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AMP combining Aust banking, wealth units

Derek Rose
AMP is combining its banking and wealth management divisions into a single unit, AMP Australia

AMP is combining its banking and Australian wealth management units in a major restructure, creating a new organisation called AMP Australia.

Current Australian wealth chief executive Alex Wade will lead the unit, with AMP Bank chief executive Sally Bruce stepping down after four years in the role.

Mr Wade only joined AMP in January, following Francesco De Ferrari to the company a month after his former boss at Credit Suisse became chief executive.

Rod Finch, the managing director of AMP's wealth products and platforms, will become managing director of AMP Bank and report to Mr Wade when Ms Bruce departs on November 1.

Mr De Ferrari said he is trying to simplify the troubled company, whose market value and reputation were decimated by revelations over its conduct at last year's financial services royal commission.

"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," Mr 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 rejoin her family, who relocated back to Melbourne earlier this year.

AMP, which In August salvaged a deal to sell its life insurance business to Britain's Resolution Life for $3 billion, had previously been rumoured to be considering selling its banking business.

AMP shares, which were worth as much as $5.47 in March last year, hit another all-time low of $1.575 on Thursday.