AMP posted 6 announcements and thank goodness ABC did your homework for you. EXCERPTS FROM ABC https://www.abc.net.au/news/2020-02-13/amp-posts-hefty-loss-but-boss-could-get-bigger-bonus/11960696
AMP reports $2.5 billion loss, while Telstra's profit falls 7.6 per cent
By business reporter Stephanie Chalmers
Updated Thu at 11:09am
AMP has posted a steep full-year loss and shareholders will not receive a dividend, but chief executive Francesco De Ferrari could be in for a bigger pay packet.
Key points:
AMP posted a $2.5 billion loss, as outflows from its wealth management unit rose
The firm expects to finish customer remediation — in the wake of the banking royal commission — in 2021
The embattled financial services firm, which is still dealing with the fallout of the banking royal commission, made a $2.5 billion loss in 2019, as it took $2.4 billion in impairment charges to "address legacy issues".
Underlying profit slumped by 32 per cent to $464 million, compared to $680 million in 2018.
More client money was pulled out of its Australian wealth-management business, with AMP citing "ongoing reputational impact and strong competition".
Over 2019, the unit posted outflows of $6.3 billion — $2.4 billion of which was for pension payments.
The company will not pay a dividend but says it will review shareholder payouts after it completes the sale of its life insurance division.
However, the AMP board increased Mr De Ferrari's maximum potential short-term bonus to 200 per cent of his fixed base salary, which was set at $2.2 million when he was appointed in 2018 — up from a previous maximum of 120 per cent.
AMP has continued to pay back clients for misconduct aired during the royal commission and fees charged for no service.
"We expect to have completed 80 per cent of the program by the end of FY20, with completion in 2021, as we have consistently guided," Mr De Ferrari said.
Last month, the ABC revealed AMP had opened new superannuation accounts for customers who were owed compensation arising out of the fees-for-no-service scandal, but had closed their accounts.
By 12:00pm (AEDT), AMP shares had fallen 2.9 per cent to $1.77.
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