AMP proposes further cuts amid ongoing simplification
Almost 30 staff at AMP could be affected by changes to its marketing and communications team, Money Management understands.
Last week, it was announced that it is undergoing a restructuring of its technology, platforms, finance, and legal and governance teams.
It is now understood that additional cuts are being made to its marketing team.
In a statement to Money Management, Nicole McPherson, national assistant secretary at the Finance Sector Union (FSU), said many of the AMP roles are understood to be outsourced to other businesses.
“The proposed job losses, we’ve been advised, is due to the desire of AMP to streamline and simplify its operations. Many roles appear to be set for outsourcing to other businesses with whom AMP partners.
“The largest single group of workers affected 27 roles in marketing, communications, digital, and brand and content teams have been slated to be made redundant with work to be done by a partner, but it is unclear whether there will be an equivalent number of roles created at that partner and whether pay and conditions will be equivalent.”
In response to questions from Money Management, AMP reiterated the same statement as earlier this month that it is refining its operating structure as part of an ongoing simplification.
“As part of the ongoing simplification of our business we are continuing to refine our operating structure. Where change is being made, we have support in place for those who are affected.”
This follows a previously announced sale of its licensee and self-licensed offering to Entireti in August and the sale of its minority stake in 16 advice practices to AZ NGA.
The FSU noted the firm has been unwilling to agree to a new enterprise agreement (EA) for its staff, including around redundancy payments and notice periods.
“With an expired enterprise agreement, and a management at AMP who has refused to negotiate a new one, staff have very limited protections. They’re entitled to only the bare minimum redundancy and other conditions.”
AMP also announced two new hires with the appointment of Julie Slapp as AMP director for growth and customer solutions in a newly created role. Secondly, Cloe Reece has been hired as general manager for risk, compliance and policy.
Reece was previously the chief risk officer at ClearView, while Slapp was formerly the head of product at BT Financial Group.
Both roles will report to AMP’s group executive for superannuation and investments, Melinda Howes.
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Laura Dew
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