Global risk advisor and insurance broker Willis Group Holdings (WSH) is reportedly planning to eliminate approximately 200 jobs in the UK, as part of its plan to streamline global operations.
In its first quarter 2014 results, the broker had said that it would transfer up to 3500 jobs across the globe to reduce operational expenses. The company can also relocate some London roles to its Ipswich office.
The company has not revealed the exact number of job cuts although, it confirmed that it is holding discussions with UK employees.
Willis, which has approximately 4,000 staff in the UK, started a global cost-cutting program that is likely to complete by 2017 end.
During the cost saving program, the brokerage company believes to save nearly $420m (£250m), whereas it aims to save approximately $300m every year, starting 2018.
Willis UK chief executive David Martin was quoted by Insurance Times as saying, "As part of a global programme to connect and increase investment in Willis’s sales, analytics and client service capabilities and reduce our operational cost base, we are restructuring our Global Insurance operations into a more efficient and client-centric organisation.
"Our efforts are focused on providing the best possible risk advisory and broking capabilities for all our clients and improving our knowledge of their needs via the development of Global Industry practices as previously announced. Client service remains our number one priority," Martin told the publication.
With more than 17,500 employees in over 400 offices, Willis Group operates as a risk advisor, insurance and reinsurance broker.
————————————————————————————————————————————————————————–Image: The Willis Building in London. Photo courtesy of Colin.