There has been no word yet on the impact that 3000 job cuts will have on the local arm of New York-based brokerage Marsh & McLennan Cos.

The world's largest broker, which is at the centre of a bid-rigging scandal, announced on Tuesday that it will cut 3000 jobs or five percent of its staff. Of those, three quarters of the cuts or 2,250 positions will be in the company's insurance brokerage unit.

Marsh had said that it would notify 90 percent of those employees who would be laid off on Wednesday, but by mid-afternoon Wednesday Rory Gorman, managing director for the Bermuda arm of the company had not heard anything about how the decision would effect his 128 staff members.

"We've had a meeting with staff today. Everything is still coming out of Marsh New York. At this point we don't have any indications of impact on our operations here on this company," he said. "We actually believe there will be no job losses or no significant job losses in this unit."

The New York office's announcement came nearly a month after New York State Attorney General Eliot Spitzer accused Marsh of collecting big contingent compensation fees from insurers in exchange for steering business their way.