Marsh & McLennan Cos. (NYSE:MMC) shares were down over 3% on Tuesday after its unit Oliver Wyman, the consultancy that warned this month that 35,000 financial services jobs would be at risk from a “hard” Brexit, has itself been hit by the UK’s vote to exit the European Union.
Revenues at Oliver Wyman dropped by a tenth to $404mln in the third quarter.
The quarterly figures weighed on group-wide results from Marsh, although other parts of the group – which also includes the HR specialist Mercer and the reinsurance brokerage Guy Carpenter – held up better. Total net income rose from $323m a year ago to $379m.
Revenue rose less than 1% to $3.14bn.
Marsh shares were down 3.2% to $62.89.
Story by ProactiveInvestors