SYDNEY—Australia’s largest-listed wealth manager AMP announced the resignations of its chairwoman and legal counsel on Monday, and slashed its directors’ fees by a quarter as it races to stem the fallout from damaging revelations of misconduct at the firm.
The exits follow disclosures at a judicial inquiry into the country’s financial sector that AMP misled many customers and deceived the corporate regulator. The scandal has already caused the early departure of CEO Craig Meller, who was due to leave by year-end, and analysts expect more heads will roll.
