Commonwealth Bank customers have been urged to check their accounts

Money… Commonwealth Bank clients have been urged to look into their histories after a system bug / Derek Moore Beginning: News Limited newspapers

Minutess affected by Commonwealth Bank bug

Customers report money losing from their histories

Emergency update says mistake to be resolved nightlong

COMMONWEALTH Bank has identified a manner to decide a bug that left clients losing 1000s of dollars from their histories today.

Up to 200,000 clients were affected by the mistake, with many waking up this forenoon to happen their histories overdrawn or losing big amounts of money.

In an “ exigency update ” intelligence point posted to the NetBank web site at 2pm ( AEDT ) , the company said it would decide the mistake overnight.

“ We have a current issue impacting the balance on a figure of clients histories where minutess were performed on the 22nd, 23rd, 24th of November, ” it said.

“ We have identified a hole to this job which will be resolved nightlong. ”

Bank staff had earlier informed clients that a “ processing mistake ” was behind the bug and that the company was working to repair the job.

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Commonwealth Bank interpreter Steve Batten apologised to clients and said any fees incurred as a consequence of the bug would be refunded.

“ We will return any fee that a client is impacted by as a consequence of this mistake, ” he said.

“ If they have been charged any fees such as overdrawn fees they can reach us and we will return them. ”

Customers had reported amounts of up to $ 5000 traveling losing from their history this forenoon, in some instances go forthing them overdrawn and unable to retreat hard currency.

One client reported that money from minutess made between Saturday and yesterday had disappeared overnight, despite holding been in his history yesterday.

Another client said her salary payment had non gone through today as scheduled.

“ When I called the CBA call Centre this forenoon… I was in their waiting line for 20 mins before I got to talk to person, ” said the Sydney gross revenues worker, who declined to be named.

“ The lady was lovely though and whilst she apologised abundantly for the mistake… she was unable to give me an ETA for rectification other than sometime in the following 24 hours. ”

Tonss of readers reported being affected by the bug and happening noticeable sums losing or cryptically credited to their histories this forenoon.

“ Checked and I ‘m negative $ 1789. I merely approximately had a bosom onslaught, ” said Tim Young of Sydney.

“ To seek and rectify what I thought was my material up, I transferred more into the history. I now have no thought where my hard currency is! ”

Mr Batten said clients affected by the bug and left without hard currency should see a Commonwealth Bank subdivision.

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Glitch snarls CBA ‘s on-line bank

Chris Zappone

June 29, 2009

Commonwealth Bank ‘s web banking service NetBank failed today, in what could be a hacker onslaught, go forthing 1000s of clients unable to entree their histories via the cyberspace.

A recorded message on the bank ‘s phone entree line acknowledged the job with NetBank, stating it was ”working to decide this as a affair of exigency. ”

The bank blamed “ intermittent web issues ” and gave no set clip for the full system to be restored.

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“ Service is presently get downing to restart and some clients are being serviced, ” a spokesman for the bank said, although NetBank did non look to be functioning by mid-afternoon.

The bank apologised to clients for the incommodiousness.

Customers who tried to entree their histories online received a message stating, ”NetBank is temporarily unavailable, ” and pressing them to seek to phone their client history line.

Customers unable to entree their histories should peal 132 221, the bank said.

Hacker onslaught?

Commonwealth Bank has attracted a bustle of phishing efforts, deceitful electronic mails and on-line cozenage in recent months, since establishing an upgraded online banking portal.

Phishing is the usage of deceitful electronic mails to victimize clients out of personal inside informations like bank history watchwords.

Although the web issues experienced today are thought to be unrelated, Commonwealth has taken the service down temporarily to run trials on the system to look into its unity, said main information officer Michael Harte.

“ We have n’t wholly ruled out an effort to make a denial of service onslaught, ” he said.

Denial of service onslaughts, frequently used by hackers, involve deluging a computing machines server or website with so much informations that it temporarily overwhelms the system, coercing it to halt operation.

“ In order to be perfectly safe we have to look into out whether or non this is a new signifier of onslaught and do certain that we ‘ve non merely detected but prevented that onslaught from impacting our client ‘s unity or the unity of our waiters, ” Mr Harte said.

Mr Harte said that so far no clients have fallen quarries to the electronic mail cozenage and other frauds masquerading as official Commonwealth Bank communications.

