Suncorp CEO resigns
Suncorp CEO Michael Cameron has resigned after four years in the top job, as the royal commission continues to rock the financial sector.
Reports suggest the board could have disagreed with Mr Cameron who apparently wanted to sell their banking arm.
CFO Steve Johnson will act as CEO until a permanent replacement is found.
Shaw and Partners Banking Analyst Brett Le Mesurier tells Ross Greenwood the effects of the royal commission are proving to be expensive for small banks.
“Loan growth has materially weakened as a result of the royal commission.
“Smaller banks are lagging the major banks with regards to the sophistication of their businesses.”
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