CBA - it's a matter of trust
Views in verse on trust
The Commonwealth Bank of Australia in the clumsy handling of it's recent client crisis really needs to take a good look at itself. Honesty is always a good start.
The CBA has carried the (almost) unquestioned trust of the Australian people since I can recall from my childhood days. Days when we were introduced to them at school as ...'our bankers'.
We have seen them grow into one of the largest banks in the world on the back of our common nation building. Mr Narev (being a new Australian) may be excused for not appreciating the full depth of this trust and the responsibilities it carries. He cannot however be forgiven for spinning more lies in the face of his overdue responsibilities.
The tardy response to this recent appalling wealth building by the bank and its focus on crisis management falls well short of what CBA owes its 'family' of members. The excuse that there were a few 'rogue individuals' involved is utter rubbish.
To be allowing our peoples' lifetime endeavours to be committed to risky revenue options without disclosure or allowance for clients' individual needs is 'professional negligence'. When this is driven by sales schemes that encourage 'rogue-ish' behaviour of its sales teams 'year in year out', it is clearly appalling management not just a few crafty individuals to blame.
Anyone in commerce knows that objectives drive set goals and that these goals then drive behaviour. The individual salespeople do not create the sales schemes ...management do. This is a matter of planned deception. These stakes are always too high for retiring couples ...they were not given the whole truth
Anything the bank does or says now cannot excuse lies and misrepresentation to its customers when this had already occurred and been reported on (ABC - Four Corners). The late responses by Narev were indicative of crisis management and thereby the containment desired. That Narev should now go for the false spin laid out on these years of deception is unforgiveable.
Simple truth was called for. Refunds, where due, were of course mandatory ...purile lies to accompany it were utterly uncalled for and in the face of all of this historical deception this is simply too much!
What have the Board done since? ...let's get some transparency here. Where is the real accountability? Not good enough fellahs!
As a segway into reconciliation of wrong doings: The Abbott Government as though to apportion some understanding of the 'few suggested rogues' theory has coined a term 'conflicted' earnings instead of simple 'commissions' for the purposes of banking reform.
In so doing unerringly touching on the truth ...the sales people involved over many years would indeed have been 'conflicted' in whether to do the right thing or the wrong thing working within a scheme that so easily richly rewarded inappropriate behaviour.
