Looks like more management changes are coming. More bad fruit to go?
Should lead to a significant savings in wages cost I would think.
Newly-installed AMP wealth boss moves to clear management decksIt's taken AMP's new wealth management boss Alex Wade less than one month in the Bridge Street HQ to re-arrange the office furniture and begin to sharpen the knives.
Wade was installed into the powerful position by AMP's recent appointed chief executive Francesco De Ferrari, with whom he worked at Credit Suisse Private Banking, only days after the release of the banking royal commission's final report last month.
Now he's put all his most senior executives, of which there are up to 10, on notice that they are under review and could lose their positions in the company's most important division.
Others may be moved to lower levels of the management hierarchy.
De Ferrari and Wade arrived at AMP after a tumultuous period during which the company lost its head of financial advice, Jack Regan, after he appeared to lose count of the number of times the business had misled the corporate regulator over charging customers fees-for-no-service.
The company's former wealth management head, Paul Sainsbury, is also leaving, and Wade inherited management teams from him and from Regan.
De Ferrari's predecessor,
Craig Meller, and the company's chairman, Catherine Brenner, also resigned their positions after a series of revelations about AMP's conduct.
We hear Wade, in an internal memo, said he would be remaking the division's executive team in the largest shake-up in wealth management since the arrival of De Ferrari.
The sale of the company's AMP Life division to London-based Resolution Life for $3.3 billion — including $1.9 billion in cash — will leave Wade with plenty of scope to expand wealth.
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