Itasca, Ill.-based insurance-broker Arthur J. Gallagher says fourth-quarter net income dropped 17 percent as expenses increased primarily in compensation and operations.
AJG reports fourth-quarter net income of $34 million, a drop of $7 million from the same period last year. Revenues rose 16 percent, or $95 million, to $673 million.
The firm took a pre-tax charge of $12.3 million related to a reduction of its global workforce by 3 percent, or 400 middle-office and back-office positions, during the quarter. The move is expected to save approximately $35 million in the future.
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