AMP chief executive Francesco De Ferrari says “rump of the business” is a terrible term for the company’s unloved superannuation, wealth and banking divisions and has pledged heavy lifting to overhaul what’s left of the 172-year-old-company.

Mr De Ferrari made the remark on an analyst call on Friday as he described AMP’s plans after it sells 60 per cent of AMP Capital’s private markets business to Ares Management.