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Axa cuts 70 Yorkshire and Clydesdale adviser roles

Axa Bancassurance is to cut 70 adviser roles working with Yorkshire and Clydesdale Banks.

The roles will be cut across northern England and Scotland. Staff involved in the cuts were informed of the move in a briefing this morning.

An Axa spokeswoman says: “Axa has today announced changes to its Clydesdale and Yorkshire bancassurance structure resulting in a net reduction of around 70 roles across northern England an Scotland. Those people affected have been briefed, and ever effort will be made to keep redundancies to a minimum.”

Clydesdale and Yorkshire entered into a strategic partnership with Axa in November 2008 which saw Axa handle investment and protection advice.

Clydesdale and Yorkshire announced in April that 1,400 roles were to be cut by September 2015. Axa has around 230 advisers working through the banks.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. I wonder what percentage this is of the whole ?

    The industry is not only going to lose IFAs in droves in the next year or so, it looks like the bankassurer are hunkering down for a very lean period concerning the sale of financial products.

    FSA take note “Unintended consequences” my eye, the RDR is designed to specifically achieve such objectives and reduce the “advising” sector to an irrelevance.

  2. Reckon thats half the advisers gone.

    Reduced
    Demand For
    Regulated Advisers

  3. read the article it tells you! 70 out of 230! hardly surprising as they were 38% of ytd target!

  4. 59% of YTD target

    62 out of 207 planners to go
    8 out of 25 managers to go

  5. 30% or so to go, maybe more next year

    Barclays lost over 1000 advisers

    Co op over 600 gone

    RDR cull in January – amount unknown

    Dying industry with average IFA age over 60

    Like the housing boom/bust, and reported today a £312billion deficit in final salary pension reserves.
    The financial services industry as a whole has created a mess, no one has only faith in it and the industry is now seeing the consequences of its irresponsibility.

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