AMP Appoints Credit Suisse Veteran Francesco De Ferrari as its CEO

[kreslik.news]

AMP, the biggest listed wealth manager in Australia, announced that it has hired Credit Suisse veteran banker, Francesco De Ferrari, as its new Chief Executive Officer today. De Ferrari will have his work cut out for him to mend the firm’s reputation, as it is currently in the midst of a regulatory crisis.

Particularly, the Banking Royal Commission has accused the firm of charging its customers fees for no service. Then, at the board level, worked to deceive a regulator about it. This has seen the company lose half its board and nearly A$5 billion ($3.7 billion).

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