Aon plans to eliminate 1,400 positions by 2007, 750 of which will be in the United Kingdom, as part of its three-year restructuring plan, the Chicago-based insurance broker said.
In its third-quarter earnings report released late yesterday, Aon said its restructuring plan, announced in the second quarter, would result in an estimated $250 million in pre-tax charges for employee termination and lease consolidation costs, asset impairments, and other costs. Annualized savings are targeted to be $150 million by 2008. Restructuring expenses amounted to $35 million in the third quarter of this year.
Greg Case, Aon's president and chief operating officer, announced the company would begin its restructuring efforts back in August, but did not say who many positions would be affected at that time. He did say that the restructuring was necessary especially in the U.K. to drive down costs.
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