Marsh cuts 3,000 jobs as lawsuit slashes profits by 90%
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Marsh &amp; McLennan, the insurance broker grappling with allegations of fraud, yesterday announced plans to cut 3,000 jobs and reported a fall in third quarter profits of more than 90%.
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Struggling to reorganize after being accused of cheating its customers, Marsh &amp; McLennan, the world&#39;s largest insurance broker, said yesterday that it was removing the five company executives
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New York Attorney General Eliot Spitzer yesterday sued Marsh &amp; McLennan Cos., alleging the world&#39;s largest insurance broker took payoffs to steer clients to some insurers.
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BP reported a 45 percent fall in  third-quarter replacement-cost profit to $3.867 billion due to  lower oil and gas production, problems at its refining division  and fewer asset sales which had flattered the year-earlier  result.
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EarthLink Inc said on Tuesday it will cut about 900 jobs, or nearly half its staff, as part of a restructuring to reduce costs at the Internet service provider.
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Commerzbank AG said Tuesday it had narrowed its third-quarter net loss but was slashing 900 of the 2,000 jobs in its investment banking division, practically eliminating the unprofitable department.
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Printer maker Lexmark International Inc  on Tuesday said third-quarter profit fell sharply, and it would take restructuring steps that will affect about 1,650 jobs.
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NEW YORK: New York Attorney-General Eliot Spitzer sued Marsh &amp; McLennan Cos, the world&#39;s No 1 insurance broker, last Thursday, for steering unsuspecting clients to certain insurers in exchange for lucrative payoffs, wiping out nearly a quarter of Marsh&#39;s
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Marsh & McLennan Cos. , the  world's largest insurance broker, on Friday announced its  second major cost-cutting program in two years, resulting in  the loss of about 750 jobs.
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Bank of America Corp., the third- biggest US bank, will cut 4,500 jobs in addition to the 12,500 positions it will eliminate as part of the purchase of FleetBoston Financial Corp.
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The company announced the firings on Thursday along with a restructuring plan that included layoffs of about 3,500 employees.
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Marsh &amp; McLennan  posted a bigger-than-expected drop in quarterly profit as it digested higher costs and hefty restructuring charges.
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Marsh &amp; McLennan, a subject of New York state Attorney General Eliot L. Spitzer&#39;s investigation of insurance bid-rigging, said it will lay off 3,000 employees, about 5 percent of its workforce.
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Job trimming at technology companies took off during the past three months, according to a new report.
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The company said it would cut 3,000 jobs, or 4.6 percent of its global work force, to ensure future profit growth as generic competition hurts sales.
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EarthLink Inc said on Tuesday it will  cut about 900 jobs, or nearly half its staff, as part of a  restructuring to reduce costs at the Internet service provider.
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BP reported a 45 percent fall in third-quarter replacement-cost profit to $3.867 billion due to lower oil and gas production, problems at its refining division and fewer asset sales which had flattered the year-earlier result.