AMP Limited today announces it will bring together its banking and Australian wealth management business units into a combined organisation to be named AMP Australia.
AMP Chief Executive Francesco De Ferrari said the internal combination reflected AMP’s client-led strategy, and followed the decision by Sally Bruce to step down as AMP Bank CEO.
The AMP Australia business will be led by Alex Wade, currently CEO of Australian Wealth Management. Rod Finch, currently Managing Director, Wealth Products and Platforms, has been appointed to take the role of Managing Director, AMP Bank, reporting to Mr Wade, when Ms Bruce steps down on 1 November 2019.
Francesco De Ferrari commented:
“The strategy we set out in August is focused on reinventing AMP to be a client-led, simpler and more growth-oriented business. 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.
“Sally has been an outstanding leader for AMP Bank, delivering double-digit earnings growth, through consistent growth in revenue and client numbers, as well as creating a strong and inclusive culture within the bank. She has led the business for just over four years and has decided it is time to transition. I want to thank Sally for her contribution, and particularly for her support to me over the past ten months.”
Sally Bruce said:
“I am extremely proud of my time with AMP and what we have delivered at AMP Bank since I joined in 2015. 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.”
Alex Wade biography
Before joining AMP, Alex Wade was most recently the Head of Developed and Emerging Asia for Credit Suisse Private Banking. In these roles, Mr Wade had responsibility for all aspects of the domestic Private Banking businesses for Australia, Japan and India, with additional responsibility for the offshore markets of non-resident Indians, Sri Lanka and Pakistan. Mr Wade 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. During his time at Credit Suisse, Mr Wade developed a strong track record in building and leading businesses as well as driving a wide range of business development activities.
Rod Finch biography
Rod 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 Managing Director, 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, which is the largest in the UK. He has also held senior roles at Westpac including Head of Strategy, Retail and Business Banking.