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.”
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.