CBA 1.29% $69.02 commonwealth bank of australia.

cba core banking project on track

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    (i can't remember where i plucked this from this morning)

    CBA core banking project on track

    Mahesh Sharma | October 28, 2008

    COMMONWEALTH Bank's $580 million core banking replacement project is not in danger of being shelved, despite the bank embarking on a huge cost-cutting exercise that will see jobs slashed from across the business.

    The Australian revealed earlier this week that CBA plans on slashing at least $370 million from its bottom line, after an executive committee, chaired by chief executive Ralph Norris, decided the bank had to reduce costs by 5 per cent.

    The cost restructure will include job cuts, including technology staff, which could consist primarily of contracted staff, and the shelving of major information technology spending and projects.

    However, a CBA spokesman said the bank’s four-year project to replace legacy transaction systems will not be affected by the cuts.

    “In uncertain times, it is important to balance the needs of shareholders against investment and prioritise accordingly,” the spokesman said.

    “It is a priority for the bank to ensure that it provides excellent customer service and, in this regard, we will continue to invest in systems and processes that enhance the customer experience.”

    CBA is close to completing a roadmap for implementing the new systems.

    The cost restructure could also result in further delays to the integration of its $2.1 billion acquisition of BankWest.

    The CBA-BankWest IT integration project is expected to start once CBA's core banking program is in place.
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