CommBank CEO Matt Comyn has become the first representative from Australia's big four banks to front the House economics committee, as he conceded customers faced 'extreme shocks' due to the soaring cost of living.
CommBank CEO Matt Comyn concedes customers faced 'extreme shocks' from inflation, soaring cost of living as major banks face heat from House economics committee
Criticism of the major banks has grown over the past 18 months due to the announcement of record profits at a time when many households are struggling to make ends meet. Delivering his opening address on Thursday, Mr Comyn begun by acknowledging many Australians were finding it"difficult" to deal with higher cost of living pressures, but defended CommBank's response to tougher economy conditions.
Delivering his opening address on Thursday, Mr Comyn begun by acknowledging many Australians were finding it"difficult" to deal with higher cost of living pressures, but defended CommBank's response to tougher economy conditions. Picture: NewsWire/Martin Ollman The CommBank CEO then turned his attention to scams, saying the bank now employed a team of more than 4,000 people to help protect customers and had spent upward of $800 million on detection and prevention.
While the CommBank CEO's time in the hot seat was relatively calm, he did push back in one outburst over questions about customer fees.
ASIC Matt Comyn Mortgage Rates Banking Scams Commbank Australian Securities And Investments Commission Banking Fees Household Savings ANZ NAB
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