Commonwealth Bank Focusses on Banking Division Turnaround, Hints Job Cuts

  • Sep 14, 2018 AEST
  • Team Kalkine
Commonwealth Bank Focusses on Banking Division Turnaround, Hints Job Cuts

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 Comyn’s 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. 

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.)

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