CBA boss admits to Royal Commission the bank gave skewed advice
The Commonwealth Bank boss has revealed he considered dumping bonuses for some staff because it encourages bad behaviour, but decided against it.
The final round of public hearings is underway at the Banking Royal Commission, being held in Sydney.
Counsel Assisting the Commission Rowena Orr says the focus is on understanding why misconduct occurred.
CBA Chief Executive Matt Comyn was the first to face questioning.
He’s admitted setting aggressive targets and offering staff bonuses to sell products has led to wrongdoing, but he maintains it’s an effective motivational tool.
AFR columnist James Thomson tells Ross Greenwood “the real worry” is the bank’s inability to recognise what was happening.
“How does an organisation this big and this important, how are they not able to spot those red flags when they clearly exist in the business.”
ANZ, Westpac and NAB executives will also give evidence over the coming fortnight.
Click PLAY below to hear the full interview