Insurance giant in kickbacks probe sacks 3,000

Marsh & McLennan, the world’s largest insurance brokerage, is to axe 3,000 staff as it struggles with the fallout from a kickbacks probe by New York’s attorney general.

The New York-based company said in a statement accompanying its third-quarter earnings report that it was cutting 5% of its workforce “based on the realities of the marketplace and our current situation”.