Adviser redundancies confirmed at CBA
The Commonwealth Bank has confirmed a round of financial advice redundancies is underway.
The big banking group confirmed that it was in consultation with its advisers with respect to what is understood to be fewer than 100 advice and advice-related positions within Commonwealth Financial Planning.
Confirmation of the redundancies has come less than a week after CBA chief executive, Matt Comyn told a Parliamentary Committee of the company’s intention to remain in the advice arena.
In a formal statement, the CBA said that it was seeking to improve the quality of its service and customer experience and therefore needed to “reshape our business model and adviser footprint”.
“We can confirm unfortunately some of our advisers and some support roles are no longer required, while other roles have been reshaped,” it said
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