Marsh to cut 3,000 jobs as 3Q net drops 94%.Continuing with efforts to refashion Re`fash´ion v. t. 1. To fashion anew; to form or mold into shape a second time. Verb 1. refashion - make new; "She is remaking her image" redo, remake, make over both its business model and its public image in the wake of fraud allegations raised by New York state Attorney General The New York State Attorney General is the chief legal officer of the State of New York. The office has been in existence in some form since 1626, under the Dutch colonial government of New York. Eliot Spitzer Eliot Laurence Spitzer (born June 10 1959 ) is an American lawyer, politician and the current Governor of New York. Spitzer was elected governor in the November 2006 election. , Marsh & McLennan Cos. confirmed the termination of several senior managers and unveiled a plan to lay off 5% of global staff, while also reporting a 94.1% plunge The term Plunge has multiple meanings:
Net income dropped to $21 million, or 4 cents a share, from $357 million, or 65 cents a share, in the third quarter of 2003. Marsh & McLennan's earnings were impacted by the establishment of a $232 million reserve set aside for settlement of Spitzer's suit, as well as a separate $40 million settlement in principle reached with the U.S. Securities and Exchange Commission over its investigation into so-called "market timed" trading at the Putnam mutual fund unit. |
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