Australia’s AMP Says to Simplify Some Services After Job Cuts Report | Investing News


FILE PHOTO: The logo of AMP Ltd, Australia’s biggest retail wealth manager, adorns their head office located in central Sydney, Australia, May 5, 2017. Picture taken May 5, 2017.REUTERS/David GrayReuters

(Reuters) – Australian financial planner AMP Ltd

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.

“AMP 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, 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

, which plans to buy MLC, the advice arm of National Australia Bank Ltd


(Reporting by Nikhil Kurian Nainan and Aditya Munjuluru in Bengaluru; Additional reporting by Byron Kaye in Sydney; Editing by Clarence Fernandez)

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