AUS
NZ
UK
CA
USA
IND
The Commonwealth Bank of Australia (ASX:CBA) will focus on restructuring its institutional banking arm and markets division under the leadership of newly appointed Chief Executive Officer Matt Comyn. The restructuring aligns with Comynâs target of reshaping the company resulting into lay-offs according to a source familiar with the matter who preferred to remain anonymous. In its latest result, CBA acknowledged that its institutional banking division has 1,566 full-time staff as of 30 June compared to 1,467 in the previous year.
In an emailed statement sent to Bloomberg News, the company stated that they want to be ready for the future and in line with the group strategy of building a better bank. The statement further read that the structure of the CBA needs to be simplified and ramp up the institutional banking and markets. However, in the official mail, there was no mention of the job cuts. Comyn was appointed the CEO of the bank in April and since then he has been making efforts to revive and reshape the bank by focusing on its core retail and banking divisions. Commonwealth Bank has been marred by the recent laundering scandal but Comyn remains determined to streamline the business by spin off its mortgage broking operations and wealth management. Also, the CEO is keen to sell stakes in various overseas ventures. [optin-monster-shortcode id="wxhmli4jjedneglg1trq"]
According to a source, the bank would merge its product origination structuring and relationship management into single business unit. The Bank is worried about mounting staff number and costs despite the lackluster results. For the year ended 30 June 2018, CBA posted subdued results.
CBA is trading at $71.545, up 0.513% from the previous close as on 14 September 2018 ( AEST: 3:35 p.m.)
The Income available from dividends remains attractive for many investors.
We take a look at the best yields on the market and assess what they say about a companyâs prospect.
One Thing is certain, though, Australia interest rates are still low, making income difficult to come by and keeping the focus for many investors on high yielding stocks. Kalkineâs team of analysts bought you handpicked report for âTop 25 Dividend Stocks For 2018.â
ASX-relevant Special Reports are published year-round to provide a detailed analysis into an investing opportunity or a potential risk to your portfolio.
Click here to get your free report.
Disclaimer
The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkinemedia.com and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.
