(RTTNews) - AMP (AMLTF.PK, AMP.AX) issued CEO's address outlining Blair Vernon's key priorities for the near term: accelerating growth in AMP's wealth businesses; maximising the benefits of AI; and a sharp focus on capital allocation and organisational efficiency. He noted that the retail banking sector remains challenging.
"When we look at AMP Bank, clearly the return on capital is not where it needs to be. We have a strategy in place to address this in the medium-term; targeting lower cost funding through deposits in AMP Bank GO, while keeping the loan book broadly steady in the meantime," Blair Vernon said.
AMP Chair Mike Hirst said AMP's share price has come under pressure since full-year results announcement, and does not reflect the strong growth in financial performance that has been achieved over the last few years.
"The rise in influence of high frequency trading, passive investing and an increasing emphasis on investment managers' quarterly performance, are all factors currently having an outsized impact on market prices - beyond company fundamentals," Mike Hirst stated.
AMP shares are currently trading at A$1.36, up 4.20%.
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