Up to 35 jobs will be lost as 83 employees see their teams or reporting lines change.
Already a subscriber?AMP is quietly restructuring its banking division, redirecting staff and other resources to build a digital-only service for small business and personal banking customers that the company plans to launch early next year.
The project was announced as a partnership with Starling, the UK-based neobank that is licensing its technology platform out to AMP.The ASX-listed company employs more than 2600 full-time equivalent staff, with its spokesman saying only “a very small number of roles are impacted, with the main changes being to team structure and reporting lines”.
“As AMP promotes its new banking offering, it is quietly restructuring the jobs of 83 people, and getting rid of 35 people,” Ms McPherson said. Globally, banks eliminated more than 60,000 jobs in 2023 in one of the heaviest years for job cuts since the 2008 financial crisis.AMP cut about 11 per cent – 300 people – of its full-time equivalent staff last year to keep costs under control.
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