CBA CEO questions the value of past executives

The Commonwealth Bank did not necessarily have the right senior executive leaders in the past, according to the bank’s chief executive, Matt Comyn.

Giving testimony to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Comyn said he believed he now had the right people in place in the bank’s leadership roles.

Asked what was most important to changing the culture of the bank, he said he believed it was putting the right people in as leaders.

Counsel assisting the Royal Commission, Rowena Orr QC asked whether the bank had had the right people in the past, to which Comyn answered “no”.

He said in making the most recent leadership appointments he believed he had selected people who would challenge unacceptable behaviour and seek to ensure the bank was doing the right things.

The Royal Commission had earlier heard from Comyn about significant disagreements between him and his predecessor, Ian Narev around consumer credit insurance.

The Royal Commission also heard that Comyn believed that the Commonwealth Bank’s current board would be more receptive to information from senior executives than had been the case in the past.