Marsh & McLennan reported net income dropped 6 percent in the fourth quarter, as the firm eliminated close to 3,000 positions in its insurance and consulting segments and continued to cut expenses through the year.
Brian Duperreault, president and chief executive officer of the New York-based services firm, called the results "strong" despite the loss which was affected by the adverse effects of foreign exchange rates, soft market pressures from insurance and the overall adverse economic climate.
He said Marsh turned in "an impressive performance" with economic growth and an improved retention rate. The main driver of the insurance broker's performance was expense reduction.
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