CBA boss says repaying ‘excessive fees’ to low-income customers could be seen as taking shareholder money
by Patrick Commins Economics editor from on (#71HV6)
Commonwealth Bank Australia- which reported a record cash profit of $10.3bn in most recent financial year - charged $270m in excessive fees' over five years
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The head of Australia's biggest and most profitable bank says reimbursing hundreds of millions of dollars in fees to its lower income customers would be an appropriation" of shareholder money.
The Commonwealth Bank's chief executive, Mat Comyn, mounted a fierce defence of charging fees according to its terms and conditions during a parliamentary committee hearing in Canberra on Tuesday morning,
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