Aon to shed 2,700 jobs

The layoffs are part of a global restructuring plan that will cut down on expenses, Aon said in a filing with the SEC.
NOV 01, 2007
By  Bloomberg
Aon Corp., the Chicago-based insurance brokerage, yesterday announced it would lay off 2,700 workers. The layoffs are part of a global restructuring plan that will cut down on expenses, Aon said in a filing with the Securities and Exchange Commission. Workforce cutbacks include 1,100 positions that will be outsourced or moved offshore. Through 2009, the firm will also consolidate its human resources, finance and information technology functions around the world and streamline its real estate structure. Altogether, the plan will rack up $360 million in pre tax charges. This is the firm’s second restructuring in less than two years. Aon also reported its third-quarter results: Net income gained 92%, reaching $204 million or 64 cents per share. That’s up from $106 million or 32 cents per share in the same period last year. Meanwhile, total expenses gained 3% from the third quarter of last year, hitting $2.1 billion.

Latest News

Investor anxiety hits six-year high amid market turmoil, Allianz finds
Investor anxiety hits six-year high amid market turmoil, Allianz finds

New survey reveals heightened investor concern over market volatility, retirement readiness, and the impact of tariffs on living costs.

Stifel star broker, Chuck Roberts, leaves firm under cloud of investor complaints
Stifel star broker, Chuck Roberts, leaves firm under cloud of investor complaints

Stifel – so far - is on the hook for more than $166 million in damages, legal fees and settlements in investor complaints involving Roberts, a 35-year industry veteran.

RIA moves: The Mather Group, Brand Asset Management announce deals
RIA moves: The Mather Group, Brand Asset Management announce deals

Consolidation continues in US wealth management industry.

US broker-dealer fintech aims for global footprint as it acquires international firm
US broker-dealer fintech aims for global footprint as it acquires international firm

Tech company democratizes access to US trading infrastructure.

Advisor moves: RBC swipes $1.7B UBS team, Baird duo departs for LPL's Linsco channel
Advisor moves: RBC swipes $1.7B UBS team, Baird duo departs for LPL's Linsco channel

RBC Wealth Management's latest move in New York adds an elite eight-member team to its recently opened Westchester office.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.