Marsh keeps HSBC staff in the dark over job cuts

HSBC Insurance Brokers’ 1,400 staff face an uncertain future after the bank-owned business was sold to Marsh, as predicted by Insurance Times last year.

Marsh paid £135m in Marsh & McLennan Companies cash and stock for HSBC Insurance Brokers. Marsh’s chairman and chief executive Dan Glaser said any job losses were “yet to be quantified”, and would only be considered once the deal is finalised at the end of March, when the broker will carry out a “thorough review of where business opportunities lie”.

As part of the deal, Marsh has also entered into a preferred strategic partnership with HSBC, providing additional revenue opportunities and handing the broker preferred access to offer services to HSBC’s corporate and private clients.