround plan starts to show through; Broker announces more job cuts, revamps placement process.(News)(Marsh & McLennan Cos. Inc.)
- Article from:
- Business Insurance
- Article date:
- August 11, 2008
- Author:
CopyrightCOPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: SALLY ROBERTS
NEW YORK-Recovery efforts at Marsh Inc. appear to be well under way as Marsh & McLennan Cos. Inc. last week reported better-than-expected second-quarter results, driven by strong revenue and margin improvement at its financially challenged brokerage unit.
Expense reduction remains the name of the game at New York-based Marsh, which eliminated more than 500 positions during the first half of this year and said it plans to eliminate another 900 positions, largely in the United States, by the end of the year. About one-third of the 900 eliminations will either be outsourced or managed through attrition. The cuts will affect corporate, ...