Commonwealth Bank of Australia (ASX:CBA) chief executive Ralph Norris says global money markets are effectively frozen, warning the European debt crisis is entering a dangerous phase. That’s according to a report by Fairfax Media.
His comments come after Germany failed to sell the entire stock of $8 billion worth of bonds.
He warned of credit-crunch conditions returning.
After six years in the top job, Mr Norris retires next Wednesday.
In the 2011 financial year Commonwealth Bank boosted its net profit to $6.4 billion.
