The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
350 jobs Number of planned job losses
Announcement Date
16 March 2006
Employment effect (start)
Foreseen end date
Description
Insurance giant AXA Sun Life is to cut 350 jobs in a bid to reduce costs. The losses will be felt at Bristol and Coventry in its life insurance, pensions and investments arm. Chief executive Paul Evans said they were working closely with staff unions and hoped the majority of the jobs would go through voluntary redundancy. Despite new business increasing by 16% last year and investment in new technology, profits had remained 'flat', he said.
Sources
Citation
Eurofound (2006), AXA Sun Life, Internal restructuring in United Kingdom, factsheet number 63141, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63141.
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