“ We are so minded to be conservative in the involvement of our clients that sometimes tight security comes at the monetary value of an incommodiousness to the clients, ” he said. “ While we regret the incommodiousness, it ‘s a existent determination to protect their involvement. ”

Mr Harte said the bank focused on protecting money and guaranting the privateness of clients ‘ information. “ I think that ‘s a higher cause than being indulgent toward convenience. ”

Shouting lucifers

Electronic mails from readers claim the jobs in accessing the informations began on the weekend.

One reader wrote that clients in a NSW subdivision were “ going really frustrated by this outage ( peculiarly at the terminal of fiscal twelvemonth ) ” .

“ The employees were n’t being helpful – stating them ‘it happens this clip every twelvemonth, you should hold done your banking before! ‘ , taking to shouting lucifers that could be heard where I was holding my java, 50 meters off! ”

czappone @


Bank sufferings spread to Commonwealth

Chris Zappone

December 14, 2010

Remarks 111

UPDATE Commonwealth Bank says a computing machine job which left clients unable to entree their history information has been resolved.

The bank said it had identified the cause of a ”late running overnight file ” and that as of noon, east-coast clip, the issue had been corrected and client histories had been updated.

A computing machine malfunction affecting nightlong processing late hit rival National Australia Bank, go forthing 100s of 1000s of its clients unable to entree their histories for yearss.

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“ All histories are now up-to-date and there is no impact to our online channels, ” a Commonwealth Bank spokesman said.

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The bank ab initio said the job involved concern banking histories, but it subsequently emerged that retail clients around the state were besides affected.

“ At most, up to 5 per cent of CBA histories are impacted, ” he said.

The bank has 11 million clients.

Earlier, the bank apologised to its concern clients who were sing troubles with their histories.

Commonwealth Bank client Alice said she could non acquire history inside informations at an ATM at Greenwood Plaza in North Sydney.

“ When trying to acquire my history balance at a Commonwealth Bank ATM this forenoon, the machine bicker my card back out and told me the map could non be performed, ” she said.

“ I so attempted to retreat money at the same ATM, it gave me my money no jobs, but showed my history balance being zero dollars, which is wrong. ”

The job may hold originated every bit early as last Friday afternoon, with at least one Melbourne client sing an errant “ zero balance ” reading at a metropolis ATM.

The client ‘s initial concern was his history may hold suffered a similar job to the 1s chasing many NAB history holders in recent hebdomads. A phone call to the bank clarified that the history did so keep the right financess although the bank employee could non explicate the ATM ‘s mistake.

Frank Ludriks, the main executive of on-line pressman cartridge company Printzone, said he received a “ no histories available ” message on his cyberspace banking history.

Mr Ludriks said an effort to reach CommBank ‘s call Centre went unreciprocated after a 45-minute delay.

“ I am merely amazed at the deficiency of professionalism at the Commonwealth Bank, ” Mr Ludriks said.

“ We are an on-line shop and 100s of our clients have had their orders delayed as we are unable to entree their payment inside informations.

“ Hopefully the Commonwealth will non merely repair this impermanent job rapidly, but work towards doing their systems fail safe over the long term. ”

NAB ‘s job forced the company to maintain retail subdivisions open on a Sunday to let clients to retreat financess and do minutess.

czappone @

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111 remarks

The large Bankss ‘ great flight

24 Nov 09 | Issue 286

By Greg Hoffman

The immense capital elevations of recent months have of import deductions for bank stock investors, and our recommendations on the sector.



Monetary value

at Review


Monetary value

Change since








ANZ Bank


$ 21.89

$ 23.05

+5.30 %




Commonwealth Bank


$ 52.74

$ 51.41

-2.52 %




National Australia Bank


$ 27.99

$ 24.37

-12.93 %




Westpac Banking Corp


$ 23.96

$ 22.49

-6.14 %




In late April we turned negative on the large four bank stocks. Our outlooks for the Australian economic system were drab and the Bankss ‘ portion monetary values had rallied by 40 % from their February depressions. We judged it a reasonable minute to capitalize on an eruption of optimism in a sector which faced legion challenges.

Exasperatingly, the bank portion mass meeting had another 33 % left in it. In this reappraisal we ‘ll set about a ( hopefully ) unemotional scrutiny of some cardinal figures late released by the Bankss, focal point on what ‘s changed for the industry and the deductions of those alterations for our recommendations.

Six months ago, Bankss were wary of loaning to each other, a status that threatened the very foundations of the planetary banking system. The possibility of farther big corporate defaults was really existent but coordinated actions by authoritiess and cardinal bankers averted a calamity.

