New Tower MD Keith Taylor will reduce costs by lessening the number of products on offer. His plan to return the group to profitability also includes job losses.

After nine months acting as the CEO, analysts have welcomed the announcement that Mr Taylor will take the role permanently. He has led the group through a shaky period after its $68 million loss last year.

Mr Taylor says he wants to cut the number of wealth management and insurance products sold in Australia from “many tens” currently, to “a relatively smaller number, maybe six to eight products”.

“I think that helps management to know what they’re doing,” he said. “We’re just trying to sell so many things at the present time that we’re not sure what we’re best at.”