Axa Insurance 'will cut 350 jobs'
www.moneynews.co.uk > Insurance > Axa Insurance 'will cut 350 jobs'
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Axa Insurance 'will cut 350 jobs'
Fri 7th Aug 2009
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The group revealed that the move will allow it to bring annual cost savings from £80 million to £150 million, as part of its three-year cost-cutting initiative launched last August.
Redundancies will be made within Axa Insurance UK's life business arm, which has office in locations such as Coventry, Basingstoke and the Isle of Man. It is currently holding talks with workers' unions over the proposals.
Axa has already made a raft of job cuts - amounting to around 1,000 individuals - within the last year as the recession hit the UK.
Earlier this week, the firm announced that its net income dropped 39 per cent to 1.32 billion euros during the first half of 2009, reported Reuters.
This is in contrast with the 896 million euro forecast by ten Reuters analysts.
Click here for more insurance news
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Related News : AXA |
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