Insurance broker

Marsh & McLennan

(MMC) - Get Report

says it will eliminate 750 jobs as part of a cost-cutting move aimed at saving $350 million.

The company says the job cuts and restructuring will result in $225 million in charges, spread out over the next two years.

Most of the job cuts are in the firm's information technology operation.

"Beginning a year ago, we initiated an effort to rationalize MMC's IT infrastructure, institutionalize firm-wide best practices, automate systems, and eliminate redundancies," says MCC President and CEO Michael G. Cherkasky.

Two years ago, Marsh was forced to layoff thousands of employees in the wake of New York Attorney General Eliot Spitzer's investigation into the firm's business practices.