Compensation InsightHow AMP Pays
Career levels, compensation across divisions (Bank, Platforms, Super, NZ Wealth), executive pay post-Royal Commission, equity plans, and the 'Simpler, Higher Growth' transformation.
At a Glance
Career Level Hierarchy
AMP does not publicly disclose its internal band structure. The following AM1–AM8 hierarchy is inferred from job postings, salary data, and industry conventions. AMP operates on individual contracts — no Enterprise Agreement is in place.
Executive Leadership (above AM8)
No Enterprise Agreement
Unlike Big Four banks (NAB, CBA, ANZ, Westpac) which negotiate EAs with the FSU guaranteeing annual pay rises, AMP operates entirely on individual contracts. The Finance Sector Union has been actively campaigning for an EA since 2024, calling AMP's redundancy benefit cuts "outrageous." This gives AMP maximum flexibility but leaves employees with no collective bargaining power.
Current Divisions & Business Units
Compensation by Level
Total compensation breakdown for Sydney, Australia. All values in AUD.
| Level | Title | Base (Range) | Variable % | Total Comp (Range) | Equity |
|---|---|---|---|---|---|
| AM1 | Graduate / Entry 0–2 yrs | A$63K – A$75K | 10% | A$63K – A$82K | SPP only |
| AM2 | Analyst / Associate 1–4 yrs | A$78K – A$98K | 10% | A$82K – A$108K | SPP only |
| AM3 | Senior Analyst / Specialist 3–7 yrs | A$100K – A$140K | 15% | A$115K – A$165K | SPP |
| AM4 | Manager 5–10 yrs | A$135K – A$180K | 20% | A$155K – A$225K | SPP + possible deferral |
| AM5 | Senior Manager 8–14 yrs | A$170K – A$225K | 28% | A$210K – A$300K | Deferred STI equity |
| AM6 | Director / Head of 12–18 yrs | A$210K – A$285K | 35% | A$270K – A$410K | Deferred STI + possible LTI |
| AM7 | Executive Director / GM 15–22 yrs | A$290K – A$460K | 45% | A$400K – A$700K | Performance Rights + Deferred STI |
| AM8 | Group Executive / C-Suite 18+ yrs | A$450K – A$1.7M | 75% | A$700K – A$4.0M | Full LTI + Deferred STI |
Source: Glassdoor, PayScale, Levels.fyi, Indeed, AMP Annual Report 2024, AMP Careers. Australian values include superannuation (11.5% in 2024; 12% from July 2025).
Total Compensation Range by Level
Excluding C-Suite (AM8) to avoid scale distortion.
Salary by Career Stream — Australia
Breakdown by role across AMP's key divisions. All figures in AUD per year. Average includes base salary.
Technology & Data
| Role | Average | Range | P90 |
|---|---|---|---|
| Graduate Software Engineer | A$66,000 | A$63K–A$69K | — |
| Software Engineer | A$113,000 | A$100K–A$150K | A$150K |
| Senior Software Engineer | A$142,500 | A$130K–A$155K | — |
| Data Engineer | A$128,500 | A$120K–A$137K | — |
| Data Scientist | A$117,000 | A$107K–A$127K | A$170K |
| Cyber Security Architect | A$196,500 | A$193K–A$297K | — |
| Product Manager | A$117,500 | A$110K–A$166K | — |
| Senior Product Manager | A$173,000 | A$160K–A$228K | — |
Wealth Management & Banking
| Role | Average | Range | P90 |
|---|---|---|---|
| Customer Service Officer | A$61,000 | A$50K–A$63K | — |
| Financial Planner (entry) | A$69,000 | A$58K–A$76K | — |
| Financial Planner (mid) | A$120,000 | A$104K–A$150K | A$190K |
| Credit Analyst | A$82,500 | A$60K–A$120K | — |
| Home Loan Specialist | A$85,000 | A$70K–A$100K | — |
| Insurance Underwriter | A$110,000 | A$73K–A$147K | — |
| Investment Analyst | A$105,000 | A$85K–A$135K | — |
Risk, Compliance & Legal
| Role | Average | Range | P90 |
|---|---|---|---|
| Compliance Officer | A$66,000 | A$60K–A$72K | — |
| Risk & Compliance Analyst | A$122,500 | A$90K–A$155K | — |
| Risk & Compliance Manager | A$115,000 | A$99K–A$226K | — |
| Senior Legal Counsel | A$198,585 | A$180K–A$220K | — |
Corporate / Leadership
| Role | Average | Range | P90 |
|---|---|---|---|
| Business Analyst | A$103,000 | A$98K–A$199K | — |
| Project Manager | A$131,500 | A$125K–A$138K | — |
| Senior Manager | A$171,500 | A$160K–A$183K | — |
| Head of Technology | A$250,000 | A$220K–A$280K | — |
| Executive Director | A$550,000 | A$400K–A$701K | — |
Source: Glassdoor, PayScale, Levels.fyi, Indeed, AMP Annual Report 2024. P90 = 90th percentile where available.
