Putnam Investments parent Marsh & McLennan plans to slash 750 employees from its payroll and undertake several other cost-cutting initiatives, including consolidating locations and retooling its information technology teams. By the end of 2008, Marsh & McLennan hopes to save $350 million.

"Over the past two years, this management team has successfully achieved $800 million in restructuring savings on time, as promised," said Michael G. Cherkasky, chief executive and president. "These past successes are evidence that the savings announced today can be delivered."

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