MMC Quarterly Loss

Yesterday, Marsh & McLennan reported a fourth-quarter loss of $676 million, or $1.28 a share, compared with a profit of $375 million, or 69 cents a year, a year earlier. Consolidated revenue for all of 2004 fell 1% to $3 billion. The world's biggest insurance broker said an ongoing restructuring of its business could result in the loss of another 2,500 jobs [in addition to the 3,000 already announced]. The stock's quarterly dividend was also cut, to 17 cents a share down from 34 cents, which would reduce the company's annual payout by $360 million a year. The company's stock fell $1 to $32 today.