CBA 0.50% $84.94 commonwealth bank of australia.

banks - incompetence rules

  1. 216 Posts.
    Do Australians get a fair deal from their Banks in terms of service and commitment to their community?

    131 Bank Branches were closed in the last 12 months all in the name of productivity and efficiency. CBA and NBA top the list at the biggest culprits . So customers are screwed and treated with contempt and lower paid Bank personnel are shown the door. Meanwhile the top echelon screw up big time and nothing happens to them.

    Clearly average Australians do not get a fair deal !

    *****************************************

    Do Australian Shareholders get value for from the management of Australian Banks?

    Clearly not?


    CBA and WESTPAC have stupidly bought Funds Management companies at the very worse time (right at the peak). Sadly overpaid Executive management in these banking organisations have little to no understanding of Global Business Cycles and basic Economic Cycles. Ditto for AMP Executives. Sharemarkets do not keep going up. This is a fact.

    With key staff leaving from the FM Companies they purchased and joining their competitors this further de-values the business they have bought . The NAB also screwed up big time on Homeside due to poor Due Diligence, although their MLC buy has added value.

    David Murray is a joke. The $5 million Man. Approving the $9Billion purchase of a Colonial and First State business with little to no Due Diligence is at the very best reckless at worst GROSS INCOMPETENCE. Is this the sort of person or Board member you would ask to help in the purchase of a $100,000 house if they do so little investigative effort in the purchase of a Billion dollar business? I personally would steer clear

    To throw blame on Cuffe is simply wrong. Murray and his senior management screwed up big time, failed to do their homework and now he tries to blame the Market Conditions, Cuffe and secret Information that he was unaware of at the time of the purchase. It reminds me of what Mansfield and Ziggy have done with Telstra and the huge overpayment for PCCW. Gross stupidity, but they still have their huge salaries.

    The lesson is: BUY STRAW HATS IN WINTER NOT WHEN ITS 42 degrees C AND THE SUN IS BEAMING DOWN and secondly DO YOUR HOMEWORK.

    Murray, This is why your paid $5million dollars. Your responsibility is to make careful and astute decisions with Shareholder Funds and not be stupid.

    As I said, Incompetence Rules and shareholders will pay the price of this stupidity for several years to come.

    Angry PHIL
 
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