French insurer AXA to axe 1,600 jobs in Germany by 2015

5th December 2011, Comments 0 comments

French insurance giant AXA is to slash 1,600 jobs out of a total workforce of 9,000 in Germany as part of a deep cost-cutting programme, a company spokesman said on Monday.

AXA aims to cut costs by 220 million euros ($295 million) by 2015 and "the jobs will be cut as part of this reorganisation," the spokesman said.

Talks were underway between management and labour unions on how the job cuts would be implemented, but the group would stand by its pledge not to impose any forced redundancies until 2014, he added.

© 2011 AFP

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