AXA IM to cut 90 jobs in business reshuffle
AXA IM, which had 2600 employees in total at the end of 2022, said the job cuts were “conditional” and it was currently in discussion with unions in France and Germany.
The move will affect the company's operations teams as well as AXA IM Core, which includes the fixed income, equities and multi asset teams.
Job cuts will mainly be across teams in the UK and France, with some in Germany.
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Also as part of the changes, AXA IM Core will be reorganised into four functions, namely investment, product and client strategy, core client group and transversal services.
In a statement confirming the changes, AXA IM said «recent market developments (e.g., interest rate increase) have resulted in a decline in its asset base and negatively affected revenue».
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In response, and to «enhance efficiency and safeguard its competitiveness», AXA IM Core plans to «re-evaluate its organisation to further simplify it, enhance investment processes by incorporating data and technology further in portfolio management, and improve decision-making agility», it said.
AXA IM, which had 2600 employees in total at the end of 2022 according to the statement, said the job cuts were «conditional» and it was currently in discussion with unions in France and Germany.
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