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The distressed wealth manager AMP has trimmed its dividend after its annual profit fell 97% to only $ 28 million.
Revenues fell 55% to $ 820 million and AMP reduced its final dividend from 14.5 cents to 4.0 cents.
AMP, which earned $ 848 million a year ago, recorded $ 656 million in customer adjustments, mainly related to mistakes made by the Royal Commission on Financial Services.
During a disastrous year for the venerable society, the commission's hearings revealed that AMP had charged fees for the lack of service and forced the president and CEO of AMP. , Craig Meller, to resign, as well as President Catherine Brenner. $ 2.2 billion was swept away by the market value of the company.
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