WILLIS INCOME DROPS 2.7% ON RESTRUCTURING CHARGE

Global broker Willis Group Holdings reported Tuesday that Q1 net earnings fell 2.7% to $219m owing to a $46m restructuring charge for the elimination of 207 jobs and the rationalization of property and systems. Commissions and fees for the period grew 4.1% to $1.05bn. The group's Global segment had total commissions and fees of $383m, up 3.5%, with organic commissions and fees rising 4.1%. The North America segment saw commissions and fees rise 4.9% to $363m, with organic growth of 4.3%, while the International segment posted 3.8% growth to $300m, with organic growth of 3.8%.