AMP latest to confirm job cuts

AMP has become the latest financial services firm to confirm it has reduced its head count.

The company attributed the job cuts to its “ongoing simplification”, which follows the completion of its long-running sale of AMP Capital to Dexus Funds Management and its comprehensive review of its cost base and balance sheet.

“As part of the ongoing simplification of AMP we are focused on right sizing our cost base to ensure it is appropriate for our future business and for delivering our strategy,” a media spokesperson for AMP told Financial Newswire.

“This will impact some roles and we are acting with care and compassion to support our people.”

The announcement from AMP comes after several other firms ranging across the financial services industry have confirmed job cuts and redundancies in the past several months as inflationary and recessionary pressures bite, including Iress, BlackRock and Goldman Sachs.