CBA appoints six top executives
COMMONWEALTH BANK OF AUSTRALIA made six
APPOINTMENTSûTOûITSûDEPLETEDûEXECUTIVEû
COMMITTEEûASû!USTRALIASûLARGESTûBANKûLOOKSû
TOûREBUILDûAFTERûAûDIFlCULTûYEAR
#"!ûAPPOINTEDû Nigel Williams last Monday
ASûCHIEFûRISKûOFlCER ûEFFECTIVEû.OVEMBERûû
7ILLIAMSûSPENTûûYEARSûWITHûRIVALû!USTRALIAû
ANDû.EWû:EALANDû"ANKINGû'ROUP ûMOSTû
RECENTLYûASû#2/ ûBEFOREûSTEPPINGûDOWNûINû
March this year.
#HIEFûEXECUTIVEû-ATTû#OMYNûHASûPICKEDû
David Cohen ASûDEPUTYû#%/ ûALSOûEFFECTIVEû
.OVEMBERûû#OHENûWILLûBEûMOVINGûFROMû
HISûCURRENTûROLEûASû#2/ûATû#"!û(EûWILLû
OVERSEEûTHEûDEMERGERûOFû#OLONIALû&IRSTû3TATEû
'ROUP ûTHEûBANKûSAID
Other internal appointments include
Andrew Hinchliff ûTHEûNEWûGROUPûEXECUTIVEû
FORûINSTITUTIONALûBANKINGûANDûMARKETSû
Angus Sullivan ûGROUPûEXECUTIVEûFORûRETAILû
BANKINGûSERVICESûANDû Sian Lewis , head of
human resources.
(INCHLIFFûJOINEDû#"!ûINûûASûEXECUTIVEû
GENERALûMANAGERûFORûGLOBALûMARKETSûAFTERû
MOREûTHANûûYEARSûINûINSTITUTIONALûBANKINGû
and markets roles with Goldman Sachs and
#REDITû3UISSEû&IRSTû"OSTONû(EûWILLûSTARTûHISû
NEWûJOBûONû!UGUSTû
,EWISûALSOûSTARTSûHERûNEWûROLEûONû!UGUSTû
û3HEûJOINEDû#"!ûINûûANDûWASûMOSTû
RECENTLYûINûCHARGEûOFûTHEûBANKSûCUSTOMERû
CONTACTûCENTRESû3HEûPREVIOUSLYûSPENTûNINEû
YEARSûWITHû7ESTPACû"ANKINGû#ORPORATION û
WORKINGûACROSSûRETAILûANDûBUSINESSûBANKING
3ULLIVANûWILLûTAKEûUPûTHEûREINSûOFûRETAILû
BANKING ûTHEûDIVISIONûPREVIOUSLYûLEDûBYû
#OMYN ûONû*ULYûû(EûWASûMOSTûRECENTLYû
ACTINGûGROUPûEXECUTIVEûOFûRETAILûBANKINGû
SERVICESû(EûISûAûFORMERûPARTNERûWITHû
McKinsey.#OMYNûHASûTURNEDûTOûOUTSIDERû Pascal
Boillat TOûlLLûTHEûROLEûOFûGROUPûEXECUTIVEûFORû
ENTERPRISEûSERVICESûANDûCHIEFûINFORMATIONû
OFlCERû(EûWILLûJOINûONû/CTOBERûûANDû
WILLûHAVEûOVERSIGHTûOFûTECHNOLOGYûANDû
OPERATIONSû"OILLATûWASûPREVIOUSLYûGLOBALû
GROUPû#)/ûATû$EUTSCHEû"ANK
#"!ûSAIDûINûAûSTATEMENTûTHATûTHEûBANKû
was completing the search for a chief
lNANCIALûOFlCERûANDûEXPECTEDûTOûANNOUNCEû
AûPERMANENTûAPPOINTMENTûINû!UGUSTû!LANû
$OCHERTY û#&/ûOFûINSTITUTIONALûBANKINGûANDû
MARKETS ûISûCURRENTLYûlLLINGûTHEûROLEûONûANû
INTERIMûBASIS
The appointments follow a period of
MAJORûTURNOVERûATû#"!ûAFTERûlNANCIALû
INTELLIGENCEûAGENCYû!USTRACûREVEALEDûLASTû
!UGUSTûITûWASûINITIATINGûCIVILûPROCEEDINGSû
AGAINSTûTHEûBANKûFOLLOWINGûWIDESPREADû
BREACHESûOFûMONEY
LAUNDERINGûANDûCOUNTER
TERRORISMûlNANCINGûRULES
4HEûREVELATIONSûTRIGGEREDûAûMANAGEMENTû
SHAKE
UPûWITHûFORMERû#%/û)ANû.AREVû
tendering his resignation two weeks later.
