Marsh & McLennan (MMC) is cull 2,500 jobs globally in an effort to stop profit losses spiralling out of control.
The job losses come on top of the 3,000 already announced by the world's largest broker. Worldwide it is expected to save the company $375m annually.
The beleaguered broker announced a 1% drop in its fourth quarter consolidated revenues, which were slashed to £3bn.
The company's restructure and regulation settlements forced on it by New York attorney general Eliot Spitzer has totalled a $676m loss in the fourth quarter.
Shareholders will suffer a loss of $1.28 per share.
Market service revenues in risk and insurance services also took a battering in the fourth quarter plummeting by $220m, and $304m for 2004.
Putnam took a $80m hit for restitution relative to prior regulatory settlements.
MMC chief executive Michael Cherkasky said: “2004 was the most difficult year in MMC's financial history. We confronted major regulatory issues at both Marsh and Putnam. The settlements we have announced are important steps forward for the company.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
