AMP chairman David Murray spoke exclusively to TICKY on Thursday about the company’s recovery strategy following the financial services royal commission scandals and plummeting share price.
Changing brand perceptions are the first port of call for the blue-chip company to get onto the path of recovery, Murray said.
“Things happen and people do recover if you’ve got the right change agent and the right people and a good board with people with their mind on it. That’s all we can do.”
“From my background, I know intimately the perception of a brand and perceptions around a brand. Once that happens, you’ve got to get on the repair job as fast as you can and build confidence inch-by-inch with people.
“You can’t just bluster your way out of it. You’ve got to rebuild.”
Murray’s vision for AMP shareholders is to restore their confidence in the brand and remind them of the service the legacy brand offers.
“AMP will still have a decent banking business, capital management business and a product and advice business. That is needed by Australians.”
AMP shares were up almost seven per cent at the end of trading on Thursday, after a report in The Australian suggested Macquarie is planning a takeover bid.
In response to the banking royal commission, Murray said the industry needs to “adapt significantly.”
He saw many points from Commissioner Hayne’s interim report as positive ones.
“When I look at the interim report, the basic principles that the Commissioner has put down are very, very sensible.
“His suggestion about simplification of the law, to my mind is very welcome. His suggestion that once in place, regulators have to enforce better is fantastic.
“And of course, industry, if they want to maintain their reputation, have to comply better.”
When asked by Fullerton on how AMP will get through the banking royal commission, Murray responded: “We’ll do better than survive.”
Watch the video above for the full interview with David Murray.