Australia's largest lender says 'significant work still to do' in wake of damaging inquiry
March 8 (Reuters) - Commonwealth Bank of Australia
on Friday flagged the progress of its remedial plan to address
the issues raised by a damning financial sector inquiry, but
admitted that there was still a lot of work to be done.
In his opening statement before the House of Representatives
Standing Committee on Economics - Review of the Four Major
Banks, CBA Chief Executive Matt Comyn said that he welcomed the
final report of the Royal Commission, and that the bank was
working to implement the inquiry's 76 recommendations.
"Last month, the independent Promontory report showed we
are on track with progress to date, but we recognize that we
have significant work still to do to deliver our remedial action
plan," Comyn said.
(Reporting by Ambar Warrick in Bengaluru; Editing by Lisa
© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.