Loss of specialty clients prompts broker to seek redundancies

Aon's energy team is understood to be bracing itself to bear the brunt of the broker's job cull within its specialty division.

The international broker confirmed last week it would cut 750 jobs within two years, predominantly within specialty.

A source close to Aon said: "Since the fall-out from Spitzer energy in particular has taken a battering.

"The department has lost a number of high profile clients including Centrica and Petróleos de Venezuela and that has not gone unnoticed.

"Some key players in the team have already jumped ship."

The source added: "It is fair to say that a number of staff within the energy team are feeling very nervous right now."

Aon has drafted in consultant McKinsey to help with the restructuring process and look at ways to cut back on under-performing areas of the business.

The source added: "Aviation and construction are also particularly vulnerable at the moment.

"Changes in fee arrangements post-Spitzer have hit certain aspects of the business harder than others and those are the areas most under threat."

The specialty division includes energy, marine, aviation, construction, crisis management, professional risk and specie.

A spokeswoman for Aon said: "The consultation process is ongoing, so we can't be more specific about which areas of the business are likely to be affected by the restructure at this point."