Which Commonwealth Bank customers should you trust?
The Commonwealth Bank has admitted it is facing a significant amount of pressure from customers after the bank’s chief executive resigned amid a series of high-profile customer issues.
In a statement released on Friday, CEO Ian Narev announced he would step down after a “very significant period of time” and will remain on as interim chief executive.
The statement said Mr Narev would remain on until a permanent successor is appointed.
Mr Narell is due to speak to the Commonwealth Bank board on Monday to inform them of his decision.
The bank’s share price fell by almost 15 per cent on the announcement.
Mr Shukla said he was concerned about a “significant” amount of customer pressure.
“The concerns we have are with a significant proportion of our customers,” he said.
“We will be seeking to address them as quickly as possible and make sure that the issues that have been identified do not persist.”
Mr Nareva’s resignation comes after several high-level staff departures over the past few months.
On Wednesday, Bank of America CEO Brian Moynihan stepped down following a series, including a $2.5bn sale of the bank to the investment firm BlackRock.
Earlier this month, Mr Narevic told shareholders the bank was facing a “considerable” number of “significant issues”.
“This includes the continued high level of pressure on our customers, the lack of transparency in the way our bank operates, the fact that our staff are under enormous pressure and the fact we are experiencing a significant increase in customer complaints,” he told shareholders in a letter.
Mr Moynihann said he had “decided that it is in the best interests of our company” for him to step down.