Business
AMP chief acknowledges culture problem amid 52% profit plunge – Sydney Morning Herald
The troubled wealth giant has reported double-digit losses across all four of its divisions amid ongoing controversies over its corporate culture.
AMP Australia, the entity that oversees the wealth management and AMP Bank, reported operating earnings of $59 million, 42 per cent less than the same time last year. The group said it felt the impact of the federal government’s early access scheme to superannuation, which cost at least $900 million. Assets under management slumped by 10 per cent to $121 billion, partly due to pandemic-induced investment market volatility.
AMP Australia’s chief executive Alex Wade stepped down suddenly without …
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