AMP chief executive Alexis George warned the group’s challenger bank faces margin compression in 2024 as home loan competition increases and the sprawling financial group targets a further $120 million in cost reductions by 2025.
The shares rallied 7 per cent to $1.04 on AMP’s pledge to return a further $295 million through future dividends or buying back shares on-market.
Loading...
Tom Richardson writes and comments on markets including equities, debt, crypto, software, banking, payments, and regulation. He worked in asset management at Bank of New York Mellon and is a member of the CFA Society of the UK as a holder of the Investment Management Certificate. Connect with Tom on Twitter. Email Tom at tom.richardson@afr.com
