Leaner Marsh sees small dip in Q4 profit
Broking giant Marsh has booked a 5% dip in fourth-quarter earnings of $US1.1 billion ($1.7 billion) compared with the corresponding period in 2007.
Parent company Marsh & McLennan (MMC) has been reported as saying 2008 restructuring at Marsh is on track to achieve annual savings of $US200 million ($306 million).
Job cuts at Marsh in 2008 have been estimated at around 2000.
MMC’s net income was down 6% at $US80 million ($122 million) in the fourth quarter compared with the corresponding period in 2007.
President and CEO Brian Duperreault says a substantial rise in Marsh’s profitability along with increased new business production and improved client revenue retention are significant achievements.
“The work at Marsh continues and its leadership is implementing operational improvements that should contribute to continued growth and profitability,” he said.
Parent company Marsh & McLennan (MMC) has been reported as saying 2008 restructuring at Marsh is on track to achieve annual savings of $US200 million ($306 million).
Job cuts at Marsh in 2008 have been estimated at around 2000.
MMC’s net income was down 6% at $US80 million ($122 million) in the fourth quarter compared with the corresponding period in 2007.
President and CEO Brian Duperreault says a substantial rise in Marsh’s profitability along with increased new business production and improved client revenue retention are significant achievements.
“The work at Marsh continues and its leadership is implementing operational improvements that should contribute to continued growth and profitability,” he said.