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AXA job cuts won't affect Island - Bell

It looks as if the Isle of Man office of AXA has escaped any job cuts, following an announcement by the insurance company today.

A total of 350 positions will be shed by the firm, which has offices in Bristol, Basingstoke and Coventry, and an offshore base in Douglas.

Manx Radio has been unable to get any sort of response from AXA itself but, according to Treasury Minister Allan Bell, all the cuts are in the United Kingdom (play audio file):

AXA has told Manx Radio it's carrying out a detailed assessment of the life insurance side of its business, based on the challenges it's facing in response to the market downturn.

The results of the study won't be known until around early October, but the company is stressing the life insurance business is mainly at those three locations in the UK, rather than in the Isle of Man. 

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