AMP Limited shares (ASX: AMP) staged a dramatic, albeit partial recovery on Friday, climbing 8.98% to A$1.40 after suffering their worst single-day decline in years. Despite the bounce into the weekend, the AMP share price remains deep in the red for the week following disappointing full-year earnings that triggered a brutal 28.68% selloff on Thursday.
The ASX 200 listed stock flipped from Thursday’s laggard to Friday’s leader, clawing back nearly A$0.12 per share in a session that saw bargain hunters emerge after the stock approached a potential support level around A$1.30. Despite the recovery, AMP shares remain down 15.96% for the week, trading well below the multi-year highs achieved in early 2025. The rebound comes after the company’s market capitalisation was slashed by hundreds of millions of dollars in a single session, with the A$1.30 support level now appearing critical for technical traders monitoring the stock’s next move.
AMP’s full-year 2025 results, released yesterday (12 Feb) revealed revenue of A$2.81 billion and net income of A$133 million, both representing modest declines from the prior year. The figures fell short of market expectations, with profitability concerns taking center stage as the company continues navigating its multi-year business restructuring.
The earnings miss compounds pressure on a company that has spent recent years divesting non-core assets, streamlining operations, and attempting to rebuild credibility with shareholders after a series of regulatory scandals and strategic missteps. The wealth management and banking group has been working to simplify its business model, focusing on core platforms including AMP Bank and its superannuation offerings.
Leadership and Governance Changes
The company announced in January 2026 that Chief Financial Officer Blair Vernon would succeed Alexis George as Group CEO following George’s planned retirement. Vernon, who has been instrumental in AMP’s financial strategy during the transformation period, inherits a business under intense market scrutiny. The leadership transition comes at a pivotal moment, with the new CEO tasked with restoring confidence and delivering on long-delayed turnaround promises.
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Board changes have also featured prominently in AMP’s governance evolution. In August 2025, Andrea Slattery retired as an independent non-executive director, with Linda Elkins, an experienced wealth platforms and superannuation executive, joining the AMP Limited and AMP Bank boards effective September 1, 2025. These appointments reflect efforts to strengthen expertise in the company’s core business areas.
Outlook and Technical Considerations
The A$1.30 level has emerged as a potentially critical support zone, with bulls hoping the Friday rebound signals a bottom after the earnings-driven capitulation. The question as to whether this could be a dead cat bounce, or a more meaningful sign of support are yet to be answered.
Markets will be closely monitoring AMP’s ability to execute on its strategic priorities under new leadership, with particular focus on revenue stabilization, cost management, and capital allocation decisions. The company’s next quarterly update will be scrutinized for evidence that the transformation is gaining traction beyond restructuring headlines.
Sector headwinds including regulatory pressures, competition from digital-first wealth platforms, and margin compression in traditional banking products add layers of complexity to AMP’s recovery narrative. The company must demonstrate it can grow organically while defending market share in an increasingly crowded financial services landscape.
AMP’s wild price action this week encapsulates the high-stakes nature of corporate turnarounds in the financial services sector, where legacy issues and transformation costs can obscure progress for extended periods. While the rebound ahead of the weekend offers some relief for battered shareholders, the 16% weekly decline serves as a stark reminder that markets remain unconvinced about the timeline and ultimate success of the company’s restructuring efforts. Whether the A$1.30 support holds and new leadership can catalyze a sustainable recovery will determine if AMP’s recent rally was a temporary reprieve or the beginning of another painful chapter for one of Australia’s oldest financial institutions.
