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
450 jobs Number of planned job losses
Announcement Date
15 April 2013
Employment effect (start)
1 June 2013
Foreseen end date
Description
AXA UK, subsidiary of the French insurance group is to cut 450 jobs. The redundancies refer to its services offering face to face financial advice in Co-operative Banking Group and Clydesdale and Yorkshire Bank branches. As announced the move is attributed to the new regulatory framework for the provision of advice services to bank customers. The company has consulted trade union Unite about the cuts. There is no firm date for the redundancies to begin as the organization is within the statutory consultation period. For previously announced restructurings in AXA UK see AXA-UK2011, AXA-UK2007, AXA-UK2006 and AXA-UK2002.
Sources
15 April 2013: Axa UK (press release)
15 April 2013: Financial Times
15 April 2013: Guardian
Citation
Eurofound (2013), AXA UK, Closure in United Kingdom, factsheet number 75292, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/75292.
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