CBA has put the $4 billion spin-off of its wealth management and mortgage broking business on hold indefinitely to deal with the fallout from the banking royal commission.CBA has spent $1.2b on remediation, including $600 million in refunds, in the wealth and mortgage broking businesses
"CBA is prioritising the implementation of these recommendations, refunding customers and remediating past issues," the bank said in the statement. "CBA remains committed to its strategy to become a simpler better bank, including ultimately the exit of its wealth management and mortgage broking businesses."The bulk of this, or $1.2 billion, has been in the wealth business.
SabraLane Yeah sure! $5 says it never happens.
Glass - Stegall break up the BIG 4 banks now and disband their corrupt regulators.
Weird how banking stocks went up after the royal commission
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Source: abcnews - 🏆 5. / 83 Read more »
CBA puts wealth, mortgage broking spin-off on backburnerCBA says it has suspended preparations for the demerger of its wealth management and mortgage broking businesses in order to focus on implementing the recommendations of the royal commission. as trailing comm is allowed by LNP gov they want to keep fin planning The same greed inducing trailing comm would make lots of profit using other peoples' money
Source: smh - 🏆 6. / 80 Read more »
CBA shareholders footing most of bank's $1.4b customer compensation billThe Commonwealth Bank confirms shareholders will bear the bulk of its $1.4 billion bill for customer compensation, while Westpac's boss struggles to answer some questions about the bank's home lending. as it should be. they got the profits when the CBA were being dodgy 🤷♂️ Well so they faaarking should! They own the business don't they? Penut, penalty should have been a jail terms
Source: abcnews - 🏆 5. / 83 Read more »
CBA puts wealth, mortgage broking spin-off on backburnerCBA says it has suspended preparations for the demerger of its wealth management and mortgage broking businesses in order to focus on implementing the recommendations of the royal commission. as trailing comm is allowed by LNP gov they want to keep fin planning The same greed inducing trailing comm would make lots of profit using other peoples' money
Source: smh - 🏆 6. / 80 Read more »