Ex-headof financial services at St George Bank Paul Kofod will join the Commonwealth Bank (CBA) as head of private banking.
Kofod’s move comes as CBA also announced that Sealcorp’s head of dealer services Tim Gunning will join as the general manager for network financial planning.
Kofod will report to CBA’s head of private client services Scott Riddell, while Gunning will report through to executive general manager for financial planning and advice services Geoff Austin.
Gunning’s role will involve dealing with financial planners within CBA’s bank branches.
“This is not a huge shift as I was doing this at Sealcorp, with the main difference being these advisers are in a tied distribution model,” Gunning says.
The departure of Kofod in late November last year was one of a number of big name departures from the St George group, with its former investment services director, Richard Cawsey, leaving in March.
Since then, Cawsey has set up his own private investment company.
Kofod was replaced by Ferooz Normoyle who moved across from ANZ where she was head of small to medium business for NSW, Queensland and the ACT.
