Australian financial planner AMP Ltd <AMP.AX> is centralising some business services in an effort to become "simpler", the company said on Wednesday, following a media report that it planned to cut up to a fifth of some of its workforce.
The changes to the 160-year-old company follow years of scandal, with AMP this month putting under review all its assets, setting in motion a potential sale or break-up.
"AMP has made changes to its teams that will centralise some business services," a representative told Reuters, without elaborating on the implications for jobs.
The changes would lead to layoffs as high as 20% in some business units, the Australian Financial Review said https://www.afr.com/companies/financial-services/amp-announces-sweeping-redundancies-20200930-p560m4, citing a company source.
The 2019 annual report shows AMP has about 6,500 employees.
The veteran wealth manager recently ceded its position as the country's largest to rival IOOF Ltd <IFL.AX>, which plans to buy MLC, the advice arm of National Australia Bank Ltd <NAB.AX>.
(Reporting by Nikhil Kurian Nainan and Aditya Munjuluru in Bengaluru; Additional reporting by Byron Kaye in Sydney; Editing by Clarence Fernandez)
