The dismal performance of AMP’s local and overseas business raised questions of who was to blame, and inevitably all eyes turned on CEO Paul Batchelor. He was forced to resign as investors demanded answers about the state of the company’s British operations. COO Andrew Mohl took over as CEO and has already started making major changes to the group, starting with the termination of at least 2000  jobs. Operations will be slashed in NZ, the UK and Australia. A restructure will reduce the number of jobs in AMP’s banking business by about 500 by the end of next year. More than 550 jobs will go in Australian financial services, at a cost of $30 million.

In December AMP Chairman Stan Wallis announced his successor – former BHP oilman Peter Willcox, a directorial “cleanskin” and financial services neophyte.