Business
CBA’s private bank officially ends retail client work – The Australian Financial Review
Commonwealth Bank will create a “new national advisory business” for wealthy investors following the exit of high profile executive Marianne Perkovic.
The parting of ways with retail clients comes amid a restructure in the bank’s private wealth offering. It has closed its longstanding Commonwealth Private Office (CPO) unit for “ultra high net worth” clients and subsumed its functions into Commonwealth Private, in a decision communicated to staff last week.
It is expected to result in at least 15 redundancies, including Ralf Haase, a former Goldman Sachs and Macquarie executive who has headed the CPO since 2009, along with some administrative …
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