Commonwealth Bank [ASX:CBA] currently faces issues across multiple fronts, one of them being from law firms looking to profit from the banks recent behaviour.
Phi Finney McDonald, as well as Maurice Blackburn, view CBA’s lack of disclosure regarding recent allegations, which involves money laundering, as cause for shareholder compensation.
The two firms are racing against each other to obtain as many CBA shareholders as they can. Both firms see this recent turn of events as a huge opportunity.
Shares of Commonwealth Bank have been declining for over a year now.
Today their shares have dropped by 0.62%, now valued at $73.19 a share.
Last year this time, their shares were valued at $85.25.
Accepting responsibility for past failures
Matt Comyn apologised on behalf of Commonwealth Bank during his first day as CEO.
He wrote to 51,000 Commonwealth Bank employees, emphasising that the banks senior management had not worked hard enough to protect its customers, as they are now questioning the banks scandals.
Mr Comyn aims to change the culture of Commonwealth as they take full responsibility on their recent lack of service.
Faults include breaching anti-money laundering and anti-terrorism financing laws on tens of thousands of occasions.
Although the fallout was mainly inherited from Commonwealths past CEO Ian Narev, Comyn is making sure to take on all necessary responsibility himself, without denying culpability on the matter.
ABC.net reported that Matt Comyn stated:
‘We have the talent, the commitment and the determination to get it done. I know we will emerge as a stronger and better bank.’
A final report from the Australian Prequential Regulation Authority is due on 30 April, Mr Comyn is preparing for legal actions and further investigations that are set to take place.
Editor, Markets & Money
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