CBA revamps leadership team ahead of senior departures
The nation’s biggest bank has announced three new senior executives amid a shake-up.
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Commonwealth Bank has elevated the head of its institutional bank, positioning a potential successor to chief executive Matt Comyn, amid a leadership shake-up.
In a market update on Wednesday CBA revealed Andrew Hinchcliff, who has run the Institutional Banking and Markets division for six years, would be handed the group risk officer role.
The move, positioning Mr Hinchcliff with oversight across the whole bank comes as CBA’s veteran risk head Nigel Williams announced he would retire from the bank in February next year.
Mr Williams, credited as critical to CBA’s recovery efforts after a string of damaging scandals and a $1bn capital penalty, will retire from the lender on February 16 after decades in banking.
Mr Hinchcliff, a former investment banker who joined CBA in 2016, is now positioned as a potential challenger for the top job at the bank as Mr Comyn marks six years in the top job.
Sinead Taylor, who has been executive general manager at CBA’s Bankwest since 2019, will be handed the reins to the Institutional Banking and Markets business.
Bankwest has recently pushed through a number of efforts to shrink the footprint of the brand, which CBA picked up in a 2008 fire sale by Lloyds Banking Group in the depths of the Global Financial Crisis.
CBA recently announced it would move Bankwest online only, converting 15 branches across Western Australia and closing a further 45.
CBA will also appoint Kiersten Robinson as the bank’s new chief people officer, replacing Sian Lewis, who will also retire next year.
The bank said Ms Robinson would be appointed to the role, subject to regulatory approvals, after a career at Ford Motor Company.
Chief executive Matt Comyn thanked Ms Lewis and Mr Williams, noting he was “extremely grateful for the significant contribution they have made to CBA during their respective tenures and for the support and guidance they have provided to me personally”.
“Nigel joined CBA at a very difficult time for the organisation and his experience and Judgement was invaluable to me and the board,” said Mr Comyn, noting Mr Williams’ assistance in dealing with a governance and risk scandal.
CBA was slapped with a $1bn capital add-on by the Australian Prudential Regulation Authority in 2018 over money laundering scandals around the bank.
This came as one of several interventions against the big banks by APRA over this period.
APRA only removed the last $500m of CBA’s add-on in September 2022, with several rival lenders still unable to remove their penalties.
Former HSBC banker Emma Bunnell will also take on the role of chief operations officer, after running the Channel Islands & Isle of Man division of the global lender.
Ms Taylor previously served as CBA’s COO.
CBA said Ms Bunnell would bring her experience in financial crime operations as well as technology, operations and fraud to the bank.
Ms Robinson and Ms Bunnell will relocate to Australia.
The announcement of the new leadership line-up comes after several months of headhunting for the executive replacements.
“I look forward to working with this team and continuing to execute our ambitious strategy to better serve our customers, the community and the country,” Mr Comyn said.
CBA, which is preparing to host its annual general meeting in Adelaide next week, is among the most expensive banks in the world.
Recent data showed CBA was seeing the slowest mortgage growth among the big four banks.
The major lenders are now pivoting to focus on business or institutional banking.
Westpac’s new boss Anthony Miller, who takes on the top job in December, ran the bank’s institutional division before taking over the business and wealth arm last year.
ANZ chief executive Shayne Elliott also ran that bank’s institutional division before taking on the top job.
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Originally published as CBA revamps leadership team ahead of senior departures