Shake up in divisions will spark job cuts
JLT will lose staff across the world as it shakes up its company structure.
JLT will reorganise its three divisions - specialty, reinsurance and employee benefits - leading to cuts.
Chief executive Dominc Burke told Reuters: “Inevitably there will be a reduction in the workforce. It is across the globe and what the transformation really is seeking to do is create operational efficiency, with clear financial benefits.”
It comes as JLT posted a 35% profits rise.
The cuts from April 1 will save £40m a year up until 2020. There will be a one off cost of £45m.
JLT employes 11,000 staff across 42 countries.
“Investing in business efficiency is good but this announcement smacks of the ‘jam tomorrow’ theme … and may frustrate some,” said Keefe, Bruyette & Woods analysts.
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