Westpac (ASX:WBC) has today announced it is quitting the personal financial advice business and overhauling its management structure.
The bank will sell its BT advice business to Viridian Advisory, which will offer employment to around 175 BT advisers and other management and support staff.
Proceeds from the sale will depend on the size of the business that transitions to Viridian Advisory.
The changes will be complete by June 30 and result in one-off costs of $250 million to $300 million across two years, but, earnings-per-share are expected to improve in the 2020 financial year due to the exit from a high cost, loss-making business.
The bank also announced changes to its management team, current Consumer Bank Chief George Frazis set to leave the Group with current Business Bank Chief David Lindberg to move into the Consumer role.
Shares in Westpac (ASX:WBC) are trading 0.19 per cent lower to $26.47.