Financial services giant AMP said it may dismiss more staff after around 300 roles were made redundant across the group in the final three months of 2008.
“In this difficult environment, AMP is managing costs tightly in the short term to do what’s right for the business over the long term,” an AMP spokesperson told InvestorDaily.
“We will keep investing in high-priority initiatives that we believe will drive growth when markets recover. Further redundancies cannot be ruled in or out.”
AMP’s net profit slumped 22.1 per cent to $366 million in the first half of 2008 from $470 million in the prior corresponding period.
In the fourth quarter, Axa Asia Pacific Holdings dismissed 90 staff, BlackRock cut 10 jobs, Babcock and Brown announced plans to shed 850 staff and Macquarie Group reportedly let 100 workers go.
Citi Smith Barney Australia also confirmed it would shed a small number of staff in the period as part of a global plan to reduce headcount by 52,000 employees.
In January, Old Mutual shed 22 staff from its two businesses in a bid to cut costs.
The impact of the market downturn forced MLC to cut 120 jobs, following a review of its resourcing requirements across the National Australia Bank-owned company.
