CBA opts to defend four pillars
Outgoing Commonwealth Bank chief executive David Murray appears to have changed his tune over the merits of mergers among big banks, and is now against them. Murray, speaking at his final profit briefing before retiring next month, rejected as “shallow” the “national champions” argument … If we don't have regard to where customers would be (as a result of a merger), it's a pretty shallow approach to change. “There's no reason why there shouldn't be a debate about it, but there has to be a properly informed debate.”
Westpac chief executive David Morgan described the so-called four pillars as “irrational”, while his ANZ Bank counterpart John McFarlane pushed the case for a national banking champion in June.