Reputational issues continue to pile up for one of Australia's largest banking groups.
Commonwealth Bank of Australia unveiled Matt Comyn this week as the incoming CEO. Even before he officially takes up his new chief executive role on April 9, 2018 Australia's corporate regulator added to his troubles issuing legal proceedings against Commonwealth Bank of Australia over rate-manipulation allegations.
Rival banks ANZ and National Australia Bank have each recently paid A$50 million to settle similar cases related to the rigging of overnight bank bill swap rates.
Headwinds
Sydney based Commonwealth Bank of Australia is finding it hard to keep out of the media spotlight however and is due to report its half year results on February 7, 2018. For new chief executive Comyn, the former retail bank head, the challenges ahead look ominous.
Urgent issues in his overflowing to do tray include anti money laundering allegations related to the bank's use of intelligent deposit-taking ATMs, which number in the thousands. His bank is also a key player in the royal commission looking into misconduct in the country's banking and financial services sector.
Already since his tenure was announced by chair Catherine Livingstone, Commonwealth Bank of Australia, has been called into action by a report in the «Australian Financial Review» (paywall) that the bank could have to pay as much as A$1 billion to settle ongoing proceedings, a statement was promptly issued by the bank on its website.
