Austock Securities has cut staff numbers after the company's performance suffered from the downturn in financial markets.
A company spokesperson declined to say how many people were made redundant, but she confirmed that head of private clients Scott Young was among those who left the firm last week.
Young initially joined Austock Group, the ASX-listed parent company of Austock Securities, in December last year as director of marketing and distribution.
Not long after his appointment he was asked to also take on the role of head of private clients in order to grow this part of the company.
Young was with Macquarie prior to joining Austock, where he worked as division director of professional and business banking and head of margin lending.
The redundancies are part of a company-wide restructuring at Austock Group that also involved its asset management and property businesses.
As part of the restructuring, Austock Securities has closed its Brisbane office and ended a joint venture agreement in the UK earlier this year.
