Reinsurance broker Guy Carpenter confirmed it is cutting staffglobally with some reports saying the cuts could be as deep as 15percent of the work force.

In a statement, Guy Carpenter, a subsidiary of services companyNew York-based Marsh & McLennan Companies, also the parent ofinsurance broker Marsh, said, “As part of a strategic initiative tobetter position Guy Carpenter for the future, the firm isimplementing several organizational changes, including staffreductions in certain areas.

“This decision was difficult but necessary given current marketconditions. Guy Carpenter will implement these changes as quicklyand seamlessly as possible to maintain its high level of customerservice.”

Some reports have put the cuts at 350, other reports put thecuts as deep as 15 percent, which could bring the figure closer to400.

Alexis Levenson, a spokeswoman for Guy Carpenter, said she couldnot confirm the reported number of cuts and the figures wereunavailable. When asked if customers should see any disruption inservice she said the company's statement indicates there would beno disruptions.