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RESTRUCTURING
9 Months Ended
Sep. 30, 2011
Restructuring [Abstract] 
RESTRUCTURING

 

  • RESTRUCTURING

 

As part of AXA Financial Group's on-going efforts to reduce costs and operate more efficiently, from time to time, management has approved and initiated plans to reduce headcount and relocate certain operations. In the third quarter and first nine months of 2011, respectively, AXA Financial Group recorded a $2 million and a $28 million pre-tax charge related to severance costs.

During 2010, AllianceBernstein performed a comprehensive review of its real estate requirements in connection with its workforce reductions that commenced in 2008. As a result, AllianceBernstein recorded a non-cash pre-tax charge of $102 million in 2010 that reflected the net present value of the difference between the amount of AllianceBernstein's on-going contractual operating lease obligations for this space and their estimate of current market rental rates, as well as the write-off of leasehold improvements, furniture and equipment related to this space. AllianceBernstein recorded pre-tax real estate charges totaling $7 million for both the third quarter and first nine months of 2011. In the third quarter and first nine months of 2010, respectively, pre-tax real estate charges of $90 million and $102 million were recorded.