Rumour confirmed: Potentially hundreds of jobs in jeopardy as Westpac quits financial advice

THE RUMOUR FILE

Westpac is selling off the financial advice arm of its business, putting potentially hundreds of jobs in jeopardy.

First heard on the Rumour File today, the bank made an internal announcement about the changes early this morning.

The bank confirmed its BT Financial Group will be rolled into Westpac’s consumer banking division, with the business sold to Viridian.

The Age reports Viridian set to offer employment to about 175 BT salaried advisers, and other management and support staff.

But Westpac currently has about 900 full-time staff in financial advice, including support staff.

Financial advice was one of the biggest problem areas unearthed during the banking royal commission.