London-headquartered brokerage Willis Group Holdings reported first quarter net income dropped by 2 percent, but overall organic growth grew 3 percent despite soft market pressures.

Willis said net income was down $3 million to $166 million, which translated into net income per share of $1.16. Revenues grew 8 percent, or $56 million, to $795 million.

The quarter was impacted by $33 million in severance and other costs, covering the elimination of 150 positions that were or are in the process of being eliminated, the brokerage reported.

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