CBA slammed by APRA | Finance News Network

CBA slammed by APRA

Company News

by Anna Napoli

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.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.