Private bank reshuffle for CBA
(3 April 2009 – Australia) The private banking team at CBA has had to undergo a reshuffle after the early retirement of executive GM, Edward Tait.
CBA’s executive general manager of private client services, Edward Tait, has decided to retire early and will leave the group on the tenth of April.
Tait’s retirement follows the departure of Commonwealth Private Bank general manager Richard Nunn, who left the group in March for a newly-created role at Big Four rival NAB’s wealth management business, MLC & NAB Wealth.
Nunn has become NAB’s executive general manager of advice and marketing. The new division within MLC & NAB Wealth will see Nunn responsible for MLC's financial advice businesses and marketing strategy.
The retirement of Tait comes amid a restructure within the management of the bank, which saw the business bank split and Ian Narev taking on the wide-reaching role of executive for business and private banking.
Adrian Hondros will take over as acting head of the private bank at CBA while a replacement for Tait is found.
Hondros was most recently chief executive of insurance group St Andrew's Australia, which is now part of CBA after the BankWest acquisition.
Further shuffling will also occur, with Matt Comyn, current general manager of Commsec, moving to head the equities and margin lending business unit and reporting directly to Narev.
The reshuffle comes amid an ongoing succession planning program for an eventual internal replacement for chief executive Ralph Norris.
Tait’s retirement follows the departure of Commonwealth Private Bank general manager Richard Nunn, who left the group in March for a newly-created role at Big Four rival NAB’s wealth management business, MLC & NAB Wealth.
Nunn has become NAB’s executive general manager of advice and marketing. The new division within MLC & NAB Wealth will see Nunn responsible for MLC's financial advice businesses and marketing strategy.
The retirement of Tait comes amid a restructure within the management of the bank, which saw the business bank split and Ian Narev taking on the wide-reaching role of executive for business and private banking.
Adrian Hondros will take over as acting head of the private bank at CBA while a replacement for Tait is found.
Hondros was most recently chief executive of insurance group St Andrew's Australia, which is now part of CBA after the BankWest acquisition.
Further shuffling will also occur, with Matt Comyn, current general manager of Commsec, moving to head the equities and margin lending business unit and reporting directly to Narev.
The reshuffle comes amid an ongoing succession planning program for an eventual internal replacement for chief executive Ralph Norris.
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