A big four bank has restructured its private wealth advice arm to sit within its broader retail banking division, in a move the bank says will better support client needs.
The restructure has seen Commonwealth Bank’s advice and investment business for high-net-worth clients, Commonwealth Private, move from its business banking division – formerly Business and Private Banking – to its Retail Banking Services division.
A spokesperson for the bank told ifa the move reflected the importance of personal banking products, such as home lending and deposits, to CBA’s private client offering.
“We can confirm that Commonwealth Private Bank now sits in the retail business division of CBA, but continues to work closely with teams in the Business Bank,” the spokesperson said.
“The move is designed to further strengthen service and support for our private clients, whose needs and demands, while unique, are predominantly focused on home buying and deposits as well as well as financial advice and investments.”
The spokesperson confirmed there were no staffing or leadership changes to the division as a result of the move.
CBA’s Business and Private Banking division saw a 3 per cent decline in net profit after tax in the first half of the 2020 financial year, while its Retail Banking Services business saw net profits increase by 6 per cent over the same period.
The business banking division also includes the bank’s CommSec online trading business, which recently announced the sale of its wholesale broking arm to Japanese financial consultant Nomura Research Institute.
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