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350 Jobs set to go in Axa shake-up

Axa is undertaking a strategic review of its life and savings business which will result in around 350 jobs being cut.

In its interim results released last week, Axa UK earnings rose by 2 per cent from £183m in the first half of 2008 to £186m in the same period this year.

But the firm said that it would be looking to increase efficiency to ensure it comes out of the economic downturn in a stronger position and would review the life business, resulting in job losses.

UK life and savings underlying earnings increased by 75 per cent from £72m to £126m.

Global underlying earnings for the insurance giant were down by 26 per cent to £1.8bn.

Axa UK group chief executive Nicolas Moreau says: “Life and savings businesses continue to review their operations to reduce costs. I acknowledge that this involves making difficult decisions that have an impact on employees.”


RDR offers IFAs a fantastic future

There have been too many in the industry that have used the RDR for their own ends to try to panic IFAs into believing that the RDR is bad for the small practitioner, or you will need a PhD, as if large firms or purely academic qualifications were either required or offered some magic solution.


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