Marsh & McLennan Cos. Inc. of New York said Friday it would cut 750 jobs out of its work force of about 55,000 as part of a move to save $350 million by the end of 2008.
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The company also said it would take about $225 million in charges as part of the plan.
It expects to record approximately 15% of the charges this year, about 55% in 2007, and 30% in 2008.
The insurance and mutual fund company said it plans to cut costs on real estate, human resources and information technology.
"While these savings include managed attrition and staff reductions ... the majority of the savings will be achieved from more efficient processes," chief executive officer Michael G. Cherkasky said in a statement.
