Willis loses $805m in final quarter 2012

Dominic Casserley

The effect was a $446m loss for the full year as opposed to a profit of $204m for 2011.

The broking giant highlighted that the quarter's results were negatively impacted by a range of factors including charges of $492m related to the goodwill impairment in North America along with $200m related to the write-off of unamortised cash retention awards.

The company also confirmed that it would be cutting 200 jobs in the first quarter of 2013 which would come at a cost of up to $45m.

Total revenues

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