AMP shares plunge as much as wealth manager warns of full year profit wipeout, slashes dividend

AMP investors have been warned to brace for a 97 per cent slump in profit and massive dividend cut as the costs of the scandals exposed in the banking royal commission continue to mount. 

AMP further downgraded its already weak guidance, reporting that its net profit for the 2018 calendar year would be "approximately $30 million" down from $841 million reaped the previous year. 

Shaw & Partners banking analyst Brett Le Mesurier says investors are now bracing for the Royal Commission's final report due on February 1.