Original article by James Eyers
The Australian Financial Review – Page: 15 & 18 : 14-May-19

The Commonwealth Bank of Australia has reported cash earnings of $1.7bn for the March quarter, which is 28 per cent lower than previously. CBA’s trading update shows that it made additional pre-tax provisions of $714m for customer remediation during the quarter. The bank’s remediation costs have now topped $2.17bn in total, and it has allocated 400 employees to compensation programs. Meanwhile, Brett Le Mesurier of Shaw & Partners says the major banks and AMP have now incurred combined remediation costs of about $9bn. He adds that this could ultimately rise to around $10bn.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AMP LIMITED – ASX AMP, SHAW AND PARTNERS LIMITED, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, KPMG AUSTRALIA PTY LTD, CITIGROUP PTY LTD