|Bid||69.79 x 0|
|Ask||70.00 x 0|
|Day's range||69.20 - 70.13|
|52-week range||69.11 - 85.12|
|PE ratio (TTM)||12.58|
|Earnings date||8 Aug. 2018|
|Forward dividend & yield||6.14 (8.50%)|
|1y target est||76.36|
Commonwealth Bank of Australia will sell its 37.5 per cent stake in a Chinese life insurer to Japan’s Mitsui Sumitomo Insurance for Rmb3.2bn ($502.3m), the bank said on Wednesday. “This transaction represents a further step in simplifying and focusing our portfolio and follows the announcement of the proposed sale of the Group’s life insurance businesses in Australia and New Zealand to AIA Group, and the strategic review of the Group’s life insurance business in Indonesia,” said CBA chief executive Matt Comyn. of its Australian and New Zealand life insurance businesses to AIA Group, which was announced in September.
Thousands of Dollarmite accounts were manipulated by Commonwealth Bank staff, as they sought to earn bonuses and meet performance targets.
Commonwealth Bank on Monday announced Rob Jesudason, its chief financial officer, was resigning with immediate effect, the latest departure for Australia’s largest bank by assets as it deals with fallout from a string of regulatory scandals. CBA said in a statement it had appointed Alan Docherty, previously chief financial officer for institutional banking and markets, as acting chief financial officer to replace Mr Jesudason, who it said had “decided to pursue an external role in Hong Kong”.
A damning report into Commonwealth Bank of Australia’s management, oversight and accountability was released Tuesday by the Australian Prudential Regulation Authority. “Senior leadership was slow to recognize, and address, emerging threats to CBA’s reputation. “CBA became insular.
Some Commonwealth Bank of Australia financial advisers continued charging clients fees after they died, in one case for more than a decade, a royal commission has heard. "When asked, he said he didn't know what to do and he had tried to contact the public trustee and had not heard back," a Count Financial document said. The document put before the banking royal commission on Thursday noted one adviser was not providing ongoing services to clients, including charging a dead client for six years.
Some Commonwealth Bank financial advisers kept charging clients fees after they died, in one case for more than a decade, a royal commission has heard. "When asked he said he didn't know what to do and he had tried to contact the public trustee and had not heard back," a Count Financial document noted. The 2015 investigation revealed other examples of dead clients among broader cases of Count Financial planners charging fees for advice services customers never received.
The Commonwealth Bank faces further scrutiny after being dubbed the "gold medallist" of the 'fees for no advice' problems across Australia's biggest financial players. The issue of customers being charged fees for financial advice they never received has dominated the first three days of the banking royal commission's current hearings, with both CBA and AMP feeling the heat. The four major banks and Australia's largest wealth manager AMP have all done it, but CBA admits it would get the gold medal if the regulator handed out "fees for no service" medals.
The Commonwealth Bank is the "gold medallist" when it comes to charging customers fees for financial advice they never received. All four big banks and Australia's largest wealth manager AMP have all done it, but CBA admits it would get the dubious top prize if the regulator handed out "fees for no service" medals. "It would be the gold medallist if ASIC was handing out medals for fees for no service, wouldn't it?" the barrister asked on Wednesday.
Commonwealth Bank of Australia (ASX:CBA) shares are falling as its financial planning operations are under pressure.
Dodgy financial advice provided by the big banks and wealth planners to consumers will be scrutinised in detail when the banking royal commission returns. The second round of the commission's public hearings is due to begin on Monday, with the focus on how banks and financial planners treat customers wanting financial advice and whether the investment information they have handed out breached any laws or community standards. Commissioner Kenneth Hayne QC will hear evidence about consumers being charged fees for no service and receiving inappropriate advice, as well as details about improper conduct by financial advisors.
Elias Haddad, Commonwealth Bank of Australia Senior Currency Strategist, discusses the currency markets. He speaks with Yvonne Man on "Bloomberg Daybreak Asia." (Source: Bloomberg)
Commonwealth Bank of Australia’s money-laundering scandal and a litany of regulatory woes have put an end to its run of record profits.
Commonwealth Bank of Australia is being sued by the nation’s securities regulator for allegedly rigging the benchmark bank-bill swap rate, adding to legal problems for the nation’s largest lender.