Due to a net loss of $676 million in the fourth quarter, Marsh & McLennan Cos. announced Tuesday it will slash 2,500 more jobs to save $375 million a year, following an earlier downsizing of 3,000 jobs to recognize $400 million in annual savings.

The firm also said profits at its Putnam Investments unit declined 24% in the fourth quarter to $421 million from a year earlier, as assets fell to $213 billion, down 11% from $240 billion. Putnam also took an $80 billion charge in the period related to regulatory settlements.

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