Norris leaves CBA on top
(25 July 2011 – Australia) Outgoing Commonwealth Bank (CBA) chief executive Ralph Norris has left the bank after six years at the helm, guiding the bank through the GFC.
Originally Norris had signed on for five years, but when John Schubert left in 2010 to try out for the BHP chair, Norris stayed another year.
Norris will leave after this year's annual meeting, and leaves with the bank on top of the market with an industry-leading return on equity of 19.2 percent and as the biggest bank by market value at A$77.5 billion.
Norris was summoned by the bank's then-chairman John Schubert in 2005 to take over from the retiring David Murray.
It was Norris' second stint with the bank, after leading its New Zealand business, ASB, for a decade. During his time there, the Auckland-based bank made major market share gains and double-digit profit growth over the decade.
As he admitted yesterday, Norris left and was headed for retirement before a stint as the boss of Air New Zealand. Four years later, he was lured back to the banking fold by Schubert.
The role affected his life both politically and personally for Norris, who yesterday admitted his house had been vandalised and his wife Pam intimidated by customers angry after the CBA raised lending rates above and beyond the RBA last year.
Wayne Swan branded the move a 'cash grab' by Norris to protect the bank's bottom line.
'It's little wonder that so many Australians are so angry with our banks,' he said.
Norris also contradicted the Treasurer at a parliamentary hearing in March this year on their conversation about raising rates above the RBA's move.
Norris will leave after this year's annual meeting, and leaves with the bank on top of the market with an industry-leading return on equity of 19.2 percent and as the biggest bank by market value at A$77.5 billion.
Norris was summoned by the bank's then-chairman John Schubert in 2005 to take over from the retiring David Murray.
It was Norris' second stint with the bank, after leading its New Zealand business, ASB, for a decade. During his time there, the Auckland-based bank made major market share gains and double-digit profit growth over the decade.
As he admitted yesterday, Norris left and was headed for retirement before a stint as the boss of Air New Zealand. Four years later, he was lured back to the banking fold by Schubert.
The role affected his life both politically and personally for Norris, who yesterday admitted his house had been vandalised and his wife Pam intimidated by customers angry after the CBA raised lending rates above and beyond the RBA last year.
Wayne Swan branded the move a 'cash grab' by Norris to protect the bank's bottom line.
'It's little wonder that so many Australians are so angry with our banks,' he said.
Norris also contradicted the Treasurer at a parliamentary hearing in March this year on their conversation about raising rates above the RBA's move.
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