Lender reveals new appointments, job cuts

by 16 Jan 2014
AMP has announced a stack of new appointments – and potential job losses – as the company undergoes massive restructuring.

AMP yesterday announced details of the restructure, which the banks ays is the „next step in creating a leaner, more efficient and increasingly customer-driven organisation“.

The appointments come after AMP CEO Craig Meller announced his leadership team in October.

AMP has created two new business divisions: Advice and Banking, and Insurance and Superannuation.

The Advice and Banking division effectively „brings together the key channels through which customers come to AMP“, and will be headed by former Westpac exec Rob Capriolo.

Key appointments include Global Financial Planning Standards Board chair Steve Helmich as executive director of financial planning.

Former Hilltoss managing director Hugh Humphrey has been appointed as director channel strategy and transformation and will be responsible for „aligning business strategies with customer expectations across AMP’s channels“.

Caprioli said the new division’s structure means that AMP has, for the first time, a single leadership team responsible for the primary ways customers join AMP.

“The significant depth of talent and experience in my team means we can deliver a seamless, effortless and personalised experience for our customers, no matter how they choose to begin a relationship with us,“ he said. „We will work closely with the rest of the business to deliver the products and services our customers want.“

Pauline Blight-Johnston has been appointed to lead the insurance and supperannuation division.

Megan Beer has been appointed Director, Insurance and will join AMP from NAB in February 2014.  

However, AMP admitted there would be „impacts“ from the restructure, including job losses.

Speaking with the Financial Standard yesterday, AMP group media manager Amanda Wallace said the cuts would be a result of moving towards „a more efficient business“.

"We will also create jobs as we deliver on our strategy and we've already seen this in our SMSF business and our expansion into Asia," she said.