THINKING OUT LOUD

If the financial planning arm loses $53 million……

Yes, I am a critic of Australia’s banks.

Westpac ?? sells, closes, divests ?? is financial planning division. The banks, their executives, their culture and their practices all stink.

Highlighted quotes from the article include; “Westpac lost $53 million last year in its financial planning business – and that’s before remediation costs.” Westpac will transfer “its financial planning business to Viridian, an independent planning group started by former Westpac executives a few years ago.”

Using the “word “sell” might be generous – there is no purchase price mentioned, and it is understood the price is deeply immaterial” CEO “Hartzer has taken a while, but he’s clearly made a decision that will cheer his investors.”

https://www.afr.com/brand/chanticleer/westpac-finally-waves-the-wealth-white-flag-20190319-p515dj