)Nû*ANUARY û#OMYN ûWHOûRANûTHEûDIVISIONû
where lapses in control occurred, was
APPOINTEDûASû.AREVSûSUCCESSOR
#"!ûSAIDûINû-ARCHûTHATûITSûHEADûOFû
INSTITUTIONALûBANKINGûANDûMARKETS û+ELLYû
"AYERû2OSMARINûTECHNOLOGYûCHIEF û$AVIDû
7HITEINGûANDûHEADûOFûHUMANûRESOURCES û
-ELANIEû,AINGûWOULDûALLûLEAVE ûWHILEû
INû-AYû#&/û2OBû*ESUDASONûQUITûTOûJOINû
CRYPTOCURRENCYûSTART
UPû"LOCKONE
#"!ûALSOûLOSTû6ITTORIAû3HORTTûASûAûMEMBERû
OFûITSûEXECUTIVEûCOMMITTEEû3HEûWASûTAPPEDû
INû$ECEMBERûTOûRUNûTHEûBANKSû.EWû
:EALANDûUNIT û!3"û"ANK ûLEAVINGûHERûJOBûASû
HEADûOFûMARKETINGûANDûSTRATEGYûVACANT
%ARLIERûTHISûMONTH û#"!ûSAIDûTHATûTHEûFEDERALûCOURTûHADûAPPROVEDûITSûSETTLEMENTû
WITHû!USTRACûINûWHICHûITûAGREEDûTOûPAYûAû
RECORDûlNEûOFû!Mû53M ûANDû
ACKNOWLEDGEDûTHATûITûHADûBREACHEDûMONEY
LAUNDERINGûANDûCOUNTER
TERRORISMûlNANCINGû
RULESûONû ûOCCASIONS
#"!ûREPEATEDLYûFAILEDûTOûREPORTûSUSPICIOUSû
TRANSACTIONS ûWHICHûITûBLAMEDûINûPARTûONûAû
computer error. Money laundered through
#"!ûACCOUNTSûINCLUDEDûTHEûPROCEEDSûOFûDRUGû
ANDûlREARMSûIMPORTATIONûANDûDISTRIBUTIONû
SYNDICATES ûPREDOMINANTLYûINVOLVINGû
methamphetamines, according to court
documents.
4HEûBANKûHASûBEENûHITûBYûOTHERûSCANDALSû
4HEûFEDERALûCOURTûALSOûAPPROVEDûEARLIERû
this month the settlement it reached in
-AYûWITHûTHEû!USTRALIANû3ECURITIESûANDû
)NVESTMENTSû#OMMISSIONûOVERûALLEGATIONSûITû
MANIPULATEDûTHEûLOCALûBENCHMARKûINTERESTû
rate.
#"!ûADMITTEDûTHATûITûENGAGEDûINû
hUNCONSCIONABLEûCONDUCTvûINûTHEûCOURSEû
OFûTRADINGûINûTHEû""37ûMARKETûONûlVEû
OCCASIONSûFROMû&EBRUARYûTOû*UNEûû)Tû
ALSOûAGREEDûTOûPAYûAû!MûPENALTY û!Mû
TOûAûlNANCIALûCONSUMERûPROTECTIONûFUNDû
ANDû!MûTOWARDSûTHEûREGULATORSûCOSTS
,ASTûMONTH ûTHEû!USTRALIANû0RUDENTIALû
2EGULATORYû!UTHORITYûORDEREDû#"!ûTOûSETû
ASIDEûANûEXTRAû!BNûINûCAPITALûUNTILûITû
SATISlEDûREGULATORSûTHATûITûHADûIMPROVEDû
OVERSIGHTûTOûAVOIDûFURTHERûCOMPLIANCEû
BREACHESûINûTHEûFUTURE
#"!ûALONGûWITHûTHEûRESTûOFûTHEû"IGû&OURû
HASûALSOûBEENûUNDERûlREûASûAûRESULTûOFûTHEû
2OYALû#OMMISSION ûWHICHûHASûEXPOSEDû
WIDESPREADûWRONGDOINGûAMONGû!USTRALIASû
LARGESTûBANKSû#"!SûLAWYERSûHAVEûPRESENTEDû
EVIDENCEûTOûTHEû#OMMISSIONûTHATûTHEûBANKû
KNOWINGLYûCHARGEDûDEADûCLIENTSûFORûADVICEû
for years.
THOMAS BLOTTPeople