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Marsh & McLennan shares down as feels Brexit impact

Tuesday, October 25, 2016 13:01
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(Before It's News)

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

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