Thousands of jobs are to be cut at Marsh & McLennan's troubled brokerage arm, reports claim.
The New York attorney general's probe into the contingent commission practice which earned the company $845m in 2003 has forced radical reforms at the brokerage.
Reports today said the company would cut thousands of jobs to underline the reforms.
Several senior executives have stepped down since Michael Cherkasky took over as chief executive from Jeffrey Greenberg two weeks ago.
Yesterday Marsh's global broking unit chief executive Christopher Treanor was asked to leave, shortly followed by its president and chief operating officer, Roger Egan. William Rosoff, general counsel, has also stepped down.
The company's former marketing director William Gilman was sacked earlier this month for allegedly having a key role in bid-rigging at Marsh.
