Brief: Yellow Brick Road Says Wealth Business Restructure Seen To Result In A Headcount Reduction

Yellow Brick Road Holdings

16/05/2019 16:12

May 16 (Reuters) - Yellow Brick Road Holdings Ltd  YBR.AX :
    * BOARD HAS DECIDED TO COMMENCE A PROCESS TO DISPOSE OF,
OUTSOURCE
OR OTHERWISE RESTRUCTURE HEAD OFFICE WEALTH BUSINESS FUNCTIONS
    * RESTRUCTURE OF WEALTH BUSINESS IS EXPECTED TO
SIGNIFICANTLY
REDUCE COST BASE,  RESULT IN A HEADCOUNT REDUCTION TO BUSINESS
    * GOING FORWARD COST OF MAINTAINING YBR'S AFSL & ASSOCIATED
COMPLIANCE FUNCTIONS & LIABILITIES WOULD THEN NO LONGER BE BORNE
BY GROUP
    * FRANK GANIS WILL STEP DOWN AS GROUP CEO

Source text for Eikon:  urn:newsml:reuters.com:*:nASX22BPxg
Further company coverage:  YBR.AX 

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