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
New offshoring locations
India, Latvia
680 jobs Number of planned job losses
Announcement Date
16 April 2005
Employment effect (start)
Foreseen end date
Description
In 2004, AXA Konzern made a loss of 68 million and halved its dividend payout to 18 million.. Therefore, the German arm of French insurance group AXA, is to cut 680 jobs. AXA Konzern has suffered from cost problems and poor business developments in recent years. It is therefore examining how to ensure maximum performance from staff. This is expected to lead to 380 job losses, with a further 300 to be lost through the hiving off of certain areas, such as IT and auditing. Some of these jobs will be relocated overseas to India and Latvia
Sources
16 April 2005: Frankfurter Allgemeine Zeitung
Citation
Eurofound (2005), AXA, Offshoring/Delocalisation in Germany, factsheet number 61482, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61482.
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