AXA may cut 500 jobs despite 'robust' results

The group, which today reports a 14% earnings boost to £183m for the first half of the year compared with the same period in 2007, but a £20m drop in earnings in its life and savings business, says the move is designed to “withstand changing market conditions”. It points out the shift in business model began 18 months ago and says some of the positions it expects to lose include contractors. "It will not be 500 staff", a spokesman says. AXA UK says it expects to save £80m over three years as a result of the strategy, adding the launches of its multi-manager proposition Architas and wrap...