Stocks of the Hour: AMP, Commonwealth & Westpac

Company News

by Lauren Evans

Financial services provider AMP (ASX:AMP) has appointed Patrick Snowball as chairman for the company's private market business. Patrick has had a 30-year career in financial services and was CEO for Suncorp for six years from 2009. Andrew Fay from Pendal will act as deputy chairman. Shares in AMP (ASX:AMP) are trading 1.1 per cent higher at $1.12.

The Commonwealth Bank (ASX:CBA) has wrapped up its 13th and final report to improve its governance, culture and accountability. The bank said this morning that all milestones are "completed and effective" and all recommendations have been implemented. APRA will now assess the sustainability of the bank's improvement. Shares in the Commonwealth Bank (ASX:CBA) are trading 0.1 per cent lower at $104.62.

Westpac (ASX:WBC) expects its profit for the second half of the year to be cut by $1.3 billion. The bank said the biggest component of this loss was  the $965 million in write-downs from its institutional business. These write-downs were mostly intangible assets, including goodwill in Westpac Institutional Bank and capitalised software. Shares in Westpac (ASX:WBC) are trading 2 per cent lower at $25.53.

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