HSBC begins laying off AXA Singapore employees

Following HSBC’s acquisition of AXA Singapore, the global financial services firm has made redundant several of the new acquisition’s employees.

According to a report by The Straits Times, more than 20 AXA Singapore employees were informed on Thursday and Friday that they would be terminated, with their last day of employment on Nov. 30. They were given three business days to consider the terms of the severance package and were encouraged to apply for other roles within the company or group.

Most of the laid-off employees refused to speak on the record due to a non-disclosure agreement they signed, the report said, but they expressed unhappiness that they would need to look for new jobs and go through the interview and probation process all over again.

“A small number of roles will be impacted,” a spokesperson for HSBC Life told The Straits Times. “Our priority is to support colleagues through reskilling and redeployment opportunities within the wider HSBC Group.

“We have announced plans to hire 5,000 wealth roles in Asia by 2025.”

HSBC Insurance’s acquisition of AXA Singapore for US$529 million (SG$743 million) was finalised in February, with the businesses’ integration slated for the second half of this year.

According to statistics from the General Insurance Association of Singapore, AXA Singapore was the second-largest motor insurer for 2021, with gross premiums of SG$291 million and a market share of 17.79%. It was the fourth-largest general insurer in the market, with a GWP of SG$550.5 million.