Capitalism was saved by authorities intercession ( oh, the irony-Ed ) and a powerful sharemarket mass meeting eventuated. Assurance returned and, with it, the ability of many debt-laden companies to tap their stockholders for new equity. The harm that the large Bankss could hold suffered was averted and this analyst was made to experience like Chicken Little. The sky, which for a clip was really dark so, did non fall in.

Stimulus succeeds

The mentality now appears less endangering. Though the tide of bad debts has been steadily lifting, as you can see in Figure 1, large bank heads are run alonging up behind a consensus that we are now at the top of the bad debt rhythm. Possibly they ‘re right. And there are grounds for optimism.

Apart from basking a lower-than-anticipated unemployment rate in Australia, the recovery in fiscal markets has bestowed on the Bankss a dual approval.

First, big corporate clients like Goodman Group, Asciano, GPT Group and Transpacific Industries ( to call but a few ) have been able to shore up their bloated, boom-time balance sheets with equity elevations, intending that their bank debts stand a much better opportunity of being repaid in full. The commercial belongings sector – another country of old and sedate concern – has besides taken advantage of the return of investors ‘ hazard appetencies. Both listed and unlisted participants have been fortified by recent equity elevations.

Second, the Bankss themselves have played the same game, publishing 100s of 1000000s of new portions and raising many one million millions of dollars. In add-on, new tranches of income securities with distributions which can be cut on a caprice ( fulfilling the regulator ‘s definition of ‘tier one capital ‘ ) have flooded the market.

These monolithic capital elevations have made the Bankss much safer ; it now looks extremely improbable that any of our large four will happen themselves in serious fiscal discord any clip shortly.

Green visible radiation to purchase?

So does this supply a green visible radiation to purchase?

Not rather. The impudent side of the new portion issues that have lowered the Bankss ‘ hazard is that they have besides crimped future returns. A few old ages ago ( with the exclusion of National Australia Bank ) , the large Bankss were describing returns on equity ( ROE ) of around 20 % per twelvemonth. That is, for every $ 100 of stockholders ‘ financess invested in their concerns, they were bring forthing $ 20 of net net income each twelvemonth – a most impressive consequence.

Today their returns on equity are under force per unit area. Rising bad debts have hurt net incomes while the new portion issues have increased the equity invested in the concern. You can see the consequence in Figure 2. Return on equity, an of import step of fiscal returns, has fallen.

This puts investors in a quandary. The large Bankss are unimpeachably lower hazard than they were a twelvemonth ago, yet they ‘re besides lower return propositions. Should we put a premium on them due to their increased safety or punish them for offering lower growing than they one time did?

For many old ages bank stocks traded at lower PERs than other industrial stocks. This reflected the fact that they have the potency to acquire into hot H2O in economic downswings ( because depositors ‘ financess are inviolable, the highly-geared nature of banking magnifies any losingss suffered at the stockholder degree ) .

Today, we ‘d be prepared to pay higher PERs for Australia ‘s large bank stocks than five old ages ago, although we ‘d still prefer a price reduction. Apart from being better capitalised, if bank CEOs are right ( and on those wages, how could they be incorrect? ) , so bank net incomes have some range for near-term growing as bad debts subside and economic growing accelerates.

Average PER

Table 1: Evaluation at PER of 15





$ 1.31

$ 19.67


$ 3.31

$ 49.59


$ 1.28

$ 19.26


$ 1.62

$ 24.32At this point in the rhythm we ‘d be inclined to pay an mean PER of 15, which would turn into a moderate price reduction after a twosome of old ages of ‘up-cycle ‘ growing. Using that to the latest full-year net incomes per portion of the large four would set down us at the monetary values listed in Table 1.

Another deduction of the capital elevations and ensuing lower ROEs of the large Bankss is that it ‘s difficult to warrant paying a higher multiple of book value than investors have averaged over the past seven old ages ; in the roar times, the Bankss were much more profitable. You can see the scope of historical price-to-book ratios for each of the large four in Figure 3, and the seven-year mean price-to-book ratio for each of the large four in Table 2.

Table 2: 7-year mean P/Book


Avg. P/Book








2.37The higher evaluations for Commonwealth and Westpac are justified in our position. Domestically-focussed schemes have seen both deliver superior consequences this decennary. National Australia ‘s moves appear unfocused and we believe ANZ ‘s programs to go a ‘super regional ‘ bank are likely a precursor to future write-downs of ‘non-core assets ‘ .

