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
150 - 200 jobs Number of planned job losses
Announcement Date
6 July 2006
Employment effect (start)
Foreseen end date
Description
International insurance firm AXA has announced 150 job cuts in the UK. The Union Amicus suggests the real figure is nearer 200 however, and has vowed to fight the plans. Amicus said AXA commercial insurance sites in Cardiff, Carlisle, Maidstone, Sheffield have been earmarked for closure. AXA expressed regret at the job losses, and said they were caused by changes to their business model. Regional officer Hugh Jones-Glass said the union would 'robustly challenge' the business case. It plans to focus its argument on the financial reasons behind the cutbacks. Mr Jones-Glass said: 'We are alarmed at the numbers of potential compulsory redundancies and have agreed with the company the implementation of a voluntary redundancy programme in the sites remaining open.'
Mark Cliff, distribution director at AXA Insurance, said: 'It is always regrettable when jobs are lost but consolidation in the broker market means that we have to change our operating model and distribution network so that we are better placed to meet both broker and customers' needs by being a real expert friend.'
Sources
6 July 2006: BBC News
Citation
Eurofound (2006), Axa, Internal restructuring in United Kingdom, factsheet number 59055, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59055.
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