OLD MUTUAL is to axe some 5000 workers in line with recommendations by an independent audit into its demutualisation programme. Old Mutual spokesman Steven Bowey confirmed that the audit has recommended staff reductions, but refused to name the exact number of employees expected to be affected. Business Report quotes a South African Commercial Catering and Allied Workers Union (Saccawu) source as saying on Tuesday that the restructuring, code named project 500, could see between 5000 of the present 8000 staff axed.