The interim report of the financial services royal commission identified dishonesty and greed as the main theme from its investigation of misconduct by the banks.
Australian Banking Association CEO Anna Bligh says today marks a day of shame for Australia’s banks.
“There are no excuses for the behaviour that has been exposed by the Royal Commission,” she says.
“Banks accept responsibility for their failures and right now they are working day and night to make things right for their customers.
“We will fix these problems and make them right without delay, to earn back the trust of the Australian public.
“We will build a banking industry which acts with integrity and is once again respected by our customers and the Australian community.
“The industry will respond to the specific findings in the Interim Report through a submission in the coming weeks.”
NAB CEO Andrew Thorburn says he will review the report in more detail over the weekend.
“I would like to thank the Commissioner for his thoroughness and diligence,” he says.
“For us at NAB, where we have made mistakes or done the wrong thing, we will own them and fix them. It is difficult to face the statement of ‘profits before people’, but this is exactly what we need to confront.
“Banking was built on putting people first and earning the trust of customers. We must return to these principles once again, rather than continuing to be short term managers.”
ANZ Chief Executive Shayne Elliott this is a critical moment for the industry, the bank and its employees.
“We accept responsibility and we are determined to improve,” he says.
“ANZ is taking action to fast-track changes – leadership, strategic, systems, people and cultural. We will make the investments required to build a bank worthy of the trust and respect of our customers and the community.
“While this work is well underway, there is more to do and today’s report clearly sets out the damage we can do when we fail our customers.
“We will analyse the report in detail and respond directly to the Commissioner. We will also continue to engage constructively through the remainder of the process.”
Commonwealth CEO Matt Comyn says the Interim Report is confronting and rightly critical of the industry and his bank.
“We have seen too many examples of unacceptable behaviour and unacceptable customer outcomes,” he says.
“The Commission has highlighted the need for significant changes, particularly to systems, processes and culture. I am committed to making sure that we learn from the failures detailed in this Report to fix what went wrong and put things right for our customers.
“We have already made a number of changes and will make more to meet the community’s expectations and earn trust.
“The vast majority of our people do the right thing by their customers every day. They have also been let down.
“We will provide a comprehensive response to the Interim Report.”
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