The Australian finance industry is undergoing a wave of high level job turnover in the aftermath of a critical Royal Commission report into the financial landscape down under.
One of the country’s big four banks, the National Australia Bank (NAB), has seen both its chief executive, Andrew Thorburn, and chairman, Ken Henry, file their resignations. Thorburn will leave the bank at the end of February, while Henry will officially resign once the top position is filled.
As of 1 March 2018, NAB’s director, Philip Chronican will take on the role of acting chief executive until a permanent boss is nominated.
In his final report, the head of the Royal Commission, Kenneth Hayne, said of the bank led by Thorburn and Henry: “I was not persuaded that NAB is willing to accept the necessary responsibility for deciding, for itself, what is the right thing to do, and then having its staff act accordingly.”
AMP’s wealth revamp
Similar changes have been made at nation’s top wealth management firm, AMP, where the group executive for wealth management solutions and customer, Paul Sainsbury, will be replaced by Alex Wade. Sainsbury will stay in the group while assisting Wade in the transition into the new role.
This is part of AMP’s effort to revamp its wealth division as chief executive Francesco De Ferrari sets out his priorities going forward.
AMP was famously exposed at the banking inquiry for charging its customers fees for services they never received – a problem that had stretched back as far 2008 at least.
Among the many changes planned at AMP, Ferrari said reinventing the wealth division, successfully separating wealth protection from the mature business, and driving change and efficiency are high on the firm’s priority list.
“2019 will be a year of significant transition for AMP, and today’s appointments will drive change while retaining experience in our leadership team” Ferrari said on Thursday.
“In Australian wealth management, I am confident that, we will be able to reinvent our wealth management business to better compete in the new regulatory environment.”
Additionally, AMP hired Craig Ryman to the expanded role of chief operating officer, while Megan Beer has been named chief executive for AMP Life once it separates and transfers to Resolution.
