Marsh & McCellan to cut 3,000 jobs; posts Q3 net $21M

[UpInArms]

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38300.3223967361-826194561&siteID=mktw&scid=0&doctype=806&

NEW YORK (CBS.MW) -- Marsh & McLennan Cos. (MMC) reported third-quarter earnings of $21 million, or 4 cents per share, and said it plans to reduce staff by 3,000 employees, or 5 percent of its staff, as part of a restructuring. The company's latest results include a charge of 27 cents per share for a reserve for possible regulatory settlements, and a charge of 7 cents per share related to the Putnam settlement with the Securities and Exchange Commission. Marsh also said an increase in its tax rate reduced earnings by 5 cenets per share.

...more...

Layoffs reported since 11/3/04: 41,670
(to the best of my knowledge)

[UpInArms]

1. related article: Ax Falling at Marsh & McLennan

http://www.thestreet.com/_googlen/markets/matthewgoldstein/10193246.html?cm_ven=GOOGLEN&cm_cat=FREE&cm_ite=NA

The turmoil continues at Marsh & McLennan (MMC:NYSE - news - research), the scandal-tainted insurance brokerage.

The company announced late Monday that it fired two executives at its Marsh brokerage subsidiary. The departing executives are Roger Egan, president and chief operating officer, and Christopher Treanor, chairman and chief executive of the firm's global placement division.

A report Tuesday in the Financial Times says the company is about to announce the elimination of thousands of more jobs, mostly in its New York headquarters. The newspaper said the company was adjusting to a new revenue reality in which it no longer accepts so-called contingent commissions for steering business to preferred carriers.

The moves come as Marsh continues to deal with the fallout from the insurance industry kickback and bid-rigging scandal. Last month, New York Attorney General Eliot Spitzer filed civil fraud charges against Marsh & McLennan and effectively forced the resignation of Jeffery Greenberg, the chief executive.

...more...

[salin]

2. UIA, thanks for keeping a running tally of layoffs

very good information. I assume that you are keeping track of who is doing the layoffs (companies, sectors, etc.)?

[UpInArms]

3. I made an Excel spreadsheet

just pm me if you want me to send it to you

:hi:

[salin]

4. Don't have the time yet to deal with it - but

I think the information will be very powerful - esp if the list continues to grow at the rate it is currently growing. Consider this a huge thankyou and wave of support and request that you keep up this effort! Over time the compiled list might be of great interest to some journalists (or at least some widely read bloggers.)

[UpInArms]

5. related article: Parent company's layoff plans could affect Putnam workers

Parent company's layoff plans could affect Putnam workers in Boston

http://business.bostonherald.com/businessNews/view.bg?articleid=53269

BOSTON - Today's announcement of layoffs by the parent company of Putnam Investments could affect some of the asset-management unit's five-thousand Boston employees.

The embattled insurance brokerage Marsh and McLennan says it will lay off three-thousand employees, or about five percent of its work force. The announcement comes as New York-based company struggles to deal with the fallout from a bid-rigging probe by New York Attorney General Eliot Spitzer.

A spokeswoman for Marsh and McLennan says it's not immediately known how many of Putnam's Boston employees will be affected by job cuts. Putnam is still trying to recover from a mutual fund trading scandal last fall.

...very short newsblurb...

[UpInArms]

6. related article: Putnam has shed 11.3% of its staff this year

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38300.5235494792-826222900&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

SAN FRANCISCO (CBS.MW) -- Ed Haldeman, chief executive of Putnam Investments, said on a conference call Tuesday that the money management firm has cut 11.3 percent of its workforce in the first 10 months of 2004. The reductions have come mostly in management, infrastructure and support areas of the business and not in money management and other client-facing units, Haldeman added. Putnam is owned by Marsh & McLennan (MMC) , which reported third-quarter results Tuesday.