eye the report for the magic number , customer retention.......

eye the report for the magic number , customer retention.... that could sink or float the Titanic ! QUOTE " AMP shares plunge 10 per cent as group warns of a difficult 2019

By Sarah Danckert

Updated February 14, 2019 — 6.36pmfirst published at 8.22am





Teetering wealth giant AMP has been smashed by investors after revealing its customers are fleeing in droves to industry super funds in what the group called “a perfect storm”.

AMP’s shares plunged 10 per cent on Thursday after it revealed its profit had been almost obliterated falling to just $30 million from $848 million a year earlier as customers had walked away in large numbers taking more than $4 billion dollars of superannuation and other investments with them.

The poor result follows a year that saw the nation's biggest wealth manager roiled by scandals centred on the banking royal commission that cost the jobs of its chief executive and chairman and sees AMP facing the prospect of criminal charges.

Recently appointed chief executive Francesco De Ferrari described the past 12 months as "challenging" for AMP but warned 2019 could also be tough as the new year had seen customers continuing to pull their money out of the iconic company at a rapid rate." END QUOTE