Marsh begins redundancy talks

Marsh has begun its consultation over redundancies following the HSBC Insurance Brokers takeover.

In a statement, Marsh said due to “duplication of roles and other efficiencies” it would be making redundancies.

A statement said: “Beginning this week, the company has commenced consultation with certain colleagues whose positions are at risk of redundancy. In line with Marsh’s policy of hiring and promoting on the basis of merit, any redundancies will not be dependent upon whether an individual was previously employed at Marsh or HSBC Insurance Brokers.

“All impacted colleagues will be informed as soon as practicable and the process will be completed this year.”

Marsh said the integration of the two businesses was progressing ahead of schedule. Marsh bought HSBC Insurance Brokers for £135m at the end of last year.

The company was rebranded to Marsh Brokers Limited (MBL).

The statement said: “The integration of the two businesses is going well, with specific plans either on track or ahead of schedule. We are accelerating the London property moves for some teams to move them into Marsh sooner than originally planned.

“All systems connectivity between Marsh and former HSBC systems will be in place by the end of May – earlier than planned – and the Partnership agreement with HSBC has got off to an excellent start, with the operationalising of this agreement well under way and key appointments around the globe all in place. The quality of the teams and clients we have acquired is exceptional, and joint teams have already collaborated to win new business.”