Tomorrow we will begin to see the true horror of the mess unfold. It is happening in slow motion but it is happening none the less. The AMP board and management will try to create a stay of execution for 12 months by feeding us some waffle about market conditions and a bold new strategy but it will be all just talk. Mr. Murray and his cohorts are being shown to have egg on their faces as their marquee CEO, Mr De Ferrari, is being exposed as a flaccid show pony with no control over his key staff and no capacity to deliver on his promised turn around strategy. He has failed.
Tomorrow the true horror of AMP's financial situation will be laid bare as falling revenues, declining AUM, and margin compression take their toll.
Tomorrow, we will hear half the story and probably a few half-truths and a lot of spin. May next year, we will be able to vote with our feet. I just hope it's not too late!
Guesstimates for AMP 2020-21, page-295
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