Marsh & McLennan Cos. Inc., the world’s biggest insurance brokerage, said Friday it would cut 750 jobs, consolidate some locations and revamp its information technology structure to cut costs.
Marsh & McClennan said the actions would result in annualized savings of roughly $350 million by the end of 2008.
The company will incur charges of about $225 million. Roughly 15 percent of the charges will be recorded this year, about 55 percent in 2007, and 30 percent in 2008.
The New York-based company, said it expects the savings to come in corporate areas including finance, human resources and procurement.
The company, which is the parent of insurer Marsh, human resources consultancy Mercer and mutual fund company Putnam Investments, also said it expects savings from various profit enhancement and business process improvements. Most of the savings will affect the Marsh and Mercer businesses. It also said it would cut costs by selling excess real estate and improving facilities management.
Marsh & McLennan didn’t disclose which of its locations or businesses would be affected by the job cuts. A company spokesman did not immediately return calls for comment. The company employs roughly 55,000 workers in more than 100 countries.