Original article by James Eyers
The Australian Financial Review – Page: 18 : 17-Apr-19
The Commonwealth Bank of Australia has advised that current and former employees have received some $4.8m in back pay to date, including interest. Problems with the bank’s human resources technology systems resulted in about 8,000 employees being underpaid. Julia Angrisano, the national secretary of the Finance Sector Union, says the bank and its Bankwest subsidiary may ultimately have to repay between $10m and $15m, although CBA believes that the final figure will be much lower. Some employees are also believed to have been paid at below-award rates.
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BANKWEST, FINANCE SECTOR UNION
Original article by Alexis Carey
News.com.au – Page: Online : 20-Nov-18
Commonwealth Bank CEO Matt Comyn has told the financial services royal commission that the major bank has tended to react to misconduct rather than taking action to prevent it in the first place. Comyn also conceded that there are "inherent risks" associated with a staff bonus scheme. However, he struggled to explain why a fixed salary would not be sufficient for the majority of the bank’s employees. The royal commission’s interim report noted that variable pay can encourage a culture of misconduct in the banking sector.
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, MACQUARIE GROUP LIMITED – ASX MQG, AMP LIMITED – ASX AMP, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
Original article by Duncan Hughes, James Frost
The Australian Financial Review – Page: 15 & 19 : 20-Apr-17
The recommendations of a review of remuneration in Australia’s retail banking industry have been criticised by mortgage brokers. The recommendations include banning volume-based incentives and so-called soft dollar payments. Mortgage Choice and Australian Finance Group are among the mortgage broking firms that have questioned the recommendations of the review, which was undertaken by Stephen Sedgwick on behalf of the Australian Bankers’ Association.
MORTGAGE CHOICE LIMITED – ASX MOC, AUSTRALIAN FINANCE GROUP LIMITED – ASX AFG, MONEYQUEST, AUSTRALIAN BANKERS’ ASSOCIATION, AUSTRALIAN PUBLIC SERVICE COMMISSION, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA