Financial DisclosureMMC has underperformed peers by 5% since the deal was announced, partly due to very limited financial disclosure for such a large transaction.
MarginsThe overall margin of 23.3% missed both expectations and consensus, with shortfalls in RIS and Consulting.
Q4 HeadwindsQ4 will face several headwinds, including lower fiduciary investment income, continued softness in Oliver Wyman, and no buybacks.