Subscribe to our newsletter

Comyn apologises for CBA 'failures'

Comyn apologises for CBA 'failures'

Jessica Yun
— 1 minute read

CBA chief executive Matt Comyn has apologised to stakeholders for the findings of APRA's inquiry into his bank, pledging to implement all 35 of the regulator's recommendations.

“I want to apologise to the bank’s customers, our shareholders and the Australian community for letting you down,” said Mr Comyn.

"This is a report about the failures of senior leadership inside the Commonwealth Bank, including me," he said.

“My job now is to fix what is broken and to earn back your trust. We will make the necessary changes to become a better bank and we will be transparent about our progress.”

He said the bank would not only “fully implement” each of the report’s 35 recommendations but go beyond that.

“We will establish a higher level of accountability and consequence for our actions and the impact we have on customers. This starts with me.”

“It is us, it’s me, it is our leadership and things need to change," he said.

Mr Comyn said he has asked CBA’s board of directors to cancel his short-term bonus for 2018, emphasising that it was “important that as chief executive I set that example”.

CBA accepts enforceable undertaking

In a separate statement, the Commonwealth Bank of Australia confirmed it would “implement all the recommendations” stated in APRA’s final report.

APRA has accepted an enforceable undertaking from the major bank, which has declared it will:

  • “submit a remedial plan to APRA” within 60 days of the EU responding to each recommendation in APRA’s final report;
  • appoint an independent reviewer that will report back to APRA about progress on implementing the recommendations;
  • and to “apply for a removal of all or part of the capital adjustment”.

CBA chair Catherine Livingstone said addressing the report findings was a “key focus” for the bank’s board.

“Changes have been underway throughout 2017 at board and operational levels, and have continued this year, helping to rebuild customer and community trust.

“This includes the process of board renewal. Together they represent a significant change program and the APRA Report provides us with a clear roadmap for the hard work still ahead of us,” Ms Livingstone said.

 

Comyn apologises for CBA 'failures'
CBA
ID logo

related articles

promoted stories