While shareholders cheered the overall result as being not as bad as expected,the group was challenged over lacklustre performance by its AMP Bank division.
AMP is attempting to limit the crunch on its banking profits by targeting the small business market,investing in a new digital bank.
Alexis George,who has led the simplification of AMP since 2021,said she would pause its capital return plan given uncertainty around legal matters.
AMP is likely to pay at least $900,000 to two financial institutions after the Federal Court ruled against it in a class action.
The departure of two key executives will facilitate the financial services firm’s restructure after it dissolved its Australian wealth management business structure.
Almost half of all shareholder votes opposed AMP’s remuneration report on Friday,amid concerns about how the company set executive bonuses.
AMP,one of the oldest financial institutions in Australia,has been trying to engineer a turnaround after a major fall from grace.
The banks paid or offered $4.7 billion in compensation after a royal commission and ASIC found misconduct around financial advice.
Wealth management giant AMP could be forced to recut its deal to sell its local real estate and infrastructure equities business to Dexus due to delays caused by approval issues in China.
AMP’s management is convinced it has the plan to resuscitate the venerable brand’s fortunes,but multiple institutional investors want decisive action,including a further break-up of the company.
The start of a new year is a great time to set up some new and improved financial habits to boost your nest egg.