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AMP flags redundancies

AMP has confirmed that redundancies are on the horizon as the group makes transformational changes to its business and culture.

The firm is currently undertaking changes to its global workforce in a bid to centralise some business services.

"Our focus is on continuing to reshape the organisation to drive efficiency and support the delivery of AMP's strategy to become a simpler, client-led organisation," an AMP spokesperson said.

AMP declined to provide more details about which business units and how many employees are affected, other than the centralisation will include AMP Australia and AMP Capital.

The AFR reports that 20% of AMP's local wealth management and AMP Capital's asset management workforce are at risk.

The move comes off the back of the embattled wealth firm announcing it is open to "unsolicited interest" in selling off its businesses and assets, along with massive efforts to overhaul its culture, which was put under the spotlight following the controversial demotion of Boe Pahari and the departure of Alex Wade.

The group's chief executive Francesco De Ferrari said he is sticking to his three-year strategy to turnaround the business. This started with offloading AMP Life to Resolution Life in order to simplify its superannuation business.

De Ferrari is also reshaping the advice network and capitalising on the success of AMP Capital and its platform.

In dollar terms, De Ferrari expects his strategy to realise cost savings of $300 million by 2022.

Read more: Francesco De FerrariAlex WadeAMP AustraliaBoe PahariResolution Life
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