AXA XL announced another step in its post-merger integration which is expected to lead to job losses in Europe.
AXA XL said it began transferring employees in Europe into a single employing company at the beginning of February and, subject to regulatory approvals, commenced plans for merging certain legal entities.
Combining what were previously separate teams and activities will lead to a potential reduction of 711 positions in Europe, out of a workforce of 9500 employees globally, AXA XL indicated.
On Feb. 12, the AXA XL division presented a draft plan for its target operating model and organizational structure to employee representatives in countries where formal consultations are needed. They include France, Italy, Germany and the UK.
Supporting measures will be put in place and may include internal redeployments or voluntary departures, depending on local social requirements or practices, AXA XL said.
“Consistent with AXA’s long-term responsible employer strategy, AXA XL is committed to supporting its employees through the change period, and every effort will be made to assist them,” commented Doina Palici-Chehab, Chief Integration Officer of AXA Group.
“This is a very important next step for AXA XL in its journey to become a united division. This proposed target operating model and organizational structure will help us to deliver the best services to our customers and provide them with the innovative solutions they need to succeed,” said Greg Hendrick, CEO of AXA XL.
The integration involves the AXA XL units: AXA Corporate Solutions, AXA Matrix, AXA Art and XL Catlin.
- AXA to Complete Acquisition of XL Group Sept. 12
- AXA, XL Choose Name for Combined P/C, Specialty Operations: ‘AXA XL’
Was this article valuable?
Here are more articles you may enjoy.