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Marsh & McLennan Posts Quarterly Loss
Marsh & McLennan posted a quarterly loss in relation to the settling of a bid-rigging scandal.
The firm cut its dividend by half and said that it will cut more jobs.
According to a Reuters article,
"The world's biggest insurance broker said an ongoing restructuring of its business could result in the loss of another 2,500 jobs, pushing recently announced layoffs to 5,500.
Marsh, which has a worldwide work force of about 60,000, said the new round of job cuts is expected to result in annual savings of more than $375 million.
The latest round of cuts is likely to be focused on the company's brokerage unit, Marsh Inc., which employs 40,000. The job cuts announced in the fall were companywide."
Shares went down 5.5% to $30.84.
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