Changes at Marsh & McLennan (MMC) are to “revolutionise the industry”, its chief executive Michael Cherkasky told reporters.
Last week the world's largest broker accepted the resignation of its former chief executive Jeffrey Greenberg in response to a lawsuit filed by New York attorney general Eliot Spitzer.
His replacement, Cherkasky, declared that MMC would undergo considerable changes in the wake of the probe into bid rigging and contingency commissions at the highest levels of MMC management.
The swift response cut short Spitzer's criminal charges against MMC. It will still face civil proceedings, however.
The far-reaching reforms, said Cherkasky, would be helpful to MMC, but could still be “traumatic”.
“Everything we do, everything we charge, and everything we earn, is now transparent,” he told reporters.
