By mark E. Ruquet
Willis Group Holdings will eliminate 500 positions throughout the company as it readjusts to the new realities of living without contingent commissions, reporting a 51 percent drop in first-quarter net income.
Joe Plumeri, chairman and chief executive officer of the London-based brokerage, said Willis would eliminate “nonperforming, producer-type positions.” The action amounts to 4 percent of Willis' work force and will cost the firm $28 million in severance. He said the move will save $50 million by the end of 2005.
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