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From The Australian

2 HOURS AGO | 10.14AMAMP shares lower than ‘intrinsic value’
AMP CEO Francesco De Ferrari has avoided answering a question on why former Australia business boss Alex Wade was placed in charge of both AMP Bank and AMP’s wealth arm.
After lengthy questioning on the topic, he said: “let me answer the question on the business model”.
“I fundamentally believe that structurally one of the biggest issues of financial services companies globally is that they tend to be very product-centred organisations.
“My objective from the beginning in transforming AMP is to build a company that is led by clients and client needs.”
Sky News’ Ticky Fullerton asks Mr De Ferrari how the company planned to unlock value for shareholders and whether AMP’s low share price made the company a potential target for a hostile takeover.
“If you look at our share price I would say ... clearly its not where we’d like it to be,” Mr De Ferrari said in response. /
“The intrinsic value of the business is significantly higher than it is in the share price.
“In pursuing the strategy we have ahead, we can unlock a lot of value for our shareholders.”
AMP shares are surging 12.5pc to $1.55 at the open.
Read more: AMP pays special dividend as profit slumps
LACHLAN MOFFET GRAY3 HOURS AGO | 10.07AM
I make tough decisions every day: De Ferrari

As hard as AMP chief Francesco De Ferrari tries to move the discussion on, questioning remains centred on issues regarding Alex Wade and AMP’s culture.
After questions of his judgment over the hiring of Mr Wade to the position of Australian head, he says, “I take tough decisions every day”.
“ … I would love to get some questions on results on how the business is going and what we’re doing for our clients.
“I am not going to comment on speculation on this stuff.
“I would be happy to take another question.”
Mr De Ferrari earlier said that he needs to “have an environment where our employees feel free to speak up and raise concerns”.
“If I compromise on this, I will not fulfil my responsibility as CEO.”