Matt Comyn Named Commonwealth Bank of Australia's New CEO
Comyn has almost two decades of experience and was previously the head of CBA's retail bank.
He will replace outgoing CEO, Ian Narev, effective on April 9. Narev announced last August he would retire before the end of this fiscal year, after more than six years in the role.
Comyn, 42, has nearly 20 years of banking experience serving in roles covering institutional, retail and wealth management verticals. He joined CBA in 1999 and—aside from a brief seven-month stint as CEO of Morgan Stanley’s wealth management business in 2010—has held several senior leadership roles. He was appointed to his current role, group executive for retail banking services in 2012. The division now accounts for half of the bank’s profit.
In a statement, Catherine Livingstone, chairman at CBA, said the board’s priorities for a new CEO were to find a candidate who will maintain the momentum of the business, while addressing the regulatory and reputational challenges facing the bank.
Comyn will take over during a period of turmoil for the bank. In August 2017, the Australian Transaction Reports and Analysis Centre (Austrac) initiated civil penalty proceedings in federal court against the CBA “for serious and systemic non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.”
Then, in December, Austrac expanded its investigation to a further 100 contraventions, with Austrac CEO, Nicole Rose, noting in a statement that “[t]hese allegations are very serious and reflect systemic non-compliance over approximately six years.”
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Regulation
Bank-led consortium takes aim at position reporting
Five banks, including Barclays, BNP Paribas, Goldman Sachs and HSBC, have joined forces to mitigate interpretation and implementation errors in position reporting disclosures.
Verafin launches genAI copilot for fincrime investigators
Features include document summarization and improved research tools.
Waters Wrap: Open source and storm clouds on the horizon
Regulators and politicians in America and Europe are increasingly concerned about AI—and, by extension, open-source development. Anthony says there are real reasons for concern.
DSB says industry is ready to meet UPI mandate ahead of deadline
The Unique Product Identifier will be required for certain OTC derivatives in the EU at the end of April, following US adoption in January.
‘Very careful thought’: T+1 will introduce costs, complexities for ETF traders
When the US moves to T+1 at the end of May 2024, firms trading ETFs will need to automate their workflows as much as possible to avoid "settlement misalignment" and additional costs.
Court case probes open-source licenses as movement stands at crossroads
The Software Freedom Conservancy’s lawsuit against TV-maker Vizio begins trial in California, raising questions about open-source licenses and the risks posed by adhering to them.
Waters Wavelength Podcast: Countdown to T+1
DTCC’s Val Wotton joins the podcast this week to discuss the impending move to T+1 in the US.
Consolidated tape hopefuls gear up for uncertain tender process
The bond tapes in the UK and EU are on track to be authorized in 2025. Prospective bidders for the role of provider must choose where to focus their efforts in anticipation of more regulatory clarity on the tender process.
Most read
- Chris Edmonds takes the reins at ICE Fixed Income and Data Services
- FactSet looks to build on portfolio commentary with AI
- Women in Technology & Data Awards 2024: All the winners and why they won