Staff at CBA get warning on probe

THE Commonwealth Bank has warned its staff to expect more bad news at the banking royal commission this week.

In a memo to employees, CBA chief executive Matthew Comyn admitted the bank’s first submissions last week hadn’t gone down well.

“This was never our intention and we will resubmit our information as soon as possible and ensure we have fully met the requests of the commission,” he said late on Friday.

“We will work to make sure this doesn’t happen again.”

The CBA had been criticised for handing over inadequate material.

Mr Comyn warned of more potential embarrassment at the commission this week.

“There will be cases highlighted ... where customers have been treated unfairly by us,” he said.

“In many cases, our actions have had a significant impact on the financial and emotional wellbeing of our customers. This is unacceptable.”

Mr Comyn went on to say: “We will exceed our regulatory and compliance obligations, and enhance the financial wellbeing of every single customer we serve.

“Together, we will make our bank better, and one we can all continue to be proud of.”

The public hearings started last week for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

Calls for an inquiry into the banking system have been building for years.