CEOs ad­mit banks too slow to act

Herald Sun - - NEWS -

THE heads of two of our big­gest banks have ac­knowl­edged the in­sti­tu­tions took too long to address mis­con­duct that was even­tu­ally un­cov­ered by a royal com­mis­sion.

Com­mon­wealth Bank chief ex­ec­u­tive Matt Comyn and West­pac chief ex­ec­u­tive Brian Hartzer have also ad­mit­ted the banks have their work cut out for them to re­gain the pub­lic’s trust. The sen­ti­ments emerged while the bosses were be­ing grilled at a par­lia­men­tary hear­ing in Can­berra.

Mr Comyn said the bank had been too slow to fix cus­tomer ser­vice prob­lems be­cause it had be­come com­pla­cent. “There have, un­for­tu­nately, been fail­ures of judg­ment, fail­ures of process, fail­ures of lead­er­ship, and in some in­stances, greed,” he said.

West­pac was also too slow to grap­ple with cus­tomer is­sues, par­tic­u­larly in its fi­nan­cial ad­vice ser­vices area, Mr Hartzer said. “We weren’t quick enough to iden­tify and fix the prob­lems, and we ac­cept the con­se­quences,” he said.

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