New Commonwealth Bank CEO pledges to keep jobs local

The new CEO of the Commonwealth Bank plans to use “world-leading” technology to improve productivity without sending jobs offshore.

Ian Narev outlined his Australian jobs strategy in a presentation to analysts which ruled out following ANZ and Westpac in sending jobs offshore to save costs.

CBA will instead focus on capitalising on the bank’s $1 billion investment in new technology to increase efficiency.

“Significant opportunity [to increase productivity] still remains without offshoring, enabled by world-leading technology,” Narev said in the presentation, which was released to the ASX.

Narev pledged the CBA would become number one in customer satisfaction among the big four banks based on innovation, collaboration, accountability, diversity, enhanced talent programs and a long-term people focus.

The CBA also plans to expand further into China and Indonesia.

CBA already owns shares in Asian banks. It has opened a branch in Shanghai and has another planned for Beijing.

Narev is a former strategy consultant with experience in merger and acquisitions in Asia. He took over as CEO in December after the retirement of Ralph Norris.


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