AMP is considering plans to send back office jobs offshore as part of its efforts to reduce costs.
The country’s largest wealth manager said it was too early to say how many jobs would be axed in Australia as a result of the plan to shift back office roles to a new centre in India.
AMP has appointed Tata Consultancy Services as its new administration business processing partner.
AMP will transfer back office functions that are already carried out by AXA Business Services in India to the new venture. In addition, the Sydney-based group will move more administrative and payments jobs in Australia to Tata.
The job cuts will help AMP to reach its goal of delivering $200 million in pre-tax recurring cost savings by the end of 2016, an efficiency program that was announced in August last year.
“This is in line with a decision to focus on cutting costs and improving efficiencies,” said an AMP spokeswoman, adding that there would be no impact on customer-facing staff.
The Australian Financial Review