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Axa slashes third of bancassurance jobs

Axa Bancassurance is cutting 70 of the 230 bank assurance adviser roles at Yorkshire and Clydesdale Banks.

Staff, who are all based in Northern England and Scotland, were told of the move this week.

Clydesdale and Yorkshire entered into a strategic partnership with Axa in November 2008, with Axa handling investment and protection advice.

In April, National Australia Bank, which owns Yorkshire and Clydesdale Banks, announced that a total of 1,400 roles across both brands would be cut by September 2015 as part of a streamlining of operations.

NAB plans to pull out of commercial lending in Scotland and the North of England and will instead focus on retail and small business lending in these areas.

The restructure is expected to result in annual cost savings of around £74m and the workforce will be cut from around 8,300 staff to 6,900.

An Axa spokeswoman says: “Axa has announced changes to its Clydesdale and Yorkshire bancassurance structure resulting in a net reduction of around 70 roles across Northern England and Scotland.”

A Yorkshire and Clydesdale Banks spokesman says: “This is a commercial decision on Axa’s part.”

PMI Independent Financial Advisers director John Stewart says: “Axa is putting a lot of its resources into its Elevate platform and feels that should be the main focus.”

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