Richie - what are AMP’s total costs excluding the life business? Can they realistically cut $300m - plus another $70m, from what is left?
If they cut 20% off 5,778, that will be 4,600 approx.
the statements in the media suggest that they will cut 20% in parts of the business not the whole business. I think they are targeting $300m all up. It is more reasonable to allow costs of $150k per person including overheads.
I keep looking at the numbers and think they are counting savings along with sold business impacts. I just cannot see the cost savings. I think after the acquisition of AXA they targeted less than $300m in savings and they had a much bigger and easier starting position.
Ann: Moody's Ratings Update, page-27
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