Wilsons cuts staff to prepare for COVID-19 downturn

Street Talk

Stockbroking and advisory firm Wilsons has pre-emptively bitten the coronavirus bullet and is letting go of staff to cut costs, sources told Street Talk.

Up to ten staff at stockbroker and advisory firm Wilsons have been let go.  Louis Douvis

It is understood up to ten Wilsons team members were told on Friday that they were being let go, as the firm braces for a tough six month trading period.

Those included in the cull were front of office employees, staff in support functions and a handful of financial advisors at the beginning of their careers.

Sources said the broker made the call in order to right-size the company, on the assumption that business over the next six months would dry up due to the COVID-19 pandemic.

Wilsons is the first broker to join the growing list of companies that have been forced to make job cuts or stand staff down as the virus effectively halts the Australian economy.

ASX-listed players like Qantas, Flight Centre and Star Entertainment have all made the decision to stand down staff by the thousands as company earnings head towards zero.

Calls to Wilsons spokespeople were not returned at the time of publication.

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