Commonwealth Bank’s Matt Comyn will use his first major speech since becoming chief executive to promise the lender will be “listening and hearing more” as it tries to rebuild customer trust following a series of damaging scandals.
Mr Comyn, who took charge in April 2018 amid the fallout of the bank’s money-laundering scandal, will tell a lunch event in Sydney that his tenure to date has confirmed the only way to earn trust is to deserve it.
“This starts with embracing a new mindset where we are listening and hearing more, owning mistakes and fixing them faster, putting customers first,” Mr Comyn will say.
Commonwealth Bank’s provisioning for customer remediation and responding to the royal commission passed $2 billion in the third quarter after Australia’s largest bank set aside another $714 million.
With the whole industry trying to repair its tattered reputation after the financial services royal commission heard instances of misconduct, CBA is also removing or helping customers to avoid some fees, which it says will save them $415 million this year.