.
"We are now making some changes to simplify our retail distribution and financial planning capabilities so we can provide more focussed and meaningful advice for our most financially complex customers," the spokesman said. "This means the advice team will be smaller, which will impact a number of our financial planners and support staff members."
The profitability of the banking sector has been challenged in recent months, as record-low interest rates squeeze margins, but Shaw and Partners analyst Brett Le Mesurier said the job cuts had already been factored in and were not symptomatic of a broader economic decline.
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