AXA UK

Type
Closure
Country
United Kingdom
Region
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - 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
Job loss
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://apps.eurofound.europa.eu/restructuring-events/detail/75292.