Marsh’s vice chairman David Batchelor is set to step down at the end of the year, shortly before the broker’s vice chairman of global placement Jeremy Cooke, understands.

It is understood that Batchelor’s departure from Marsh’s New York office has been announced internally while staff are yet to be told about Cooke - who is expected to leave its London base in the first half of next year.

Both men are of retirement age however the departures come amid a significant cost-cutting move that has seen Marsh draft in Boston Consulting Group to lead an efficiency drive to slash staff numbers, strip out costs and improve margins.

Batchelor joined Marsh in 2001 as CEO of Asia Pacific - based in Hong Kong - having held the same role at Alexander Forbes for almost five years after more than a decade at JLT, according to his LinkedIn.

He spent six years in Asia with Marsh before relocating to London as CEO of Europe, the Middle East and Africa. He then moved to New York as president of international in 2012. He took on the vice chairman role in 2015.

Cooke joined Marsh in 2003 after almost five years as president and CEO of Markel International.

He is a past president of the National Association of Professional Surplus Lines Offices (NAPSLO) and has also served as vice chairman of the London & International Insurance Brokers Association (LIIBA).

The departures come amid a number of exits from Marsh, which is stripping out layers of management as part of a “simplification” plan.

In April, this publication revealed that the broker’s managing director and head of sales for global specialty Nick Roscoe the chairman of its global infrastructure practice Edwin Charnaud would be among the first to leave as part of the cost cutting.

However, many more departures are expected to follow.

Marsh declined to comment.