Marsh is to axe 2,000 jobs worldwide and 280 jobs in the UK.
The beleaguered brokerage said “changes to the business model” brought about by Eliot Spitzer's investigation into contingent commissions coupled with the realities of a “softening market” had forced the move.
Marsh chief executive Bruce Carnegie-Brown said about 40% of job losses would be outside the US.
Carnegie-Brown said: ”Since our most significant expenses are people related it is necessary to reduce the number of people currently employed, and some parts of Marsh Europe/Middle East will be impacted.
“The effect of this action in the UK is that we have today entered into discussion with our staff consultative committee to agree, subject to consultation, how a reduction of approximately 280 people will be
undertaken in the UK.”
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