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Aon Corp. to cut 2,700 jobs as part of cost cutting plan


Published : Wed, 31 Oct 2007 21:16
By : Agencies
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NEW YORK (Thomson Financial) - Aon Corp. said it will cut 2,700 jobs as part of a cost cutting plan, including 1,100 jobs that will be outsourced or moved offshore.

The company said it expects to take a $360 million charge related to the restructuring, which will include, in addition to the job cuts, consolidating global corporate functions, consolidating and simplifying its European operations and simplifying global real estate assets.

The company expects the restructuring to save the company $50 million to $70 million in 2008, $175 million to $200 million in 2009 and an annualized $240 million in 2010.

Shares of the Chicago-based risk management and insurance brokerage services closed Wednesday's regular session at $45.32.

Tomi Kilgore

tk1

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