Business
Jolted into the 21st century, AMP faces its cultural awakening – Sydney Morning Herald
AMP has finally recognised it has cultural problems. The wealth giant will need to show solid progress on tackling them to protect its stability, its market value and its independence.
The notion of AMP as an institution, rather than a company, may actually be the core of the problem.
Founded back in 1849, AMP has always seen itself as an important institution with a special place within the Australian community and has had the cultural complacency, even arrogance, that that self-image generates — even as its history since its demutualisation in 1997 would suggest, very clearly, that it has had nothing to be complacent or arrogant about.
Finally its board and management, pe…
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