Coventry & Warwickshire

Friends Life may shed 428 jobs as Coventry office shuts

More than 400 jobs could be lost at insurance company Friends Life after it announced plans to close its offices in Coventry.

The firm, which occupies the AXA building in Corporation Street, said the offices will be shut by the end of next summer.

A spokesman said 428 staff were being briefed about the decision.

Some staff will be offered redeployment but it is not known how many. The union Unite has been consulted.

'Difficult decision'

In a statement, the firm said: "The planned development of a new low cost operating model for the company's life assurance business to support its future strategy in the market means the operational facility at the company's Coventry office will no longer be needed.

"Staff have been advised of this proposed decision at a series of meetings today."

Executive director David Hynam said it was an extremely difficult decision and they would do all they could to help staff.

A further 135 people work for AXA Wealth and supply organisations in the same building and it is not yet clear what will happen to them.

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