Marsh & McLennan Companies layoffs, on the record
Every job cut, severance charge and restructuring Marsh & McLennan Companies reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from more than 90,000 to more than 95,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2024 | more than 90,000 | As of December 31, 2024 |
| 10-K for 2025 | more than 95,000 | As of December 31, 2025 |
Job cuts, severance and restructuring
Our summaryCompany initiated restructuring activities in Q4 2022 focused on workforce actions, technology rationalization and real estate reductions, completed at end of 2024, with severance and lease exit charges.
Word for word“In the fourth quarter of 2022, the Company initiated activities focused on workforce actions, rationalization of technology and functional services, and reductions in real estate.” 10-K for 2024
Our summaryRisk and Insurance Services segment recorded restructuring costs tied to the 2022 workforce actions and related activities.
Word for word“In 2024, the Company incurred a total of $148 million of restructuring costs in Risk and Insurance Services, compared to $177 million in 2023, primarily related to activities initiated in the fourth quarter of 2022, focused on workforce actions, rationalization of technology and functional services, and reductions in real estate.” 10-K for 2024
Our summaryConsulting segment recorded restructuring costs tied to the 2022 workforce actions and related activities.
Word for word“In 2024, the Company incurred $79 million of total restructuring costs in the Consulting segment, compared to $62 million in the prior year, primarily related to the Company's activities initiated in the fourth quarter of 2022, focused on workforce actions, rationalization of technology and functi” 10-K for 2024
Our summaryThe company launched a three-year restructuring program called Thrive, focused on brand strategy, client value, growth and efficiency.
Word for word“In the third quarter of 2025, the Company launched a three-year program, Thrive (the "Program"), which focuses on brand strategy, delivering greater value to clients, accelerating growth and improving efficiency.” 10-K for 2025
Our summaryThe company expects the Thrive program to cost about $500 million over three years, mainly for severance, technology and outside services.
Word for word“Based on current Program estimates, the Company expects to incur approximately $500 million of cost over the three years.” 10-K for 2025
Our summaryThe company incurred $150 million of Thrive program costs in 2025, mainly severance.
Word for word“In 2025, costs incurred in connection with the Program were $150 million, primarily related to severance.” 10-K for 2025
Our summaryThe company recorded restructuring costs in 2025 for severance, lease exits, and consulting and outside services.
Word for word“The Company's results of operations in 2025 included restructuring costs of $222 million related to severance, lease exit charges, and consulting and outside services.” 10-K for 2025
Our summaryThe company recorded restructuring costs in 2024, mainly severance and lease exit charges, from a program completed in 2024.
Word for word“In 2024, the Company incurred $221 million of restructuring costs primarily related to severance and lease exit charges from a restructuring program completed in 2024.” 10-K for 2025
| Fiscal year ended | Restructuring charges | Restructuring costs incurred | Cash paid for restructuring |
|---|---|---|---|
| 2016-12-31 | $44 million | — | $44 million |
| 2017-12-31 | $40 million | — | $68 million |
| 2018-12-31 | $161 million | — | $114 million |
| 2019-12-31 | $112 million | — | $112 million |
| 2020-12-31 | $89 million | — | $100 million |
| 2021-12-31 | $70 million | — | $98 million |
| 2022-12-31 | $427 million | — | — |
| 2023-12-31 | $301 million | — | $271 million |
| 2024-12-31 | $276 million | — | $270 million |
| 2025-12-31 | $222 million | $150 million | $205 million |
Marsh & McLennan Companies has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Marsh & McLennan Companies’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-09. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.