NU On-Line News Service, Oct. 11, 10:25 a.m. – AXA Group, Paris, says it will trim costs in its U.S. subsidiary, AXA Financial, New York, by $224 million in 2002 as part of 10% group-wide cuts in costs in response to a slowing economy.
The French conglomerate did not disclose details of where the cuts would fall. AXA has seen a sharp deterioration in market conditions as the global economy has slowed. The Sept. 11 terror attacks on the U.S. further intensified the group’s concerns over the economy. AXA estimates claims from the attacks will cost it about $500 million.