New AMP Ltd chief executive Craig Meller's drive to slash duplication and improve efficiency at the financial services giant will necessitate job losses, The Australian reports.
According to the newspaper, an internal memo confirms the already announced management reshuffle and restructure will also encompass AMP Capital, the group's funds management arm.
"One of the drivers of the review is business efficiency, so we will see a reduced number of roles in the final structure," chief investment officer of AMP Capital's multi-asset group unit, Sean Henaghan, said in the memo.
"However, you can expect to see a number of different roles and new opportunities, which means the possibility of career progression. As is the reality of business today, it's important to remember that beyond this review we will continue to look at ways to become more efficient and grow our business, and to evolve and change for the benefit of our clients.
The Australian reports Mr Henaghan will be working with the freshly appointed head of AMP's new insurance and superannuation division Pauline Blight-Johnston, and Rob Caprioli from the advice and banking unit, to "remove duplication".