Business
Why the AMP board decided to go with Boe – The Australian Financial Review
Faced with a formidable task in turning around its wealth management and banking businesses, AMP has pinned its hopes of corporate resurrection on AMP Capital.
That means the only area of operations where AMP can allow itself to dream of relatively easy and pain-free gains is in its AMP Capital business.
Interestingly, AMP didn’t gloss over the headwinds faced by its banking and wealth management operations in its results presentation.
It said earnings in its Australian wealth management arm had dropped to $59 million in the first half of 2020, down 42.7 per cent from the same period a year earlier.
AMP becomes positively effusive when it comes to d…
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