The two divisions will be consolidated into one organisation named AMP Australia, which will be led by current AMP wealth management chief Alex Wade.
Rod Finch, currently managing director of wealth products and platforms, has been appointed to take the role of managing director, AMP Bank.
Mr Finch will be reporting to Mr Wade when Ms Bruce steps down on 1 November.
AMP chief executive Francesco De Ferrari said the internal consolidation reflected the company’s client-led strategy.
“The strategy we set out in August is focused on reinventing AMP to be a client-led, simpler and more growth-oriented business,” Mr De Ferrari said.
“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.
“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 has led the banking division for four years.
Mr De Ferrari credited Ms Bruce with delivering double digit earnings growth through consistently growing revenue and client numbers, as well as creating a “strong and inclusive culture” within the bank.
“I am extremely proud of my time with AMP and what we have delivered at AMP Bank since I joined in 2015,” Ms Bruce said.
“Now is the right time for me to step down and to join my family, who relocated back to Melbourne earlier this year.
“I’m confident I am leaving AMP Bank in the hands of a strong team who will continue to drive the success of the business under AMP’s new strategy.”
Prior to joining AMP, Mr Wade was most recently head of developed and emerging Asia for Credit Suisse Private Banking.
He was with Credit Suisse for 12 years, six of which he was chief of staff for Asia Pacific.
He also held the roles of deputy market area head for developed Asia from 2014 to 2015 and CEO of Credit Suisse Private Banking Australia from 2016 to 2018.
Further, new AMP Bank managing director Mr Finch joined AMP in 2013 after a 12-year career in retail and commercial banking in Australia and the UK.
He was AMP’s director, customer transformation and director, customer segments and marketing before being appointed to his current role in wealth products and platforms in 2018.
Prior to joining AMP, Mr Finch was director of strategy and customer value management for Lloyds Banking Group’s retail bank.
He has also held senior roles at Westpac, including head of strategy, retail and business banking.
Shuffle those deck chairs
Remember the days that AMP Capital (investment manager) was only 20% of AMP and AMP Bank was a little pimple on the face of the big insurer, wealth manager AMP. Gee haven’t times changed.. Wade’s client strategy (laugh laugh) means that AMP is about to be decimated. Goodbye AMP.
Shuffling the deck chairs on the titanic.
Sally Bruce seemed to be a person of integrity. With AMP Bank now likely to be used as a weapon in Wade’s adviser decimation program, I suspect she has resigned as a matter of principle.
[quote=Anonymous]Actually, those saying “vertically integrated” model is not in line with community expectation and the findings of the RC I’m not sure your correct.
Industry Super has a ONE stop shop, wealth management, ME Bank and Advice all ion one. They have not been hurt by the RC or even investigated by ASIC since 1992 I believe, and have exemptions in the law so, the fact that AMP is doing what they have been doing for years seems smart to me.
Get ride of the privately owned and self employed Financial Planners and replace them with sales staff selling product – that’s essentially what “community expectation” and the regulator is requesting and getting.[/quote][quote=Anonymous]Actually, those saying “vertically integrated” model is not in line with community expectation and the findings of the RC I’m not sure your correct.
Industry Super has a ONE stop shop, wealth management, ME Bank and Advice all ion one. They have not been hurt by the RC or even investigated by ASIC since 1992 I believe, and have exemptions in the law so, the fact that AMP is doing what they have been doing for years seems smart to me.
Get ride of the privately owned and self employed Financial Planners and replace them with sales staff selling product – that’s essentially what “community expectation” and the regulator is requesting and getting.[/quote]
Nothing wrong with vertical intergration at all. The fact fin services co’s have to pretend their not is the root of the problem…and AMP generally as an organisation. Always had a poor staff culture well known in the industry..
as long as they have built a ““strong and inclusive culture”, doesnt matter if they screw clients and advisers. Cant believe when AMP and the banks fall on their sword so badly they dont automatically clean out or execs involved. no they just get Promoted.
Get ready for the “good AMP” and “bad AMP” demerger. No doubt coming soon……
Banking and Wealth goes together like Fish and Chips (or so the Banks said)
Honestly, who cares anymore ? If it wasn’t “AMP” they wouldn’t be allowed to do it, we’re all beyond shock not and we’ve moved into “that’d be right’ phase.
If AMP think they can win the coming BOLR fight by quarantining AMP Capital amongst other “strategies”, think again. Your going to lose badly Wade and Fiat. Should start negotiating soon before it gets very expensive for share holders.
Actually, those saying “vertically integrated” model is not in line with community expectation and the findings of the RC I’m not sure your correct.
Industry Super has a ONE stop shop, wealth management, ME Bank and Advice all ion one. They have not been hurt by the RC or even investigated by ASIC since 1992 I believe, and have exemptions in the law so, the fact that AMP is doing what they have been doing for years seems smart to me.
Get ride of the privately owned and self employed Financial Planners and replace them with sales staff selling product – that’s essentially what “community expectation” and the regulator is requesting and getting.
They had no choice but merge, the AMP Bank has a massive exposure to the Wealth division. The Bank gave Advisers the loan to buy the BOLR clients. Currently AMP just devalued that asset.. from 4 to 2.5 times.. and punted all the advisers.. This is just one big Laurel and Hardy show…
We can help them on their journey- just don’t recommend AMP product and I am sure research may help in that area
I’m so glad I’ve trusted my ‘spider senses’ with this mob ever since joining the financial services industry over a decade ago.
I didn’t know enough to know ‘exactly what’ it was that was wrong with them; I just knew enough to know ‘something was’ so not one of my clients was ever introduced them or ever had a recommendation for insurance made to them. Thank God I knew enough to trust my spider senses and give them a very wide berth all this time.
What absolute pricks in every way!
“client led strategy”…Ha Ha I love it!
Clients are leaving in droves so with that strategy, I’m sure AMP has a bright future….NOT!
Didn’t they see the outcome from the RC? Everyone is separating wealth and banking and these two are consolidating. How incredibly arrogant of AMP.
They have no option other than to become totally vertically integrated. No independent adviser would touch AMP products. No self respecting adviser would ever become a representative of AMP after the way they have treated their current advisers. The only way forward for AMP is to have salaried advisers with an AMP only product list selling only AMP products. the only way they are ever going to get clients on the future is from vertical integration.
AMP are an evil company. Staffed by evil people (at the top). Who dont care about their clients or advisers at all. Die a slow and painful death AMP, get out now share holders.
Weird decision. Are they thinking they have a better chance of selling the wealth management business if they staple the bank to it?
Looks like the future of AMP just AMP Capital.
a great idea until the next ceo says “what we should do is separate our banking and wealth management arms to create greater efficiencies”
Did AMP get the memo where all the big banks have divested their wealth divisions as it didn’t align with their banking? What makes AMP think they are different?
[quote=Anonymous]Combining banking and wealth management…what could possibly go wrong? Did these clowns even pay attention to the Royal Commission?[/quote] I am sure they did but as usual they are extending ASIC the proverbial finger….
Wow. Vertical integration is back and growing.
AMP Australia (Lifeboat) Limited
Combining banking and wealth management…what could possibly go wrong? Did these clowns even pay attention to the Royal Commission?