CEOs admit banks too slow to act
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.