Register  
 
 
 
 
 
CBA commits to local jobs
Friday, 20 April 2012 12:20pm

CBA boss Ian Narev has committed to retaining local staff and not moving offshore, despite pressures from customer preferences, instead promising to simplify products.

Speaking in a shareholder briefing yesterday, Narev said the Commonwealth Bank of Australia has a long-term focus and will not be offshoring any roles despite a lower growth environment.

"We don't think the right thing to do for long term value is to set targets and aggressively rid ourselves of people in order to achieve those short-term targets," said Narev.

Outlining their approach, Narev said that it can and has resulted in individual roles no longer being required and can and has resulted in some redundancies.

"That happens in good organisations in good times and in bad. But that is a different approach from setting targets in the short term and managing towards them."

Narev also allayed fears that CBA will move jobs offshore as other major banks have done over the past 12 months.

"We see the value in our enterprise without having to send our jobs offshore ... Technology is driving change in customer preferences with increased demands from other stakeholders such as regulators and the community in particular," said Narev.

"Technology is changing customer preferences and that technology is leading customers to choose more how they engaged with the group, where they engage with the group and how they can do what they want to do."

Narev said the goal will be to significantly simplify its products rather than proliferation, and therefore do a better job to identify and meet more customer needs.

Narev's comments reflect the wide impact changing customer preferences are having on the wealth management sector after ANZ Wealth said it would cut 230 roles from its division due to rising costs and customer preferences.

"The changes in our Wealth business are in response to a challenging environment which has emerged in recent years," an ANZ spokesperson told Financial Standard at the time.

"This includes changed customer preferences for Wealth products following the GFC and increasing competition which is placing pressure on margins and costs."

News Search   
VideoBrought to you by
MAX
We invite you to the 2014 Marketing, Advertising and Sales Excellence (MAX) Forum and Awards, the premiere event for financial services professionals who are raising the standards in marketing, sales and ... Watch video
How to distribute 8% per year from global equities
Investor needs have not changed, what has changed is the level of income available from traditional yield sectors such as cash and bonds. This presentation will cover in detail how investors can diversify ... Watch video
Developing investment opportunities
Given the evolution of Australian Equities funds over the last 10 years, how has the Growth team's investment strategy remained relevant? Watch video
Betashares high interest cash ETF
The Betashares high interest cash ETF is currently returning significantly above the default cash rates offered on the larger wrap platforms. Learn more about this product in this exclusive video featured ... Watch video
Get it
Daily
FREE to your inbox, get the Financial Standard Daily Email.
Get the Free
iPad app
Download the Financial Standard iPad app for FREE
Industry
Events
APR
20
MAY
28
Asset Allocation 2014 Forum in Sydney,
29
2014 Annual Stockbrokers Conference
JUN
18
MAX: the Marketing, Advertising and Sales Exellence Forum and Awards
APR
28
FPA TASA road shows
29
FPA TASA road shows
News
Bites

$245 (inc GST) for 1 year
 
 
About Us
Contact Us
Privacy Policy
Terms & Conditions
Comments Policy
Events Calendar

Register
Archive
CPD Login
Register

Managed Funds
- Australian
- Global
Superannuation Funds
- Specialist
- Diversified
"Guide To" Series
Product Launches
Showcases

Home
Shows
Learning
Events
Profiles
Showcase
Platform Report
Mandate Chaser
Roundup
Advantage
Benchmarking

FS Advice
FS Super
FS Private Wealth
Copyright © 1992-2014 Rainmaker Group
All material on this site is subject to copyright. All rights reserved. No part of this material may be reproduced, translated, transmitted, framed or stored in a retrieval system for public or private use without the written permission of the publisher.
Link to something lHrHs6wt