CBA 0.52% $65.83 commonwealth bank of australia.

the cat is out of the bag ...

  1. 5,816 Posts.
    Hmmm... the gallery have been calling for David Murray's head for some time ...

    Insto's have been selling the stock down as is there habit when displeased and want to make it known ... so far only footshuffling and mumbling from CBA Board now under pressure but steadfastly resisting ASX requirements to ann to the Market.

    David Murray has failed to integrate CBA's $10billion foray into wealth management which arguably was not going to be easy.

    The Colonial First State acquisition tested the marriage of traditional Bank credit rationing culture and the strong marketing/entreprenerial of wealth management.

    The key drivers of CFS acquisition have been architect and wizard Chris Cuffe with support from fund manager Greg Perry and central co-ordinator Peter Polson.

    Despite 'golden handshakes' all round the David (me too...!!!) Murray malaise has caused all three to depart defeated and disillusioned due to the insoluble cultural clash.

    Chris Cuffe's abilities are almost legendary and was recently head-hunted by no less James Packer as a worthy prize for Kerry's CPH Investment Corp. interest in Bill Ireland's Challenger International.

    In the meantime, David Murray now has to face the music and explain what some analysts believe could be up to a AUD$2billion write-down of CFS when it reports on Feb12.

    The upcoming dividend of $0.68 per share will not be any compensation for those patiently waiting on ex-div 18/02/03.

    The Market is understandably confused by CBA shareprice which is tanking at an average of 3% per month for the last 9 months. This for a corporation with nearly a 6% franked dividend yield is appalling.

    This loss equates to $11billion loss in market cap.

    David Murray should do the honourable thing and fall on his sword ...

    This is only my view ... read the red stuff.

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