Business
AMP flags 50pc hit to underlying profit – The Australian Financial Review
Embattled wealth giant AMP anticipates an underlying profit of below $150 million for the half-year, down from $309 million the year before.
AMP chief executive Francesco De Ferrari said earnings were impacted heavily by the coronavirus pandemic, including dwindling investment management and performance fees and higher costs associated with skyrocketing client needs.
“AMP has taken decisive action to support clients and employees and maintain a strong and resilient business, as COVID-19 continues to impact investment markets and the broader economy,” Mr De Ferrari said.
“Our strong capital position and liquidity have positioned us …
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