Global insurance company AXA is cutting around 250 jobs from its IT department in Hong Kong. The cuts are part of a restructuring programme aimed to reduce cost at the company, Reuters reports.
AXA’s Asia IT operations are currently managed entirely out of Hong Kong, but according to an internal memo seen by Reuters, AXA will be setting up two new IT centres in Manila and Kuala Lumpur. By the end of next year, the centres will be staffed with a total of 400 people – 300 in Manila and 110 in Kuala Lumpur.
AXA spokesperson told Human Resources that the company was unable to comment on the reported cuts.
"AXA Asia constantly reviews its business practices to improve our product offering and service to customers. We have built a strong Asia technology platform and are working on improving those capabilities, which will involve the rebalancing of some roles in the region," he said.
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The story was first reported by Human Resources Online.