Different ROE, different monetary value

For ANZ and National Australia, we ‘d demand price/book ratios of 1.2 or 1.3. For the Bankss presenting higher returns on equity – the favoured Westpac and Commonwealth – we ‘d see up to twice book value. Commonwealth warrants a somewhat higher ratio than Westpac holding managed to nab BankWest at a deal monetary value in the deepnesss of the downswing. In comparing, Westpac ‘s much larger, and more strategic, acquisition of St George came at a comparatively higher monetary value.

Table 3: A Rec. purchase monetary values


PER val.

P/Book val.

Rec. purchase monetary value


$ 19.67

$ 16.84

$ 17.00


$ 49.59

$ 41.60

$ 44.00


$ 19.26

$ 24.00

$ 21.00


$ 24.32

$ 22.37

$ 23.50Table 3 summarises the monetary values of each of the large four based on a PER of 15 and at differentiated price/book ratios ( 1.3 times for ANZ and National Australia, 1.8 times for Westpac and 2 times for Commonwealth ) . It so shows our recommended bargain monetary value for each, which we ‘ve determined by sing each of our rating steps and using a small ‘art ‘ .

With the benefit of hindsight, we were excessively doubting about the range for the banking crisis to bring mayhem on the Australian economic system, taking big slabs of stockholder value with it. Now that low point appears to hold passed, our two favoured choices have cemented their market laterality.

Marked differences

So, unlike November 2002 when we upgraded all four Bankss, today we see pronounced differences between them. The monetary values of ANZ and National AustraliaA would hold to fall well before we ‘d see urging them. ANZ ‘s monetary value is up 12 % since our last reappraisal onA 5 Aug 09 ( Sell – $ 19.58 ) and National Australia ‘s is up 9 % since the same day of the month. Our recommendation on each is now AVOID ( a less stridently negative position than our old ‘Sell ‘ ) .

As for Commonwealth and Westpac, we ‘re much closer to being interested, peculiarly in the latter. For now, though, we ‘re upgrading both to HOLD.

Disclosure: Staff members ain portions in ANZ Banking Group, Commonwealth Bank and Westpac, but they do n’t include the writer, Greg Hoffman.

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Many Aussies are confronting a weekend with no money to pass after a major bank experienced some computing machine bug doing fiscal pandemonium.

The National Australia Bank or NAB experienced computing machine jobs on its system on Wednesday harmonizing to Business Today. NAB, the biggest bank in Australia, said through its official interpreter that a knave file wiped out bank transactions.A Some of the minutess include the paysheet of employees, salary sedimentations and money transportations to other Bankss.

Millions of its clients are already kicking as their histories were virtually frozen and inaccessible.A Besides ncluded in the fiscal bug of the National Australia Bank are the entree of clients to ATMs and on-line banking systems.

NAB was besides reported to be be aftering to open up some subdivisions during the weekend to turn to the fiscal concerns of its 11.5 million clients aside from its call Centre.

A interpreter of the bank apologized for the holds and the incommodiousness that its clients are experiencing.A The bank farther said that the state of affairs “ will take some clip and, while we are hopeful all delayed payments will be able to be processed by subsequently today, we will supply farther updates as things advancement. ”

NAB is besides confronting a case filed by investors due to a purported non-disclosure of the bank of its exposure to the bad debts in American Bankss

Bank CEO could take place $ 9m fillip

Staff lose $ 90m for non holding top service

Join the argument on bank fee category action

COMMONWEALTH Bank staff miss out on $ 90 million in fillips after the bank fell short of its end of making No. 1 in client service. But CEO Ralph Norris may yet acquire some serious satisfaction.

If the Commonwealth can at least lucifer yesterday ‘s second-placing in the retail rankings when Australian concern base on ballss opinion next Monday, Sir Ralph could gain a kicker of $ 8.7 million.

The Daily Telegraph revealed last November that the bank had offered wholly 44,200 staff a minimal $ 2010 fillip if it took top topographic point in client satisfaction tabular arraies by June 2010. Some high-performing staff stood to acquire even more.

This comes as an sentiment canvass found a two-to-one bulk of electors want the super-profits revenue enhancement extended to large Bankss.

Fifty-nine per cent of electors want an excess levy on elephantine bank net incomes similar to the Government ‘s proposal for a revenue enhancement on excavation additions, the Galaxy study found. Merely 28 per cent were against the thought.

