CBA Dismantles Murray Legacy

The new management and board at the Commonwealth Bank is blowing up the corporate structure that David Murray built as CEO decades ago and is now defending as the new chair of the struggling AMP. In an announcement to the ASX yesterday the CBA said it was stripping itself back to being a bank.

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CBA Pays Record Price To End Austrac Pain

The Commonwealth Bank now has the dubious distinction of having the two largest penalties ever imposed on an Australian company after it did a deal to end the embarrassing Austrac money laundering case by agreeing to a $700 million fine (and legal costs of $2.5 million) and making a new set of admissions over the breaches.

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“Tin Ear” CBA Slammed By APRA

Investors ignored the humiliating report from the key banking regulator about the recent performance of the Commonwealth Bank and sent the shares up yesterday – they rose 1.9% to $73.17 despite the report saying that “CBA turned a tin ear to external voices and community expectations about fair treatment”, and had raised “a number of prudential concerns”.

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CBA Culture Slammed In APRA Report

If you thought the performance of the AMP was pretty weak after the revelations at the banking royal commission, then think again. A report from the key bank regulator, APRA has damned the culture, management and board performance of the country’s biggest financial group and bank, the Commonwealth (CBA).

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CBA Joins Vertical Integration Exit

The break up of Australia’s big bank oligopoly is happening faster than either investors, a slothful Federal government, regulators or the late to the scene Australian Competition and Consumer Commission, or investors can comprehend with the news Thursday morning that the embattled Commonwealth Bank has not only sold its insurance business, but is eyeing the sale or float of the country’s biggest privately owned fund manager and its $219 billion in assets.

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Commonwealth Bank Begins Renewal Program

It was a month on Sunday that the Commonwealth Bank’s great secret and nightmare escaped from the secrecy of the bank’s boardroom and senior management offices in its Sydney HQ and out into the public arena – those devastating claims of money laundering from the country’s financial intelligence group, Austrac.

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CBA Posts $9.9b Profit

The Commonwealth Bank has given dividends a boost to keep shareholders happy amid the concerns of the money laundering scandal. At the same time the bank has revealed it is looking at selling its troublesome insurance arm, while it is going to buy the remaining 20% of Aussie home Loans that it doesn’t already own.

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