AMP Limited
(ASX:AMP) is reportedly looking to cut costs by about $25 million annually.
According to News Corporation, AMP management has approved a plan to reduce AMP Capital’s cost base which could see dozens of employees without a job.
An AMP spokesperson says there is a significant cost efficiency program under way but no decisions have been made.
The funds management business which is the second largest in Australia is said to have a high cost to income ratio.
In the first half of its 2012 financial year AMP generated a net profit of $676 million.