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The determination exposed a tarriance ill will towards Bankss and the immense wages of some executives.

CBA improves service – but non plenty

But the Roy Morgan Bank Satisfaction Report for June, released yesterday, showed Sir Ralph ‘s charge had non charged hard plenty.

CommBank was last among the large Bankss when Sir Ralph took over in 2006.

Despite being the lone major bank to better in the most recent coverage period, CBA fell 1.5 per centum points short of ANZ ‘s 75.5 per cent. CBA halved the spread to ANZ in the past twelvemonth.

“ The additions made by the CBA over the last 12 months were chiefly due to the improved public presentation among clients without a mortgage, although mortgage holders besides showed some betterment, ” Roy Morgan Research manager Norman Morris said.

In the latest rankings NAB was 3rd among the Big Four. Westpac was last. It was the lone bank to see a diminution in client satisfaction over the past 12 months.

This, Mr Morris said, was “ caused by a significant diminution in the satisfaction degree of its place loan clients, down 4.5 per centum points, clearly the worst public presentation among the big leagues ” .

Westpac has suffered since it increased its variable mortgage rate by 45 footing points in December, after a Reserve Bank hiking of merely 25 points.

Constructing societies have the greatest proportion of clients who say they are satisfied – 89 per cent.

Bonuss to be on top in client service

The Commonwealth board had offered Sir Ralph a significant inducement if he could turn things around – $ 11.6 million if it was No. 1 in retail and concern client satisfaction in four old ages.

A CBA spokesman said yesterday: “ The bank has made important client satisfaction inroads and will go on to concentrate on accomplishing No. 1 in client satisfaction across all steps. ”

Bank clients are comparatively happy compared to how they felt 10 old ages ago, when degrees of satisfaction were in the mid-50s.

Sir Ralph will have a fillip even if following hebdomad ‘s TNS Business Monitor does non demo CBA graded second. It is merely if CBA coatings last that he, excessively, will lose out.

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Commonwealth Bank foreman defiant on rates shock

Peter Ryan reported this narrative on Monday, November 15, 2010 12:14:00

Listen to MP3 of this narrative ( proceedingss )

Alternate WMA version | MP3 download

ELEANOR HALL: As the argument furies in Parliament, the bank at the epicenter of the Government and consumer indignation today posted another mega-profit.

The Commonwealth Bank ‘s net income for the September one-fourth was $ 1.6 billion, somewhat higher than the same period last twelvemonth but the bank ‘s main executive Ralph Norris responded to unfavorable judgment today by reiterating his statement that higher support costs are seting force per unit area on bank net incomes.

Business editor Peter Ryan has been listening to the bank ‘s briefing and he joins us now in the studio. So Peter, this is the first clip Ralph Norris has faced inquiries since the Commonwealth ‘s controversial rate rise. Did he show any scruples about his determination?

PETER RYAN: Well, Ralph Norris has been dubbed the ‘missing in action ‘ banking head and he has been capable to a batch of personal unfavorable judgment and Commonwealth Bank employees have besides been capable to a batch of unfavorable judgment.

But Eleanor, today he was doing no apologies and his messages remain consistent – large operating challenges remain, the recovery is delicate and uneven, consumer and concern assurance remains rickety.

He says despite that $ 1.6 billion quarterly net income, support costs remain high and borders in retail loans fell in the three months to September from 219 footing points to 215. That does n’t sound like much but that is a batch in banking talk.

He admits that yes, there ‘s been a batch of political and consumer angst, and he did corroborate that some clients have left the bank in protest but they figure in the 100s. He besides said it would hold made no difference or would hold made no difference if he faced the music two hebdomads ago on Melbourne Cup Day instead than travel abroad to China on concern.

But talking on a instead abrasive teleconferencing this forenoon, Mr Norris said he was concerned that the calls for ordinance or the re-regulation of banking are damaging Australia ‘s international repute.

RALPH NORRIS: I do n’t believe there ‘s any uncertainty that superciliums are being raised in international investing. Surely I have had international investors make that point to me that Australia seems to be regressing or on the face of it, it could be seen that there are groups of people who would wish to see Australia regress back to a much more closed and regulated economic system.

You know the benefits of the last 25 old ages in Australia have been an unfastened and market-based economic system have evidently paid important dividends. There is no uncertainty that there are people showing some concerns but I think in the terminal good policy will hopefully be the result.

ELEANOR HALL: That is the main executive of the Commonwealth Bank Ralph Norris at that analysts briefing.

