AMP is combining its banking and Australian wealth management units into a single organisation called AMP Australia.
Current Australian wealth chief executive Alex Wade, who only joined AMP in January, will lead the restructured unit, with AMP Bank chief executive Sally Bruce stepping down after four years in the role.
Rod Finch, the managing director of wealth products and platforms, will become managing director of AMP Bank and report to Mr Wade when Ms Bruce departs on November 1.
“Bringing together our bank and wealth management teams in Australia will drive a more integrated organisation better able to pursue the significant opportunity we see in providing more holistic wealth services for our clients,” AMP chief executive Francesco De Ferrari said.
“Closer integration of the businesses was part of our long-term plan, and with Sally’s decision to step down we have been able to accelerate our internal re-organisation.”
Ms Bruce said she was proud of her time with AMP but ready to join her family, who relocated back to Melbourne earlier this year.
At 1058 AEDT, AMP shares were down 0.3 per cent to $1.595.
AAP
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