Axe hangs over 1700 City jobs as ING launches review of Barings ...

What's the meaning of hangs over?
Do you know about 'The Sword of Damocles'?
Ah, a complicated one.

Are you familiar with the Sword of Damocles? (You can look it up, but here's the key part, from Wikipedia: The Sword of Damocles is frequently used in allusion to this tale, epitomizing the imminent and ever-present peril faced by those in positions of power. More generally, it is used to denote the sense of foreboding engendered by the precarious situation, especially one in which the onset of tragedy is restrained only by a delicate trigger or chance.

Now, the expression "get the axe" means get fired, or at least, lose your job.

So, if you replace the sword with the axe, you combine the two metaphors into one rather clever line.
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The sword is over a guy's head. Is the story adapted in a movie?
Students: We have free audio pronunciation exercises.