Peter, there is a focal point on issue fees being charged by Bankss. Did Mr Norris give any land on that issue?

PETER RYAN: Well, the Commonwealth Bank is yet to denote whether it will fall in other Bankss like the ANZ in acquiring rid of issue fees and other charges but Mr Norris did state the Commonwealth ‘s issue fees were low compared to some of its smaller rivals.

He besides said that retail fees in general have gone from doing up 4 per cent of the Commonwealth Bank ‘s income to merely 2 per cent and as a consequence Mr Norris says fee income is lower than it was this clip two old ages ago but he admits Bankss need to make a much better occupation in explicating how fees are formulated.

RALPH NORRIS: I mean one of the jobs that we have is when you see big Numberss attributed to Bankss for fees, most of those fees come through institutional banking, through investing Bankss etc for the fees that they provide for concern minutess so I think that in many respects a batch of this issue around fees is misunderstood and surely, we as Bankss, have likely got to make a better occupation in really explicating and supplying greater transparence.

ELEANOR HALL: That is the Chief executive officer of the Commonwealth Bank Ralph Norris once more. It does be given to implore the inquiry of where these large net income Numberss are coming from but Peter how have the stockholders reacted to the CBA ‘s proclamation of its net income consequence?

PETER RYAN: Well non surprisingly Commonwealth Bank stockholders are reasonably happy today. CBA portions are up 1 per cent to $ 49.10 a portion.

ELEANOR HALL: That is our concern editor, Peter Ryan, thank you.

CBA foreman looks to the hereafter.

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David Murray David Murray may mention to:

David Murray, 5th Viscount of Stormont ( died 1731 )

David Murray, 2nd Earl of Mansfield, 7th Viscount Stormont ( 1727-1796 )

David Murray ( CEO ) , CEO of the Commonwealth Bank of Australia

David Murray ( computing machine scientist )

… .. Click the nexus for more information.A has presided over a monolithic transmutation the Commonwealth Bank in the past nine old ages, implementing schemes which have built the concern, generated increased net incomes and positioned the bank for the hereafter.

The Commonwealth Bank group, with over 9 million clients and 37,000 staff, is Australia ‘s first supplier of incorporate fiscal services The illustrations and position in this article or subdivision may non stand for a world-wide position of the topic.

Please [ better this article ] or discourse the issue on the talk page.

… .. Click the nexus for more information.A including retail, concern, institutional, financess direction, insurance investing banking, broking BroA?king

a. 1. Of or refering to a agent or agents, or to securities firm.

Redeem from brokingA pawn the blemished Crown.

– Shak. A services and finance company activities.

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George gilbert aime murphy has built up powerful net incomes impulse within the group, with net incomes in the first half of the latest twelvemonth hitting $ 1.13 billion, three times the one-year degree when he became pull offing manager and main executive.

The bank ‘s balance sheet has besides grown well, peculiarly with the $ 9.4 billion acquisition last twelvemonth of Colonial.

This acquisition was decisive in Murray ‘s scheme of prolonging net incomes growing in a market characterised by ferocious competition.

Under Murray, the CBA See Capital Builder Account. A is now recognised as an administration which leads the manner in many facets of the fiscal services concern in Australia.

The group comprises the Commonwealth Bank, ASB Bank ASB is one of New Zealand ‘s largest Bankss, with subdivisions throughout the state. It besides has insurance and securities weaponries.

ASB besides operates BankDirect, a branchless banking service that provides service via phone, Internet, eftpos and ATMs merely. , Colonial, Colonial First State Investments, Commonwealth Financial Services Ltd, Commonwealth Life Ltd, Commonwealth Securities Ltd [ Comsec ] , Commonwealth Bank Finance Corporation ( CBFC CBFC Central Board of Film Certification

CBFC Copper and Brass Fabricators Council

CBFC Colwyn Bay Football Club ( Wales ) A ] , Leaseway, Commonwealth Insurance Ltd, HomePath, MicrOpay Co and Colonial Fiji The United Kingdom declined its first chance to annex Fiji in 1852. Ratu Seru Epenisa Cakobau had offered to yield the islands, capable to being allowed to retain his Tui Viti.

The group ‘s strengths include strong trade name acknowledgment and the largest fiscal services client base in Australia with more than 135,000 points of representation.

