Marsh to announce thousands of job cuts
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Marsh &amp; McLennan is set to announce thousands of job cuts at its troubled insurance brokerage arm. The move follows the decision to scrap incentive commissions
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NEW YORK -- Marsh &amp; McLennan, the nation&#39;s largest insurance brokerage, said Tuesday it will lay off 3,000 employees, or about 5 percent of its work force, because of fallout from a bid-rigging scandal that has engulfed the insurance industry.
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NEW YORK: Marsh &amp; McLennan, the worldâs largest insurance broker, said on Tuesday it will reform its business practices and stop accepting fees at the centre of an investigation by New York attorney general Eliot Spitzer into bid rigging.
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Marsh & McLennan tries to cut its way to an operational recovery.
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Ford is widely expected to announce another round of job cuts as it finalises a restructuring drive.
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Citigroup  will announce plans to cut payrolls by 17,000 to 24,000 people when it reports earnings on Tuesday, CNBC television reported on Monday, adding that the layoffs could take place over a year.
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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 announcement comes after Sprint last week reported deeper-than-expected customer losses for the fourth quarter and said it would cut about 4,000 jobs in a bid to reduce costs.
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Morgan Stanley  is cutting about 1,000 jobs in the coming week, part of efforts to trim costs ahead of what it expects will be a tougher business environment, a person briefed on the moves said on Thursday.
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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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The Marsh &amp; McLennan Company, the troubled insurance and investment company, said today that it would lay off 3,000 employees, or roughly 5 percent of its work force, as it moved to right
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Electronic Data Systems Corp.  EDS.N, one of the world's biggest computer services  companies, is likely to cut up to 20,000 jobs over the next two  years, the company's chief executive said on Thursday.
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Jeffrey W. Greenberg yesterday resigned as chairman and chief executive of embattled Marsh &amp; McLennan Cos. and said that the firm will announce &quot;significant reforms&quot; today, a move that avoids criminal prosecution of the insurance broker.
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Morgan Stanley  will slash more than 1,000 jobs in the coming week, trimming costs ahead of what it expects will be a tougher business environment, a person briefed on the moves said on Thursday.
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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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LONDON : Eastman Kodak said it would axe 870 job cuts across Britain and France as part of a global cull blamed on the increasing popularity of digital photography.
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The German car maker BMW is set to eliminate "several thousand" jobs next year as part of a cost-cutting plan, a spokesman for the group told AFP on Friday.