News

School banking programs will be scrapped in ACT schools after a unanimous vote against ‘sophisticated marketing techniques’ aimed at children

The Australian Capital Territory has moved to ban school banking programs, like Commonwealth Bank’s popular Dollarmites scheme, from public classrooms. Lawmakers unanimously voted on the legislation, which found those programs are a “key strategic tool” in marketing banking products to children. The ACT joins Victoria in its rejection of school […]
School banking programs will be scrapped in ACT schools after a unanimous vote against ‘sophisticated marketing techniques’ aimed at children
Markets

CBA chair Catherine Livingstone says the bank’s scandals are ‘damning’

Catherine Livingstone, the chair of the Commonwealth Bank, was today questioned in the financial services royal commission. She is the most senior figure from a major bank to appear before the royal commission. She described as “damning” a series of scandals involving the Commonwealth. Commonwealth chair Catherine Livingstone, the most […]
CBA chair Catherine Livingstone says the bank’s scandals are ‘damning’
Markets

The Commonwealth has sacked 41 bankers this year

The Commonwealth Bank has confirmed it has been sacking staff following revelations in the financial services royal commission. CBA chief executive Matt Comyn was asked in a parliamentary committee hearing today whether anyone was fired from the bank as a result of the royal commission. He replied to committee chair […]
The Commonwealth has sacked 41 bankers this year
Markets

CBA will pay $700 million to settle the money laundering case

The Commonwealth Bank is closing one major problem in a string of scandals by closing a deal with AUSTRAC, the Australian Government’s financial intelligence agency, over massive money laundering regulation breaches. The bank has agreed to pay $700 million, the largest civil penalty in Australian corporate history, and $2.5 million […]
CBA will pay $700 million to settle the money laundering case
News

New Zealand says proposed Commonwealth trade deal is ‘too ambitious’

Talks of a free trade agreement (FTA) between Commonwealth countries is a waste of politicians’ breath, New Zealands’s export industry says. ExportNZ executive director Catherine Beard said a multilateral trade deal between 53 countries was “too ambitious” with “a lot on the dance card” already. Trying to get that many […]
New Zealand says proposed Commonwealth trade deal is ‘too ambitious’
Markets

Overcharging and fee structures at Australia’s biggest bank are in the spotlight at the Royal Commission

Marianne Perkovic, Executive General Manager of Commonwealth Private, came under intense questioning over the “fees for no service” issue in the financial services Royal Commission hearings today. She confirmed that customers are charged if their financial planner doesn’t conduct an annual review, through an opt-out process. The Royal Commissioner warned […]
Overcharging and fee structures at Australia’s biggest bank are in the spotlight at the Royal Commission
News

10 things you might not know about the Commonwealth

Britain’s territorial vastness was neatly summed up in the Victorian era by the observation that “the sun never sets on the British Empire”. For 350 years, dating from when the East India Company was founded in 1600 until after the end of the second world war, Britain’s global reach was […]
10 things you might not know about the Commonwealth
Markets

Matt Comyn has taken an axe to CBA’s senior executive team

CBA’s incoming CEO Matt Comyn has stripped three senior executives from the management team. He wants to create an executive team to “rebuild the trust and pride” in the bank Outing going CEO Ian Narev said: “Leadership transitions are inevitably a time of change in senior teams.” Three senior executives […]
Matt Comyn has taken an axe to CBA’s senior executive team
Markets

The Commonwealth Bank is having a boardroom clean-out

The board of directors of the Commonwealth Bank is being remade. Two directors, both audit committee members overseeing risk and compliance, are standing down. The bank today announced the retirement of Launa Inman, a director since March 2011, and Harrison Young, who has been on the board since February 2007. […]
The Commonwealth Bank is having a boardroom clean-out
Markets

CBA execs just lost millions of dollars in bonuses

CEO Ian Narev and his senior management team have lost their short term bonuses over the money laundering scandal. Board directors will also have their fees reduced by 20%. These fees range from $874,195 for the chair and about $300,000 for a non executive director. Narev last year received received […]
CBA execs just lost millions of dollars in bonuses
News

The big four banks say the new levy will hit profits by $1 billion

The big four banks have a combined annual liability for the federal’s government’s new bank levy of $1.38 billion a year – as far as they can work out with the information they have been given. The numbers show that the new tax will raise the amount estimated in the […]
The big four banks say the new levy will hit profits by $1 billion
Markets

CBA is putting the squeeze on investor lending again

The Commonwealth Bank has further toughened lending to property investors, now insisting they have at least a 10% cash deposit. The bank cut the maximum loan-to-value ratio for investment home loans to 90% from 95%, effective immediately. “Commonwealth Bank constantly reviews and monitors its home loans portfolio to ensure we […]
CBA is putting the squeeze on investor lending again