Scandal-hit wealth manager AMP profits plummet 97% to A$28m

Teetering AMP has slashed its dividend after its full-year profit plummeted 97% to just A$28m amid disastrous "reputational damage" from the banking royal commission. The Sydney-based company reported a net profit for the year ended December 31 of A$28 million, a 97% decline from A$848 million in the previous year. The dividend was also down at 4¢ in 2018, franked at 90%, down from 14.5¢ in 2017.  That reflected "the reputational impact" from the inquiry, particularly in the second half of the year, and also "advisers' focus on customer retention rather than new business", AMP said in a ...