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Willis to Eliminate 200 Positions; Reports $800 Million Q4 Net Loss

Insurance broker Willis Group Holdings says it plans to eliminate 200 full-time positions after reporting a fourth- quarter net loss of more than $800 million due to charges and tax.

By Mark E. Ruquet | Updated on February 13, 2013
Willis Tower (Credit: AP)

Insurance broker Willis Group Holdings says it plans to eliminate 200 full-time positions after reporting a fourth-quarter net loss of more than $800 million due to charges and tax.

Dominic Casserley, Willis CEO, said the firm will take a first quarter charge of about $35 million to $45 million primarily from the elimination of the 200 positions. Willis expects to save $20 million to $25 million starting the second quarter, with annualized savings of approximately $25 million to $30 million.

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