Marianne Perkovic exits Commonwealth Bank

Commonwealth’s head of private banking will leave the business after more than 10 years.

Marianne Perkovic. Picture: Stuart McEvoy for The Australian.

Commonwealth Bank’s private banking boss Marianne Perkovic, who fronted the Hayne royal commission, is parting ways with the bank after more than 10 years.

As revealed by The Australian online, CBA staff were informed of the departure on Monday afternoon. She is set to leave CBA in October, and the change comes after the private bank has moved within the last few months to sit within the retail division from CBA’s business banking unit.

CBA is said to be appointing an interim private banking boss, while a handover occurs, and it decides on a permanent successor to Ms Perkovic.

A CBA spokesman confirmed the departure and October leaving date, after fielding questions.

“Marianne has been with CBA for more than 10 years, and has been at the helm of Commonwealth Private since 2016. She has been instrumental in driving multiple improvements within the business to make it simpler and better for our private clients, and will leave it in a strong position,” he said.

Ms Perkovic fronted the 2018 royal commission for CBA as she was previously executive manager of wealth management advice before taking the role as head of private bank in 2016. Prior to her wealth management position, she held various positions at Colonial First State and was chief executive of planning business Count Financial.

At the royal commission. Ms Perkovic faced intense scrutiny. She was asked to explain why CBA’s Count Financial division collected money from thousands of people who had no financial planner, received no service and, in some instances, were dead.

At the time, counsel assisting the royal commission, Michael Hodge QC, accused Ms Perkovic of dissembling in her evidence to cover up that it took CBA two years to tell the corporate regulator it was ripping off customers by charging them fees for services they did not receive.

CBA acquired Count Financial in 2011 for $373m but after a spate of financial advice scandals and run ins with regulators, the bank last year agreed to offload the business for just $2.5m.

Ms Perkovic worked for and ran Count for more than 11 years until 2009.

The shifting of CBA’s private banking unit into the retail division is unusual given the bulk of its rivals have a structure that sees that unit report to business banking. Private banking covers high net worth individuals and sophisticated investors.

CBA’s move was designed to boost service for private banking customers which focus on home buying, deposits, financial advice and investments.

The private banking space has already seen a bit of activity this year.

Over at National Australia Bank, new chief executive Ross McEwan last month made changes to the reporting line for the private bank.

He brought together NAB’s private bank, JBWere and nabtrade under Justin Greiner in an effort to streamline the operations with a bigger focus on private wealth and relationships.

The heads of the private bank and nabtrade report into Mr Greiner, who is the son of former NSW premier Nick Greiner.