Chicago-based Aon Corp. said it plans to eliminate 550 back-office positions in New York City and Houston, consolidating the work in Glenview, Ill.
Aon spokesman Al Orendorff said the action was part of an ongoing effort to bring greater efficiency to the brokerage firm's business.
He said the company would eliminate, either through attrition or lay-off, the positions through the end of the year.
Mr. Orendorff said all the positions are back-office work and the cuts would not affect the brokers and their sales support people. The company is not reducing its sales presence in either city, he added.
The move is part of an ongoing restructuring plan to increase shareholder value and improve efficiencies, said Mr. Orendorff.
Mr. Orendorff did not have a breakdown of how many jobs would be eliminated in the individual states.
In March, Aon said it planned to eliminate a total of 1,800 positions with annualized savings amounting to $180 million a year. A large chunk of that restructuring was aimed at the United Kingdom.
Aon employs more than 45,000 employees in 120 countries.
The governor's office in Texas had no comment on the announcement, and the New York governor's office did not return a request for comment.
The firm also announced it would pay a quarterly cash dividend of 15 cents per share. The cash dividend is payable on Feb. 14 to shareholders of record as of Feb. 1.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
