RETAIL BANKING | Tony Chua, Australia

Commonwealth Bank CEO Ralph Norris to retire in November

The lender recorded maximum profit amidst turbulent times under Norris’ leadership.

The most controversial banker of Australia has announced his retirement plans. On Friday, Sir Ralph Norris announced that after serving six years at Commonwealth Bank (CBA) as Chief Executive, he will be retiring in November.

It has been told that Ian Narev will be taking place of Norris. The tenor of Norris was accompanied by the most turbulent period in international finance. This period was described as one of the greatest booms in history unraveled at frightening speed, taking the developed world to the brink of economic chaos. Under the supervision of Norris, the CBA emerged as winner by recording maximum profit in the whole world.

It has emerged that his decision of investing in the BankWest brought the bank to the third rank in the market. CBA purchased BankWest for $2.1 billion, which was about half the true value of the bank. Norris became a subject of criticism when the CBA doubled a Reserve Bank interest rate hike.

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