Westpac Banking Corp, said on Tuesday it would exit its financial advice busines...
SYDNEY - Westpac Banking Corp, said on Tuesday it would exit its financial advice business, the last of Australia’s top four banks to do so, as regulators increase pressure on the scandal-ridden financial sector to act in customers’ best interests.
It did not provide a deal value for the sale, but said it would take a restructuring charge of up to A$300 million that would be partially offset by the proceeds and A$20 million in productivity savings by 2020. Westpac’s exit from personal financial advice follows a year-long public inquiry into financial sector greed and wrongdoing which has put pressure on banks and wealth managers to fix serious problems with compliance, governance, ethics and accountability.
A number of Westpac’s salaried financial advisers and support staff would transition to Viridian and about 10,000 customers would be offered an option to move, Hartzer said. About 900 people would be made redundant.
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