AMP's fall is a bad day for Australian icons

A reverend, a businessman and a wool trader walk into a bar. AMP's history is inextricable with that of modern Australia, but has fallen hard as it looks towards a potential break-up.

Wealth giant AMP has put itself up for sale. Michel O'Sullivan

Michael Roddan and Jonathan Shapiro

Sep 7, 2020 – 7.45pm

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Not long after Francesco De Ferrari was hired by David Murray as AMP's "last decent chance" following its battering during the Hayne royal commission, the former Credit Suisse banker dragged employees from the company's Circular Quay headquarters on Sydney Harbour to an auditorium across the road at the Opera House for a pep talk.

Coming to the top job in December 2018, De Ferrari realised employees needed a bit of encouragement. They'd suffered not just the abrupt departure of chairman Catherine Brenner and chief executive Craig Meller over a fees-for-no-service scandal, amid accusations the company lied to the corporate regulator, but also the damage to the company's reputation and share price, and a conga line of executive and board departures.

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Michael RoddanNational correspondentMichael Roddan is a Walkley Award-winning national correspondent based in Sydney. He is a former business and economics reporter for The Australian.

Jonathan ShapiroSenior reporterJonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney.