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
560 jobs Number of planned job losses
Announcement Date
11 June 2009
Employment effect (start)
Foreseen end date
Description
Insurance company Axa has announced 560 job cuts nationwide, including 120 at its largest base in Ipswich. It is hoped that this can be achieved through "natural wastage" and redeploying staff. The cuts were attributed by the company to a need to focus on the most successful and profitable product lines. Chief executive Philippe Maso said: "Although I am sad that we had to take such extreme measures, I am utterly convinced they are right to build a stronger and more efficient business for the future."
Rob MacGregor, national officer for Unite said "Unite will be meeting with our members over the coming days in order to discuss with them the impact of this news. Now the priority of the union is to work with Axa in order to minimise any compulsory redundancies through opportunities for redeployment within the Axa UK group." No details were given on the number employed by the company or on the timescale for these job losses.
Sources
11 June 2009: BBC Website
Citation
Eurofound (2009), AXA, Internal restructuring in United Kingdom, factsheet number 69082, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69082.
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