Westpac retreats from financial advice

Original article by James Frost
The Australian Financial Review – Page: 1 & 16 : 20-Mar-19

Westpac will cease serving its existing personal financial advice customers at the end of June, after striking a deal with Viridian to exit the sector. Westpac CEO Brian Hartzer concedes that its personal finance advice business has not been profitable for some time, and increased regulation was a major factor in its decision to withdraw from the sector. Westpac faces restructuring costs of $250m to $300m, while about 900 full-time equivalent employees will be impacted by the decision to exit financial advice. Westpac expects the move to result in annual savings of $280m by 2020.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, VIRIDIAN ADVISORY PTY LTD

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