Almost 3,750 jobs are on the line as a result of the Marsh & McLennan Companies (MMC) $5.6bn takeover of JLT Group, according to media reports.
The deal is expected to close in the spring of 2019, subject to competition clearances and regulatory approvals.
MMC plans to cut its workforce by as much as 5% of the combined group’s 75,000-strong staff. The redundancies would come from a broad range of business units across the group, including finance, HR, IT services, legal and administrative support, and across all geographies, including in the UK, Continental Europe, Asia, North Africa, the Middle East, Latin America and the Pacific.
MMC’s preliminary evaluation suggested that the company is expected to achieve synergies of about $250m within three years of completion of the acquisition, a substantial portion of which could come from headcount reductions in addition to savings in real estate, IT, outside services and other initiatives, according to a market announcement.
MMC president and CEO Dan Glaser said, “The acquisition of JLT creates a compelling value proposition for our clients, our colleagues and our shareholders.”
The transaction also provides an opportunity for MMC to enhance several areas of JLT’s business, including accelerating growth in global employee benefits and their US expansion, according to the announcement. M '