AMP culls advisers as part of cost cutting plan after plunging into $2.3bn first-half loss

Beleaguered Australian financial services giant AMP has announced a new three-year strategy that will include steep cuts to its large adviser network as it reports a A$2.3bn loss for the first half. AMP is raising A$650m in fresh equity, resurrecting the sale of its life insurance business and implementing a cost cutting programme, as part of a multibillion-dollar strategic reset aimed at salvaging the scandal-plagued financial services group. The transformation will be underpinned by a major tech revamp that includes a restart for the previously paused new core banking system, "digit...