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
120 jobs Number of planned job losses
Announcement Date
2 July 2008
Employment effect (start)
Foreseen end date
Description
Insurance firm, Axa, has announced that it is to cut 120 jobs in its Dublin office as part of a restructuring plan. The announcement was made only a week after one of its rivals in the insurance sector, Hibernian, announced that 580 jobs are to be 'offhshored' to India. The 120 redundancies will be sought by Axa on a voluntary basis, and negotiations were taking place with trade unions on a redundancy package. It has been reported that the restructuring announcement is related to Axa's falling turnover, and intense competition in the insurance sector. The company also wants to reform pay scales to make them more merit-based.
Sources
3 July 2008: The Irish Independent
Citation
Eurofound (2008), AXA, Internal restructuring in Ireland, factsheet number 66812, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66812.
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