AMP Merges Banking and Wealth Management Unit
In a move towards further integration, AMP will merge its banking and wealth management business into a single unit.
The unit will be newly named AMP Australia, led by current wealth management CEO Alex Wade while AMP’s banking CEO Sally Bruce will step down on November 1. Rod Finch, currently managing director of wealth products and platforms, will become the managing director of AMP Bank, reporting to Wade.
«Closer integration of the businesses was part of our long-term plan, and with Sally's decision to step down, we have been able to accelerate our internal re-organization,» said AMP CEO, Francesco De Ferrari.
Revelations of misconduct subsequently led to a restructuring plan revealed in August that highlighted critical changes to its wealth management business in Australia and New Zealand. Part of the outcome includes slashing the majority of commission payments to AMP’s financial advisors and renegotiation agreements with its leaner network of aligned advisors.
