Marsh & McLennan to Lay Off 3,000 as Earnings Plunge 94%
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Marsh & McLennan said today that it would lay off roughly 5 percent of its work force, as it moved to right itself after being accused of bid-rigging.
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NEW YORK : US insurance giant Marsh and McLellan Co., facing a lawsuit for allegedly rigging bids, announced it is cutting about 3,000 jobs, five percent of the global staff.
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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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CHICAGO -- Wireless technology company Motorola Inc. said Thursday its profit plunged 94 percent in the third quarter, as sales fell substantially in its cell phone business and it narrowly averted a third straight quarterly loss.
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Putnam Investments will pay $40 million to settle yet another regulatory probe, while corporate parent Marsh &amp; McLennan Cos. yesterday said it would cut 3,000 jobs in the fallout from the price-fixing and bid-rigging scandal enveloping its insurance brokerage unit.
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A day after coming under regulatory fire for taking incentive fees from insurers, the Marsh & McLennan Companies said that it would halt the practice.
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Marsh & McLennan Cos. , at the center of a bid-rigging scandal rocking the insurance industry, on Tuesday said it will cut 3,000 jobs and said third-quarter profit fell 94 percent as it set aside money for legal and regulatory expenses.
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The brokerage firm and investment bank will report its  third-quarter earnings before the market opens. The stock  closed at $ 90.09 on Tuesday on the New York Stock Exchange.
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3M Co  said on Tuesday fourth-quarter earnings fell as last year's results included a gain for selling a business.
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The announcement followed a terrible third quarter in which the investment banking unitâs profit dropped 93 percent after virtually every area performed poorly.
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Marsh & McLennan Cos. MMC.N, at the  center of a bid-rigging scandal rocking the insurance industry,  on Tuesday said it will cut 3,000 jobs and said third-quarter  profit fell 94 percent as it set aside money for legal and  regulatory expenses.
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Thousands of Marsh & McLennan employees who have bought Marsh stock in the company's employee stock purchase plan or in their retirement plans have seen the stock fall 50 percent.
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Sallie Mae, the giant student loan company, yesterday said it would lay off about 3 percent of its workforce to cut costs in the face of shrinking federal subsidies and other financial pressures.
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Marsh &amp; McLennan, the broker at the centre of America&#39;s insurance scandal, yesterday said it was cutting 3,000 jobs worldwide, including about 280 in the UK, as it reported a 94pc slump in third-quarter profits.
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Insurer St. Paul Travelers said the three major hurricanes that hit the US east coast in recent months will cut 45 cents from its third-quarter earnings per share.
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Marsh & McLennan Cos. MMC.N, the  insurance broker at the center of a bid-rigging probe, on  Tuesday said it will lay off 3,000 employees, or 5 percent of  its work force, and reported third-quarter profit tumbled 94  percent.
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Marsh & McLennan Cos., the insurance  broker sued by New York Attorney General Eliot Spitzer last  week for its business practices, said on Monday its suspension  of market service agreement fees would hurt near-term operating  income.