More than 550 jobs are at risk at Coventry-based pensions and investment firm AXA, who are closing their office in the city.
Staff at the Corporation Street site were briefed this morning on the decision, which has been prompted by a merger of AXA and Friends Provident’s life assurance businesses.
The new group, which is being renamed Friends Life on Monday, said in a statement their new low-cost operating model meant their Coventry base ‘would no longer be needed’.
Advisers and counsellors will be brought in to help workers being made redundant, while some staff will be redeployed at other sites ‘where possible’, the company said.
David Hynam, Executive Director Operations at Friends Life said: “This has been an extremely difficult decision to make and we are very mindful of the impact on our people in Coventry. We will do all we can to help them through this period.”
428 people are employed by Friends Life in Coventry, with a further 135 employees of AXA Wealth and supplier organisations to the firm based there.
Posted: Wed Mar 23, 2011 6:26 pm