Jobs go as electronic trading takes over
The growth of electronic trading has contributed to the loss of eight jobs in Aon’s marine division, it emerged this week.
Tough conditions in the marine market were also blamed for the cuts, which will see a combination of brokers and support staff lose their jobs as part of an ongoing $240m (£121m) restructure.
Aon said at the end of last year that 2,700 jobs would be lost globally as part of its three-year programme, and that cuts would hit the UK.
The programme involves heavy investment in electronic trading.
Aon has been at the forefront of an electronic trading drive in conjunction with trading platform provider RI3K.
An Aon spokesman blamed tough competition and low margins in the marine sector for the job losses. He said: “As part of Aon’s ongoing business reviews we are currently looking at our marine division with the goal of creating a more competitive structure with greater investment in areas where we can add high value to our clients.
“We can confirm that a small number of people are currently in [redundancy] consultation as part of that review.”
The restructuring includes the release of unused or underused office space, investment in electronic trading and changes in support services.