Group announces large-scale restructure

by Madison Utley10 Oct 2019

After announcing plans to “reinvent” itself in its half year debrief, a financial group has released the details of a significant restructuring of its executive team and Australian operations as a whole.

AMP is combining its banking and Australian wealth management businesses into a combined organisation to be named AMP Australia.

AMP CEO Francesco De Ferrari said the internal combination has been part of the group’s long-term plan, but the timeline was accelerated by AMP Bank CEO Sally Bruce’s decision to step down from her role.

“The strategy we set out in August is focused on reinventing AMP to be a client-led, simpler and more growth-oriented business,” he explained. 

“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.”

The newly formed AMP Australia will be led by Alex Wade, currently CEO of the Australian Wealth Management business.

Before joining AMP, Wade was most recently head of developed and emerging Asia for Credit Suisse Private Banking. He was with Credit Suisse for 12 years, serving as chief of staff for Asia Pacific and CEO of Credit Suisse Private Banking Australia among other roles.

Rod Finch, currently MD of wealth products and platforms, will transition into the role of MD of AMP Bank and report to Wade once Bruce steps down on 1 November.

Finch came to AMP in 2013 after a 12-year career in retail and commercial banking in Australia and the UK. Prior to joining AMP, Finch was director of strategy and customer value management for Lloyds Banking Group’s retail bank, which is the largest in the UK. He has also held senior roles at Westpac including head of strategy, retail and business banking.

“Sally has been an outstanding leader for AMP Bank, delivering double-digit earnings growth, as well as creating a strong and inclusive culture within the bank. She has led the business for just over four years and has decided it is time to transition,” said De Ferrari.

Bruce decided it was time to pursue other opportunities and join her family who relocated to Melbourne earlier this year.

 “I am extremely proud of my time with AMP and what we have delivered at AMP Bank since I joined in 2015,” she said.

“I’m confident I am leaving AMP Bank in the hands of a strong team who will continue to drive the success of the business under AMP’s new strategy.”