Variable Pay & STI Payout History
AMP's executive STI is determined by a Board-set scorecard across five strategic priorities. Three consecutive years of zero bonuses (FY2018–2020) followed the Royal Commission.
7-Year STI Outcome (% of Target)
Variable Pay % by Level
CEO STI History (% of Maximum)
| Year | CEO | STI Outcome | Note |
|---|---|---|---|
| FY2018 | Craig Meller (resigned) | 0% | Royal Commission — CEO resigned April 2018 |
| FY2019 | Francesco De Ferrari | 0% | Post-Commission; no executive bonuses |
| FY2020 | Francesco De Ferrari | 0% | COVID-19; board fee cuts; Resolution Life sale |
| FY2021 | Alexis George | ~50% | First year; partial; AMP Capital sale starts |
| FY2022 | Alexis George | ~80% | Transformation progress |
| FY2023 | Alexis George | Reduced | First strike; STI max cut to 150% |
| FY2024 | Alexis George | ~93% | Strong recovery; NPAT +15.1% |
STI Scorecard Priorities
Board sets detailed objectives, metrics, and targets for each priority at start of year. Performance assessed against scorecard at year-end. Scorecard outcome determines STI pool.
Redundancy & Workforce Changes
AMP's January 2025 redundancy benefit cuts and 44% workforce reduction since 2022 are among the most aggressive in Australian financial services history.
Redundancy Policy Changes (Effective Jan 1, 2025)
| Entitlement | Old Policy (since 2000) | New Policy (2025) | Impact |
|---|---|---|---|
| Maximum redundancy pay | 104 weeks | 52 weeks | -50% |
| Minimum notice period | 8 weeks | 6 weeks | -25% |
| Age supplement (45+) | 10 weeks max | 1 week max | -90% |
| Executive max (Level 11+) | 104 weeks | 26 weeks | -75% |
Headcount Timeline
Key Divestiture Impact on Staff
Equity & Incentive Plans
AMP uses Performance Rights, Deferred STI equity, and an employee SPP. Post-first-strike reforms significantly restructured equity hurdles.
Active Plans
LTI Performance Conditions (2025 Grants)
Executive Comp Structure (at Target)
Equity Eligibility by Band
| Level | LTI (Perf. Rights) | Deferred STI | SPP |
|---|---|---|---|
| AM1–AM2 | No | No | Yes |
| AM3 | No | No | Yes |
| AM4 | No | Possible | Yes |
| AM5 | No | Yes | Yes |
| AM6 | Possible | Yes (40%) | Yes |
| AM7 | Yes | Yes (40%) | Yes |
| AM8 | Yes (full) | Yes (40%) | Yes |
Recent Vesting Outcomes
| Grant | Outcome | Note |
|---|---|---|
| 2022 LTI | Vested | RTSR hurdle met |
| 2023 LTI | Lapsed | No payouts — hurdle not met |
| CEO Sign-on (Tranche 1) | Vested | Alexis George joining award |
| CEO Sign-on (Tranche 2) | Lapsed | Conditions not satisfied |
CEO 2025 LTI Grant
Alexis George received 1,072,277 performance rights for 2025. At the grant-date share price of ~A$1.74, the face value was approximately A$1.87M. These vest after 3 years subject to TSR (70%), ROE (15%), and RepTrak (15%) hurdles.
