Peter Overton, Nine News Sydney: Simpler and better – the catch cry from Australia’s largest bank, the Commonwealth Bank as it tries to move on from the scandals of the Royal commission.
But when it comes to explaining why the banking giant hasn’t passed on the Reserve Bank rate cuts in full, things aren’t so simple.
Ross Greenwood: The Commonwealth Banks most senior leaders left no doubt what they want you to think they are becoming.
Catherine Livingstone, CBA Chairman: Our strategy is to become a simpler, better bank
Matt Comyn, CBA CEO: We are changing to become a simpler better bank
Livingstone: A simpler, better bank
Comyn: Become a simpler, better bank
Greenwood: but some bank activists has some thoughts about the idea of a better, simpler bank
Shareholder: B.S. – is the shortest version I could give you
Greenwood: Because the Commonwealth Bank is not simple at all. Not with 48,000 employees, 1.6 million borrowers, 6 million deposit holders, and 830,000 direct shareholders.
Its not simple to balance all those people – especially when you have to make decisions about mortgage rates and whether to match Reserve Bank rate cuts
Livingstone: It’s a very complex calculation
Greenwood: That complexity has led to another inquiry by competition watchdog, the ACCC, into how mortgages are priced.
There is no doubt the banking industry in Australia has been shaken, indeed stirred over the past couple of years, with the Royal Commission.
Now the Commonwealth Bank is trying to move on, trying to win the trust first of its shareholders, its customers but also the community at large.
It seems they still have some work to do.
Shareholder: The only good thing I find about the bank is there shares and their dividends.
Shareholder: I think its going to be very hard, its going to be difficult for all banks.
Greenwood: Ross Greenwood, Nine News