The group is characterised by an advanced attack to the usage of engineering, holding developed a strategic confederation with Woolworths Ltd to present Ezybanking, a cobranded fiscal services merchandise through its 640 retail mercantile establishments, an understanding with McDonalds to supply EFTPOS EFTPOS – Electronic Fundss Transfer Point of Sale A installations in every mercantile establishment, and an understanding with Vodafone to supply Australia ‘s first nomadic banking service utilizing the computer keyboard A little keyboard or auxiliary keyboard keys ; for illustration, the keys on a reckoner or the number/cursor bunch on a computing machine keyboard. See programmable computer keyboard. A and screen of digital. nomadic phones.

The group is Australia ‘s largest fund director in footings of external financess External financess

Fundss arising from a beginning outside the corporation to increase hard currency flow and to help in enlargement attempts, e.g. , bank loan or bond offering.

external financess

The financess that are raised from beginnings outside a house. A under direction, the largest director in retail old-age pension Old-age pension

An organisational pension plan created by companies for the benefit of their employees.


Fundss deposited in a old-age pension history will typically turn without any revenue enhancement deductions until retirement or backdown. A and allocated pension and rentes by financess under direction, the 3rd largest insurance company for life insurance assets, the market portion leader in personal loans, retail sedimentations and price reduction stockbroking and largest issuer of recognition cards.

The group is besides the leader in on-line fiscal services in Australia with around 800,000 registered users of installations that include NetBank and the state ‘s most popular online agent, Commonwealth Securities.

The CBA is besides the largest supplier of place loans in Australia, with over 23 % of market portion.

The bank has changed drastically since its much-heralded denationalization Noun 1. denationalization – altering something from province to private ownership or control

denationalization, denationalisation, denationalization

societal control – control exerted ( actively or passively ) by group action A in 1991.

After the move, Murray identified several cardinal aims to be met by 1997-and his direction squad delivered.

They included repossessing its market portion in the place loan market, accomplishing a strong addition in the gross part from investing banking, incorporating fiscal services, increasing operating efficiency and conveying capital and hazard direction patterns to degrees comparable with major rivals.

Another separating characteristic of the Murray reign has been the consistent return on stockholders equity. Murray besides besides won much priase for his willingess to encompass alteration.

His attitude is best summed up this quotation mark from the calling banker: “ For the Commonwealth to stay successful in this changing environment, it must go on to understand client demands and be positioned to react rapidly to chances as they arise.

“ Preserving and heightening our trade name placement as the strongest fiscal merchandises and services in Australia will be a critical success factor for the bank. ”

DAVID MURRAY JOINED THE COMMONWEALTH BANK IN 1966 AND WAS appointed pull offing manager in June 1992.

The Commonwealth Bank is one of Australia ‘s four major Bankss and is one of Australia ‘s top 10 Listed corporations. It was founded in 1911 by the Australian Government and its denationalization was completed in 1996.

During David Murray ‘s term of office as pull offing manager, he has presided over two major alteration plans to reconstitute the bank to back up the development of a gross revenues and service civilization and to hammer stronger marketing Linkss and competitory cost constructions. Murray has besides late overseen Australia ‘s largest corporate acquisition, the Commonwealth Bank/Colonial limited amalgamation.

David Murray ‘s calling has spanned subdivision banking, corporate finance, strategic be aftering Strategic planning is an organisation ‘s procedure of specifying its scheme, or way, and doing determinations on apportioning its resources to prosecute this scheme, including its capital and people. A and retail Executive direction. As fiscal accountant from 1987 to 1991, Murray was responsible for the bank ‘s strategic and operational planning. During this clip he played a lead function in two major acquisitions for the bank.

Copyright 2001 First Charlton Communications Pty Ltd.

No part of this article can be reproduced without the express written permission from the right of first publication holder.

Copyright 2001 Gale, Cengage Learning. All rights reserved.

Interview: Inside the Commonwealth Bank ‘s cloud

By Brett Winterford on Jul 6, 2010 6:44 AM

Filed under Scheme


Page 1 of 2 | Single page

The hereafter theoretical account for IT substructure outsourcing.

The Commonwealth Bank has stood up a hypervisor-agnostic cloud calculating platform during cogent evidence of construct tests, a platform the bank expects will enable it to switch work loads between outsourced IT service suppliers in the hereafter.

In an extended interview with iTnews, Commonwealth Bank executive general director of service support Nick Holdsworth explained that the sheer graduated table of the CBA ‘s cloud computer science investing – which covers multiple informations Centres and parts – will assist the bank infusion more value from outsourced providers and advance the growing of a domestic cloud calculating industry.

