Commonwealth Bank of Australia [ASX:CBA] shares have dropped by 2.19% today, another sharp decline in a year plagued with massive amounts of volatility.
Amid the endless Royal Commission scandals this year, and a whirlwind of investigations revealing misconduct, CBA has desperately been trying to recover and rebuild. It seems we’ve been inundated with shock news over the last 12 months, and it doesn’t seem to be slowing down…
Their share price sits at $65.56 at time of writing.
What’s going on at CBA?
It was announced today that Alan Docherty has officially been appointed as chief financial officer of the banking giant, after the seat unexpectantly became vacant back in May.
And since he stepped into the role, it has been received across the company as a positive change.
‘Alan has already made a significant contribution to the Executive Leadership Team over the past five months as we have made changes to become a simpler, better bank,’ CBA Chief Executive Officer Matt Comyn said.
The appointment marks the eighth person to join the executive leadership team since the money-laundering scandal that made headlines last year.
But they’ve still got a long way to go to recover.
Internally, the company has fired 41 members of staff for misconduct and nine have resigned, though it has been said that not all were due to the events of the Royal Banking Commission.
Last week, CBA announced that it would cease to charge advice fees to deceased estates and refund the interest charged, begin to remove fees on legacy wealth products (aimed to save customers a collected $25 million annually), rebate all grandfathered commissions to customers and provide them the option to renew their ongoing service arrangements every two years.
But despite their announcement of good intentions, they were slapped with a potential $100 million class action against the multinational bank and their Colonial First State superannuation fund, due to allegations that their members were ‘ripped off’ with uncompetitive interest rates on their holdings.
Who knows when we’ll be hearing good news from CBA…
For Money Morning
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