And finally we’ve got some non-Citigroup Is Burning news to share. AXA financial, the US arm of the global financial conglomerate, is eliminating bonuses this year and reducing salaries by 20% in 2009, according to a source familiar with the memo. We’re not sure how widespread these cuts are at this point. AXA Financial includes AXA Advisors, LLC, AXA Network, AXA Equitable Life Insurance, Mutual of New York, US Financial Life, and AllianceBernstein.
As usual, when we talk about AXA we like to ask the following trivia question: does anyone know what AXA is short for?
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