Radical changes at CommBank

Today’s announcements by the Commonwealth Bank that Wealth chief Annabel Spring is to depart the business, that it has sold CommInsure to AIA and that it is considering the future of Colonial First State Global Asset Management (CFS GAM) represent a radical reaction to recent events.

Much had been written about there having been no departures from CommBank in the wake of recent scandals, but today’s announcements will quieten the critics.

It now seems clear that the Commonwealth Bank’s presence in the wealth management sector will be much diminished from that which existed when it started 2017 with its insurance business now being run by AIA and with CFSGAM now firmly on the sales block.

Related News:

CommBank has said that CFSGAM is now the subject of a strategic review, “including whether a separately listed CFSGAM would be better able to grow its business, serve the interests of its clients and attract and retain key personnel”.

With the bank already positioning to replace chief executive, Ian Narev when he departs before the end of the current financial year, it is clear that the board is looking for a fresh start and a balance sheet with substantially more liquidity and much fewer liabilities. 




Related Content

CBA appoints former Westpac executive to board

The Commonwealth Bank has appointed a former NSW public service head and Westpac executive, Robert Whitfield to its board.The big banking group announ...more

Litigation funder confirms CBA class action

Litigation funder IMF Bentham has confirmed it will be funding an open class action against the Commonwealth Bank over its alleged breaches of the Ant...more

Super bills ‘leave pass’ for banks

Superannuation bills reintroduced by the Federal Government into Parliament yesterday pose a risk to the not-for-profit superannuation sector and give...more

Author

Comments

Add new comment