Major bank scraps deputy CEO position 

Major lender Commonwealth Bank of Australia (CBA) has announced its deputy CEO David Cohen will finish up in his tenure as deputy CEO on 31 December 2023, after five years in the position.

The lender created the role of deputy CEO in 2018 to help the bank support its efforts to “simplify its portfolio and increase focus on customer remediation and complaints”.

Over the last five years, Mr Cohen has overseen the organisation’s divestments of nine non-core banking entities, supervised several mergers and acquisitions to help strengthen the bank’s “unique customer value proposition”, and also guided CBA’s efforts to improve customer complaint resolution and remediation.

The bank has now said that, given the “substantial progress’ on legacy customer remediation programs, the work of the deputy CEO “has been successfully achieved and therefore the role is no longer required”.

After concluding as deputy CEO, Mr Cohen will continue to serve as the bank’s representative on the board of PT Bank Commonwealth (which is currently in the process of being sold) and will also remain a director of ASB, the organisation’s New Zealand banking and funds management businesses.

CBA’s CEO Matt Comyn acknowledged the support Mr Cohen had provided both to himself and the organisation during his time in the position.

He stated: “David has been instrumental in helping CBA become the simpler, better bank that our customers deserve. Thanks to his deep experience, sound judgement and strong values, he has helped guide the bank through some of our most challenging periods.

“David has been a valued member of the executive leadership team and a respected role model and mentor to countless team members across the bank.

“He has provided me with invaluable support, and on behalf of the board, executive leadership team, and all the people of the Commonwealth Bank, I thank him for his distinguished service and wish him well for the future.”

The news followed CBA’s results for the first quarter of the 2024 financial year, which saw its home lending volume fall $4.5 billion.

The lender also confirmed at the time that it would be focusing on its proprietary distribution.

[Related: CBA loan book continues to shrink]

Josh Needs is a journalist on Momentum's mortgages titles: The Adviser and Mortgage Business. 

Since joining Momentum in 2022, Josh has written on a range of topics in the financial services space, including for Accountants Daily and SMSF Adviser.

Prior to joining Momentum, wrote news, feature articles and video reviews for Unsealed 4x4, a specialist offroad motoring website.

He studied journalism at the University of NSW.

You can email Josh on: josh.needs@momentummedia.com.au