Norris clarifies CBA’s earnings targets

Commonwealth Bank’s incoming chief executive Ralph Norris said in an interview that, “I never said that I vowed double-digit growth. I said my objective would be double-digit growth, but I think all objectives should have a degree of stretch and aspiration about them. We need to be aiming for CBA to grow a little bit faster than the market.” Pushed to comment on his discussions with the head of premium business service Michael Katz and head of wealth management Stuart Grimshaw, both of whom sought the job as CBA CEO, Norris said: “They were good conversations. We're talking about very competent, professional executives who by their very nature are not going to make knee-jerk reactions … People have to be comfortable working for a chief executive.”