2019 Employee Share Purchase Plan
- Raised A$134.1M at A$1.60/share
- ~15,000 employees participated
- Average application: A$10,000
- Current share price ~A$1.36 (Feb 2026) means a loss of ~15% over 6+ years
ASX Insider Trades & Capital Returns
AMP completed a historic A$1.1B share buyback in October 2024, funded by AMP Capital divestment proceeds. Director dealings disclosed via Appendix 3Y notices.
| Date | Person | Role | Type | Shares | Price (A$) | Value |
|---|---|---|---|---|---|---|
| Jan 2026 | Blair Vernon | CEO (appointed 20 Jan 2026) | Acquisition | 485,000 | LTI vesting | Deferred equity |
| Dec 2025 | Alexis George | CEO | Acquisition | 1,072,277 | LTI vesting | Deferred equity |
| Nov 2025 | Mike Hirst | Chair (incoming) | Acquisition | 150,000 | A$1.68 | A$252K |
| Oct 2024 | AMP Limited | On-Market Buyback | Disposal | 680,000,000 | A$1.62 | A$1.1B |
| Sep 2024 | Debra Hazelton | Chair (outgoing) | Disposal | 200,000 | A$1.55 | A$310K |
| Aug 2024 | Sean O'Malley | CEO AMP Bank | Acquisition | 320,000 | LTI vesting | Deferred equity |
| Jul 2024 | Nicola Rimmer-Hollyman | CRO | Acquisition | 280,000 | LTI vesting | Deferred equity |
| Mar 2024 | Alexis George | CEO | Disposal | 400,000 | A$1.42 | A$568K |
A$1.1B Share Buyback (Completed Oct 2024)
AMP completed its largest-ever capital return program in October 2024, buying back ~680 million shares at an average price of ~A$1.62 per share. This was funded by proceeds from the AMP Capital divestiture. Shares on issue reduced to approximately 2.532 billion. The buyback improved EPS by 25% to 9.0 cents (FY2024).
Context on Executive Share Dealings
Most "Acquisition" transactions by AMP executives are Performance Rights vesting or Deferred STI equity converting to shares. These are non-market transactions (no cash outlay). Disposals typically occur to meet tax obligations on vesting. AMP share price has been volatile — from ~A$14 at 1998 demutualization to ~A$1.36 today (Feb 2026) — meaning many long-held employee grants were significantly underwater for years.
Source: ASX announcements, AMP Annual Report 2024, AMP Corporate Newsroom.
Executive Compensation — FY2024
CEO-to-Median Pay Ratio
Estimated (not officially disclosed). CEO A$3.3M / Est. median ~A$90K. Lower than Big Four banks (~55:1 to 95:1 range).
| Year | CEO | Total | Note |
|---|---|---|---|
| FY2018 | Craig Meller (resigned Apr) | Forfeited | Royal Commission; $10.8M exec forfeitures |
| FY2019 | Francesco De Ferrari | ~A$2.0M | FR only; no STI/LTI paid |
| FY2020 | Francesco De Ferrari | ~A$1.8M | COVID + ResLife sale; board fee cuts |
| FY2021 | Alexis George (from Aug) | ~A$2.2M | Partial year; AMP Capital sale begins |
| FY2022 | Alexis George | ~A$3.0M | Transformation progress |
| FY2023 | Alexis George | ~A$2.8M | First strike year; reduced STI |
| FY2024 | Alexis George | A$3.3M | NPAT +15.1%; 92.4% AGM approval |
Senior Leadership Compensation
Executive remuneration at AMP follows a 25% FR / 30% STI cash / 20% STI deferred / 25% LTI structure. 40% of STI is deferred into equity for 4 years.
