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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