Subscribe to our newsletter

Exclusive
Labor missed a trick with mortgages :
Comyn concedes ‘success dulled senses’ at CBA

Comyn concedes ‘success dulled senses’ at CBA

James Mitchell
— 1 minute read

Commonwealth Bank boss Matt Comyn has acknowledged that the bank was driven by greed and plagued by complacency in light of widespread misconduct.

In his opening statement to a parliamentary committee in Canberra on Thursday (11 October), CBA chief Matt Comyn conceded that Australia’s largest and most profitable bank has been “too slow to identify problems, too slow to fix underlying problems and too slow to put things right by customers.”

“Our customers and the community rightly expect that we always do the right thing. But we have seen far too many instances of unacceptable customer outcomes. As the royal commission hearings have shown, there have been failures of judgement, failures of process, failures of leadership and, in some instances, greed,” Mr Comyn said. “We became complacent.”

Advertisement
Advertisement

His comments come after CBA this week revealed plans to overhaul its wealth management processes, including changes to remuneration practices. CBA will rebate grandfathered commissions and any fees charged for no service to customers.

Earlier this morning, Mr Comyn was asked by the committee’s deputy chair, Labor MP Matt Thistlethwaite, how an organisation with some of the highest paid senior managers in the country managed to get itself into a situation where it has become so tarnished and damaged.

“[Executives] of this organisation who were being paid big bonuses were alerted to some of these issues over eight or nine years ago but they didn’t act. You didn’t act until the regulators got involved, the media got involved and the royal commission delved into them. Why should we accept now that things have changed when you have had a decade to get them right and you didn’t?” Mr Thistlethwaite asked.

Mr Comyn said he understands the community’s scepticism. He accepted that CBA was wrong to oppose a royal commission.

“We did, as an organisation, become complacent. We made too many mistakes. We were too slow to acknowledge and get to the root cause of those mistakes,” he said. “Success dulled our senses.”

 

Comyn concedes ‘success dulled senses’ at CBA
investordaily image
ID logo

related articles

  • Why the opinion polls got it so wrong

    As one of the few politically conservative journalists in a newsroom chock full of left-leaning voters, it’s comforting to know that most ...

  • Labor missed a trick with mortgages 

    EXCLUSIVE Aussie Home Loans boss James Symond has described the mortgage industry’s mammoth lobbying efforts as a “case book study” in...

  • Blue Sky in receivership

    Brisbane group Blue Sky Alternative Investments has gone into receivership following the breach of its $47.7 million loan facility from US-...

promoted stories

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.