Commonwealth Bank CEO Comyn Overhauls Scandal-Plagued LenderBy
Lender to spin off wealth management, mortgage-broking units
- Bank’s misconduct helped spark inquiry into financial industry
Commonwealth Bank of Australia’s new Chief Executive Officer Matt Comyn has embarked on a massive overhaul of the scandal-plagued lender, announcing plans to spin off its wealth management and mortgage-broking businesses.
The asset management, wealth advisory and Aussie Home Loans units will be placed into a new company known as CFS Group to be listed on the Australian stock exchange, the Sydney-based bank said in a statement Monday. It will also conduct a review of its insurance arm, including a potential sale…
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