Marsh & McLennan reported second-quarter net income decreased 63 percent compared with the period last year, and the firm said it will eliminate 900 positions at its Marsh insurance brokerage unit.
The income drop was attributed primarily to a goodwill impairment charge and loss in investment income. MMC said all lines of business had increases in organic growth and overall revenue increased 9 percent.
New York-based MMC, which is also the parent company of Guy Carpenter reinsurance brokerage, said second-quarter net income dropped $112 million from the same period last year to $65 million. Earnings per share dropped 18 cents a share to 13 cents. Revenues increased 9 percent, or $263 million, to $3.04 billion.
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