Australia's AMP says to simplify some services after job cuts report By Reuters

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Australia's AMP says to simplify some services after job cuts report

Published Sep 30, 2020 15:09

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Australia's AMP says to simplify some services after job cuts report

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Sept 30 (Reuters) - Australian financial planner AMP Ltd AMP.AX is centralising some business services in an effort to become "simpler", the company said on Wednesday, following a media report that it planned to cut up to a fifth of some of its workforce.

The changes to the 160-year-old company follow years of scandal, with AMP this month putting under review all its assets, setting in motion a potential sale or break-up. has made changes to its teams that will centralise some business services," a representative told Reuters, without elaborating on the implications for jobs.

The changes would lead to layoffs as high as 20% in some business units, the Australian Financial Review said https://www.afr.com/companies/financial-services/amp-announces-sweeping-redundancies-20200930-p560m4, citing a company source.

The 2019 annual report shows AMP has about 6,500 employees.

The veteran wealth manager recently ceded its position as the country's largest to rival IOOF Ltd IFL.AX , which plans to buy MLC, the advice arm of National Australia Bank Ltd NAB.AX .

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Australia's AMP says to simplify some services after job cuts report

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