First wave of AMP job losses 'just the beginning': union
AMP's first wave of 46 job losses appears to be just the start of staged plans to substantially reduce staffing numbers across the business, the Finance Sector Union (FSU) says.
The FSU understands the company is undergoing a slow roll-out of job cuts, beginning with the offshoring of 46 operations roles to India, a spokeswoman told Money Management.
"What we expect is they will go department-by-department, with a series of relatively small numbers that add up to a substantial figure," the union spokeswoman said.
An AMP spokeswoman confirmed the "staged approach", but said she could not provide further detail at this stage given the sensitive nature of the action.
AMP previously told Money Management its job cuts were continuing as part of the company's efficiency drive, albeit not in customer-facing roles.
"We've been looking very closely at how we can become a more efficient business so we can free up resources to invest in new services for our customers," the AMP spokeswoman previously said.
"A part of this will be a reduction in jobs in some areas but it will not include any areas that have direct contact with our customers," she said.
AMP said it would continue to keep affected staff members up to date and look at redeployment where possible.
AUTHOR
Staff Writer
Recommended for you
A former AMP adviser told the Federal Court how they are scared to turn off their phone after a fellow adviser attempted suicide as Justice McElwaine said the 92 objections “weighed heavily” on his mind.
Providence Wealth Advisory Group has appointed a new chief investment officer, a dedicated position after the role was previously held by its CEO.
While hiring new staff in a financial advice practice inevitably incurs expenses, Striver’s Alisdair Barr says the greater business cost can come from losing the skills of a valuable team member.
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
