Amp superfunds with 100k were losing money, page-44

Sydneybhai

Unfortunately, as much as I would like to think that it was full steam ahead for AMP with cleared decks as you suggest, I fear this is not the situation.

They do not have a CEO. They have not had a CEO for about 4 months. They have a board made up in part of the directors who oversaw the strategy that has not worked and ran the compliance and risk committees which have failed and is in part still unfilled. It is a board that still lacks genuine financial services skills of the type that AMP is in the business of providing. AMP’s main knowledge requirements are about wealth management products including superannuation, licensee services for nearly 3,000 financial advisers, life insurance, funds management and a small bank and distribution of these products.

The board members have skills in banking, funds management, public service, law, Finance etc.

AMP has the same senior management team that has overseen a loss of value over the long term. This team also lacks the right skills. It reflects the board - with a number of people coming from banking backgrounds.

A new CEO will see both the lack of skills and lack of results. There will be changes at the senior level and then levels below. A new CEO will call out honestly what is and isn’t working - what is making money and what will never make money. Write-offs will occurr.

At that point you can say the decks have been cleared. Give it 6 months.