Resolution plan raises job fears

Buyout firm Resolution said it aimed to make the savings within four years by merging the Axa business with Friends, which it bought for just under 2bn last year.

The bulk of the savings – 40 per cent – would hit sales and marketing, with the remainder largely coming from customer service, IT and business support operations, according to details of the proposed deal.

Around 2,000 directly-employed Axa staff will transfer to Resolution if the deal goes ahead.

Resolution will look to reorganise management and employees in the merged business under a 100-day plan.

It said savings were likely to be made by way of "a reduction in management and technical duplication", merging offices and shutting some locations, streamlining teams, integrating IT systems and reducing supplier fees.