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Insurance firm sheds 500 jobs
12.06.09
Insurance giant Axa is laying off 560 workers worldwide, including 120 staff from a UK base in Ipswich.
Philippe Maso, the firm's chief executive, said the cuts were a “necessary step towards profitability”.
The company's parent AXA posted a 2% fall in first-quarter revenue last month, although it said it expected to have the flexibility to face the global recession.
