CBA wealth, business, private banking heads to leave

The chief of CBA’s wealth management and mortgage broking businesses (NewCo), Jason Yetton, and its business and private banking group executive, Adam Bennett, will both be leaving the bank in January.

Mr Yetton was appointed as chief executive of NewCo in October last year to lead the intended demerger of the wealth management and mortgage broking businesses.

In March, the bank suspended preparations for the demerger, prioritising customer remediation and the implementation of recommendations from the royal commission.

Since then, Mr Yetton has overseen the divestment of Count Financial, as well as refunding customers for past issues in the wealth management segment.

CBA reported its exit of its aligned advice businesses remains on track for completion by June 2020.

The bank’s chief executive, Matt Comyn, commented: “Jason has played a significant role in the divestment of Count Financial and planning for the exit of the aligned advice businesses, as well as making substantial progress on remediation activities across our wealth businesses.”

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Meanwhile, group executive for business and private banking Mr Bennett will depart from the group at the end of January.

Mr Comyn said after more than 15 years with the bank, Mr Bennett felt that the time was right to pursue the next phase of his career.

He joined the bank’s group technology unit in 2004 and was chief information officer for the retail and business banking divisions.

In 2009, he joined the business and private banking leadership team and became the executive general manager of local business banking in 2012.

In 2015, he gained his current position and became a member of the executive leadership team.

“Adam is a highly respected leader whose banking and technology expertise has helped deliver many innovative digital solutions for our customers, including the bank’s first generation mobile banking app, our market-leading NetBank and CommBiz digital platforms, and BizExpress, our new simplified business lending proposition,” Mr Comyn said.

“We greatly appreciate Adam’s contribution to the group.”

Mr Bennett said the decision to leave CBA was not an easy one.

“It has been a great privilege contributing to the bank over the past 15 years through a number of diverse business and technology leadership roles,” he said.

“I am proud of the progress we are making to create a simpler, better bank for all of our stakeholders.”

CBA wealth, business, private banking heads to leave
CBA
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