The Commonwealth Bank of Australia (ASX:CBA) has today suspended preparations for the demerger of its wealth management and mortgage broking business.
The move is to prioritise recommendations from the Royal Commission including refunding customers and remediating past issues.
The bank says it remains committed to its strategy to become a simpler, better bank, including ultimately the exit of its wealth management and mortgage broking businesses.
As disclosed in CBA’s half year results, $1,460 million has been allocated to address issues over recent years, including $1,215 million relating to the wealth management businesses.
Shares in Commonwealth Bank of Australia (ASX:CBA) closed -0.11 per cent lower to $73.05.