“ We ‘re taking a truly difficult expression at cloud computer science, ” Holdsworth said.

[ Part II and Part III of this picture interview appear on the undermentioned page ] .


The bank has settled on a criterion, virtualised substructure stack, to be deployed both in-house and mandated for private cloud suppliers desiring to make concern with the bank.

The bank will outsource the king of beasts ‘s portion of its IT substructure needs to a service supplier that is prepared to offer favorable pricing to win the bulkiest block of the bank ‘s data-crunching concern.

But unlike past outsourcing understandings, the CBA will inquire that these services be delivered on the bank ‘s mandated ‘cloud ‘ architecture and under a contract that allows the CBA to quickly switch to another supplier if rivals offer better value.

If multiple service suppliers build out a cloud on the same substructure stack, the CBA will accomplish its dream of service “ contestability. ”

Holdsworth noted that organisations the size of the Commonwealth Bank have the graduated table to get IT substructure in majority for a lower cost than if purchased from today ‘s cloud suppliers on a pay-as-you-go footing.

But if cloud computer science can do services more ‘portable ‘ , the CBA can negociate with a dedicated supplier ( kept honest by the easiness with which the bank can switch the majority of its concern elsewhere ) and besides pull off extremums in demand for calculating resources by “ spliting ” onto extra capacity on a pay-as-you-go footing.

“ Ultimately what you ‘d desire to make is hold a dedicated graduated table that you can optimize usage of, and so split out of that for extremums, ” Holdsworth explained.

The bank is “ seeking to chart the point at which you have a reasonably steady use – every bit high as possible – [ whilst able to ] split out of that into other environments – where you may be paying a high unit cost, but your overall cost is reduced because you ‘re non paying for those services 24×7.

Holdsworth said the bank is “ ready to get down looking at how to scale out ” the substructure it has already deployed and what spouses will supply these resources as a service.

A services ‘app ‘ shop

The CBA has developed standard package environments – applications housed in what Holdsworth describes as an endeavor ‘app shop ‘ – that can be loaded into the bank ‘s cloud substructure stack at the chink of a mouse.

The bank will besides utilize its cloud platform to pull off the extremums and troughs of application development.

“ A developer may desire to get down cutting some codification – today they ‘d log onto a development system which may be sitting around 24 hours a twenty-four hours waiting for developers to log onto it, ” Holdsworth said.

“ We may be devouring all or some of that capacity at any clip and in fact at times we may necessitate more of that capacity. So today, that ‘s rather a inactive environment and 1 that has both waste but besides issues around how we scale that up if we require.

“ What we ‘re speaking about making is being able to take that.NET development stack – the package or platform component – and really pick that up and lade it into a scalable hosting environment, which would enable it to be paid for merely every bit long as it was consumed, and would enable it to scale up and down on the footing that demand dictates. ”

Read on for how the CBA will utilize the cloud as a bargaining bit when re-negotiating outsourcing deals..

Computer Problems for the Commonwealth Bank of Australia Cause Customers to Lose Access toA Fundss

A batch of people do non swear Bankss with their money. And while concealing all of your money in your mattress is decidedly non the best thought, it is apprehensible why people would instead non intrust their financess to Bankss that, at any minute, could bear down you for some unknown ground or hit you with some other unexpected job.

This might travel dual for people in Australia where late people were unable to hold any sort of entree to their financess. The Commonwealth Bank of Australia ( CBA ) was working on repairing the delayed processing of histories a few hebdomads ago which left many bank clients without any sort of entree to their financess and histories.

The CBA stated that they recognized that the computing machine job had affected the histories of non merely single clients but concern clients every bit good.

Harmonizing to a statement from the bank, “ The Commonwealth Bank has identified the cause of the late running overnight register and is presently in the procedure of finalizing its processing into client histories. ”

A few hebdomads ago, the Commonwealth Bank of Australia reported the file was chiefly linked to histories of concern clients. However, it had identified a few retail clients who were besides affected by the bad luck. “ At most, up to 5 % of CBA histories are impacted, ” the bank said.

The bank besides stated, “ We expect that the processing of the file may do some minor, short-run break to CommBiz and NetBank clients as we update balances in affected histories. ”

The good intelligence is that the bank did apologise to clients that were affected. “ We are working on this as a affair of precedence, ” the bank added. The Commonwealth Bank of Australia is the 2nd major bank to see such jobs in the last month after a corrupt file resulted in late payments for 1000s of National Australia Bank clients.