The CEO of Australia’s largest retail bank has penned a letter of reassurance to customers amid cost-of-living pressures and a slip in its shares.
“It’s been a challenging time for Australian households and businesses, and we know many customers have been looking forward to lower rates,” Commonwealth Bank CEO Matt Comyn said in a letter that hit most patrons’ email inboxes on Monday.
“For our variable home loan rate customers, the full interest rate reduction will hopefully provide some relief.”
CBA shares fell more than eight per cent last week – a fall mirrored by other major Australian banks – but recovered on Monday, rising 2.97 per cent.
Mr Comyn declared in his letter that physical cash was “here to stay,” even if customers’ banking preferences may evolve.
“We’ll continue to distribute more than $4 billion in cash each month through Australia’s largest branch and ATM network, which will also benefit from $100 million in upgrades in 2025,” he said.
“We have extended our promise to keep all our regional CommBank branches open until at least 31 July 2027 to support communities and jobs in regional Australia.”
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