CBA takes axe to wealth strategy.(Commonwealth Bank of Australia)(Brief Article)

Australasian Business Intelligence, March, 2005 by De Bruyn, Simon

Mar 16, 2005 (Independent Financial Adviser - ABIX via COMTEX)

The Commonwealth Bank of Australia is reorganising Colonial First State, its wealth management unit. The restructure is expected to result in redundancies. Stuart Grimshaw, the bank's wealth management group executive, initially said the restructure was prompted by compliance factors. Grimshaw subsequently indicated that duplication of roles also played a part. The restructure has resulted in Brett Himbury being made redundant as executive general manager of financial planning and advice services. Himbury oversaw a 57 per cent jump in revenue from the advice division in the December 2005 half-year.

Publication Date: 7 March 2005

COMMONWEALTH BANK OF AUSTRALIA - ASX 

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