Westpac sacks planners

Westpac is shedding 100 jobs from its financial planning and wealth management business BT as the worst returns from share markets since 1982 bite into profits. The profits of big bank wealth management businesses declined 8 per cent in the last six months according to Deutsche Bank. BT includes Westpac Financial Planning and Magnitude Financial Planning brands. Falling super returns has eased the demand for junior planners, whilst demand for senior planners is strong. Westpac plans to sack half of its junior planners and recruit senior planners.

Source: The Australian Financial Review