The Commonwealth Bank (ASX:CBA) has been slammed in a report from the Australian Prudential Regulation Authority (APRA).
The independent review of the banks culture found it to be complacent, over confident and insular.
The regulator has asked the bank to carry an additional $1 billion in regulatory capital and enter into an undertaking to conduct remedial action.
CBA has confirmed it will implement all the recommendations contained in the report.
Shares in the Commonwealth Bank (ASX:CBA) closed up up 0.39 per cent to $71.82 yesterday.