The head of Commonwealth Bank of Australia (ASX:CBA) has questioned the latest banking reforms, claiming they will result in higher banking costs.
CEO Ralph Norris says CBA will pay $100 million per year to meet the federal government's new banking reforms.
Mr Norris claims the amount of regulatory change and cost is staggering and that the trade off may also result in financial services becoming less innovative, productive and efficient.
CBA has this year written submissions to eight major inquiries and participated in 44 others with the Australian Bankers’ Association.
In the six months to 31 December 2010, Commonwealth Bank generated a net profit of $3 billion.
