Australian financial services giant AMP confirmed that the group will be making some redundancies across its wealth arms.
According to local newspaper The Sydney Morning Herald, most of the redundancies will be made across the firm’s investment and banking operations, namely AMP Capital and AMP Australia.
While many human resources and legal services jobs will be at risk to avoid duplications of responsibilities, they are not the only ones on the chopping block.
AMP’s financial planning network is also under threat, as chief executive Francesco De Ferrari said the business segment could shrink by as much as 30%.
The decision was made to improve the value of the company, De Ferrari added, after AMP’s share price kept going down throughout the month of September.
Investors were also left wary following allegations of sexual assault and harassment within the firm, and the demotion of Boe Pahari from the top job at AMP Capital, after being at the centre of similar misconduct claims.
