Marsh & McLennan, the world's largest insurance broker, has announced its decision to lay off 3,000 employees. The job cuts come at a time when the company is being investigated for bid rigging and price fixing. Other insurance brokerages are feeling the pressure of increased regulation and a more competitive market as well. Insiders feel that layoffs at Aon, the world?s second largest broker, are likely as well.
See "Marsh to cut 3,000 workers", Kathy Bergen, Chicago Tribune, November 9, 2004