The Commonwealth Bank of Australia (ASX:CBA) has shut down its high risk trading desk. That’s according to Fairfax Media.
Ten traders have been affected, with some moving on and others being redeployed to other areas.
The move follows Australia and New Zealand Banking Group's (ASX:ANZ) decision to cut back on risky trading, and rival traders say it marks the start of an overhaul for the big four banks.
In the 2011 financial year Commonwealth Bank reported a net profit of $6.4 billion.
