Jobs at risk in AXA potential takeover

Finsec has said a potential merger between AMP and AXA could come at the expense of local jobs. This week, the Australian competition regulator rejected an AXA takeover by BNZ parent company NAB, but said a rival bid from AMP would be ok.

Finsec General Secretary Andrew Casidy told the Dominion Post that job losses and centralising back office functions to Australia could well be a feature of the merger, and said “It is hard to see if AMP was successful in getting control of AXA how there wouldn’t be quite some pressure to look at those things and further wind down job opportunities in the New Zealand operation.”

Finsec members at AMP have just ratified their collective agreement, while members at AXA took part in bargaining this week.


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