RECORD MMC BONUS POT AS JLT ACQUISITION COST SAVINGS RISE

Marsh & McLennan Companies (MMC) has increased its expected cost savings from the acquisition of JLT by more than 20%, as it revealed the company bonus pot has reached record levels. MMC now expects savings of $425m, compared to its previous projections of $350m. It is the second time the company has raised its cost saving estimates. “We made great progress in 2020 on our integration of JLT and have exceeded the key milestones we laid out when we announced the transaction,” Dan Glaser, MMC president and chief executive, told analysts. Glaser also revealed the company’s staff bonus pool reached record levels in 2020 as profitability improved on the back of organic growth and cost cutting. “Our bonus pool increased in 2020. In fact, the overall MMC bonus pool has never been higher than in 2020, because profitability was up considerably,” Glaser said.