Published: August 06, 2019
For second year running compensation cost has eaten into earnings at bank, which is still under investigation
Profits at Australia’s biggest bank, the Commonwealth, have slumped by 8.1% after the bank laid out an extra $1bn to compensate customers it has ripped off.
The bank, which was at the centre of a series of financial scandals that helped prompt last year’s Hayne royal commission, has also pledged to shut one of its most troubled divisions, advice group Financial Wisdom.
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