AMP wealth arm and bank to merge

AMP Limited has announced it will bring together its banking and Australian wealth management business units into a combined organisation which will be named AMP Australia.

AMP Australia will be headed by Alex Wade, current chief executive of AMP’s wealth management arm.

Following this, current managing director of wealth products and platforms, Rod Finch was appointed to take the role of managing director at AMP Bank following the departure of Sally Bruce on 1 November.

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Commenting, AMP Limited’s chief executive Francesco De Ferrari said: “The strategy we set out in August is focused on reinventing AMP to be a client-led, simpler and more growth-oriented business.

“Bringing together our bank and wealth management teams in Australia will drive a more integrated organisation better able to pursue the significant opportunity we see in providing more holistic wealth services for our clients.

“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-organisation.”

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who cares AMP.. no matter what you do it doesn't change your disgusting treatment of small businesses

decision to step wants the share price to hit his bonus territory of around $2.25 so he can jump ship ASAP.

Glad you named it AMP, makes it easy for me to identify and avoid.

Sounds like they want their advisers to flog mortgages. I wonder if they’ll be targeting their orphan pool of clients once they squeeze every last drop out of the poor old planners. Feels awfully vertically integrated to me! What a pack of turds

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