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
1,300 jobs Number of planned job losses
Announcement Date
17 October 2011
Employment effect (start)
Foreseen end date
31 December 2015
Description
The German subsidiary of French insurer AXA will save 20% of administrative costs until 2015. The company announced to cut up to 1,500 full-time posts out of a total of 9,000 full-time positions.
AXA has committed to avoid forced redundancies in Germany until 2014, but is determined to save 220 million Euros in Germany by 2015. Talks with the works council have begun.
In summer 2011, AXA CEO de Castries announced a group-wide cost saving programme to safe EUR 1.5 billion until 2015.
UPDATE 01-10-2012: In October 2012, Axa confirmed that there will be no forced redundancies until 2015. Job cuts shall be realized by attrition and early retirement schemes.
UPDATE 04-12-2014: As reported by German daily newspaper FAZ on 4 December 2014, job reduction will affect 1,300 instead of 1,500 employees.
Sources
18 October 2011: Frankfurter Allgemeine Zeitung
5 December 2011: Reuters
2 October 2012: Frankfurter Allgemeine Zeitung
1 October 2012: Axa
Citation
Eurofound (2011), AXA Germany, Internal restructuring in Germany, factsheet number 72584, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72584.
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