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Bouris slams banks

by Staff Reporter11 minute read
The Adviser

Jessica Darnbrough

Yellow Brick Road’s Mark Bouris has slammed Australia's big banks, criticising their intention to cut staff.

Last week, ANZ and Westpac announced their plans for mass redundancies, while the Commonwealth Bank said it would look to cut hours in regional branches.

On the other hand, Mr Bouris said Yellow Brick Road had bullish growth plans for the future.


Yesterday, the company signed its 100th branch licence, opening a new office in Geelong.

The company signed over 50 branches to the business in 2011 and plans bring on another 25 branches by the end of the financial year.  

“The banks are showing extreme sensitivity to the current climate by announcing plans to cut staff and hours in the retail banking sector,” Mr Bouris said.

“The current economic climate combined with decimated consumer confidence has changed the landscape and now is the time when people need guidance and advice the most. That’s why we’re aggressively looking for mortgage brokers and financial planners who want to be their own boss and join the Yellow Brick Road family. ”

“At Yellow Brick Road we believe that financial services is a relationship-based business, not a transactional one,” chief executive officer Matt Lawler said.

“People deserve someone they can trust to guide them in the decision making process and educate them on the best products and services for their personal goals. Online based services offer convenience and efficiency, and we believe we can offer the best of both worlds by combining technology with our tried and tested serviced based proposition.”

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