AMP quietly begins restructure for $60m digital bank project

AMP is quietly restructuring its banking division, redirecting staff and other resources to build a digital-only service for small business and personal banking customers that the company plans to launch early next year.

Up to 83 employees will see their teams or reporting lines change, according to the Financial Services Union, although the total number of redundancies as part of the change is disputed.

While AMP hoped to make only 15 roles redundant and redeploy most of those affected to new jobs, the FSU said the changes would mean 35 employees would lose their job at the financial giant.

“We’re making some team structure changes,” an AMP spokesman said.

“[The changes will] further streamline our operations for efficiency and align them to our new digital small business and consumer bank offer.”