Post-Royal Commission Remuneration Reforms
- 2023 First Strike forced STI maximum reductions: CEO 200% → 150%, CRO 140% → 105%
- 2025 LTI restructured: 70% TSR weighting (doubled from 35%), 15% ROE, 15% RepTrak
- Clawback and malus provisions embedded across all variable pay
- Board fees reduced 43% from 2019 levels
- Eliminated conflicted sales incentives and grandfathered commissions
Benefits & Perks
Financial
Leave
Career & Development
- 2-year rotational graduate program (Financial Services, Technology, Accounting, Marketing)
- CA-pathway roles for accounting graduates
- Technology upskilling and certification programs
- Study support and tuition reimbursement
- WeFlex: Minimum 8 office days/month (~2 days/week in office)
- Employee Assistance Program (EAP)
- Income protection and life insurance at staff rates
NZ-Specific Benefits
- Free health insurance through Southern Cross
- Life insurance and income protection coverage
- KiwiSaver employer contributions
- 4 weeks annual leave + 10 days sick leave (NZ statutory)
- AdviceFirst — majority-owned specialist advice subsidiary
Performance & Pay Progression
AMP uses annual performance reviews tied to individual contracts. No Enterprise Agreement means pay progression is entirely discretionary.
Promotion Timeline & Hike
Performance Framework (Inferred)
Note: AMP's internal performance framework is not publicly disclosed. Estimates based on Australian financial services industry norms.
Glassdoor Ratings
NZ Employee Sentiment
Auckland Glassdoor rating: 1.8/5 — "Low pay, boring job, limited career progression." 52% below industry average for compensation & benefits.
Key Nuances & Insights
AMP cut from ~4,300 to ~2,400 employees while claiming to pursue 'higher growth.' Remaining staff absorb departed colleagues' workload with limited pay upside. The tension between cost-cutting and growth creates a challenging compensation environment with genuine burnout risk.
Unlike every Big Four bank (NAB, CBA, ANZ, Westpac) which negotiate EAs guaranteeing annual pay rises, AMP operates on individual contracts. The FSU has been campaigning since 2024 but AMP refuses to bargain. This means pay progression is entirely discretionary — management can change terms at will, as demonstrated by the redundancy benefit cuts.
The Royal Commission, CEO resignation, fees-for-no-service scandal, and COVID combined for three years of zero executive bonuses — extremely rare in major Australian financial services. Former CEO and CCO forfeited $10.8M in unvested incentives. This period fundamentally reshaped AMP's relationship with variable pay.
The 2023 AGM first strike (50.9% for) wasn't cosmetic — it forced real reform. STI maximums were cut 25%, LTI was restructured with 70% TSR weighting (doubled from 35%), and a unique 15% RepTrak reputation metric was added. The 2024 AGM passed 92.4%, proving shareholders rewarded substance over optics.
Alexis George's A$3.3M is 39% below NAB's CEO (A$5.6M), 61% below CBA's (A$8.5M), and 85% below Macquarie's (~A$21.8M). This reflects AMP's smaller post-divestiture scale and conservative post-scandal compensation philosophy. But with an estimated 37:1 CEO-to-median ratio, it's also more equitable than most peers.
The January 2025 replacement of the 24-year-old redundancy policy (max 104 weeks → 52; age supplement 10 weeks → 1; exec max 104 → 26) created a seismic trust rupture. Internal channels 'went ballistic.' For staff who survived years of layoffs, this sent a clear signal: loyalty is not rewarded at new AMP.
AMP shares have fallen ~88% since the 1998 demutualization at ~A$14. The 2019 employee SPP was issued at A$1.60/share — a modest 8.75% gain over 6+ years. Many long-held Performance Rights and Deferred STI grants were underwater for extended periods, undermining the retention value of equity compensation.
Auckland Glassdoor rating is 1.8/5 — 52% below industry average — with reviews citing 'low pay, boring job, limited career progression.' Yet NZ Wealth Management (500-1,000 employees) is the only international operation AMP retained. The satisfaction gap between AU (3.2/5) and NZ (1.8/5) is striking.
The historic buyback improved EPS by 25% and reduced share count, which helps future equity vesting values. But it returned capital to shareholders while employees faced layoffs and benefit cuts. The choice to return A$1.1B rather than invest in workforce or benefits reveals compensation philosophy priorities.
Adding a 15% RepTrak reputation score to LTI hurdles is innovative — no other major ASX-listed financial services company uses public reputation as a formal vesting condition. With a baseline of 63.9, this creates genuine pressure to rebuild AMP's brand, directly linking executive pay to public perception of the company.