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Aon PLC has reported an increase in the number of estimated job eliminations as a result of its ongoing restructuring.
In its annual 10-K statement filed Tuesday with the U.S. Securities and Exchange Commission, Aon said it expects to eliminate an estimated 4,800 to 5,400 jobs as a result of its ongoing restructuring, up 12.5% from 4,200 to 4,800 estimated job cuts reported in its 10-K filing a year earlier.
The firm has been regularly disclosing numbers since the three-year restructuring plan started in 2017, said an Aon spokeswoman.
“This number has continued to increase as we have moved throughout the three-year program and gained better insight into projects and opportunities around our Aon United operating model,” said the Aon spokeswoman.
In its SEC filing, Aon said it expanded its global restructuring plan in the fourth quarter of 2018, resulting in additional expected costs of around $200 million.
The firm estimates $500 million in annual savings from the restructuring and other improvements to operations by the end of 2019, the SEC filing said.
The restructuring plan, which is in its final year, began in 2017 following the sale of Aon’s benefits outsourcing unit and is expected to result in cumulative costs of around $1.3 billion, including some $450 million in employee termination costs, Aon said in the filing.
Since the restructuring began through the end of 2018, the firm said it has eliminated 4,366 positions and incurred total expenses of $982 million related to restructuring and related separation costs, according to the filing.
This compares with the firm’s initial estimate of 1,600 to 1,900 job eliminations when the restructuring process began in 2017.
Aon P.L.C. reported higher total revenue for the first quarter of 2017, as it revealed that staff reductions and other savings related to the recent sale of its benefits outsourcing business would save the firm $400 million annually by the end of 2019.