Broker Willis Group has announced it is to cut 500 jobs and set aside $20m (£10m) in the...
Broker Willis Group has announced it is to cut 500 jobs and set aside $20m (£10m) in the light of potential legal claims post-Spitzer.
The casualties will be predominantly non-client-facing and will be laid off in a bid to cut costs. The job losses represent about 4% of Willis' workforce, a spokesman said.
The London-based broker has already paid $51m (£27m) this month to end probes into its business practices.
That settlement helped fuel a 51.4% drop in Willis' profits for the first quarter, which fell to $72m.
Willis chairman and chief executive Joe Plumeri described the first quarter as a "metamorphosis" and said: "We've gone from one world to another."
The company will now focus on growing its top line to make up for the loss of contingent commissions, he said.
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