Total mismatch between the reality and the value statements
Picture this: Advisers from Commonwealth Bank of Australia (CBA) charged dead clients for financial advice – in one case for a decade.
Not even death stopped some CBA customers being hit with fees for financial advice they did not receive. Another adviser was charging fees to customers when there was no evidence of services being rendered.
CBA has been investigated for unethical banking practices, including charging financial advisory fees to long-dead customers. The fees charged by CBA have been the focus of the royal commission into misconduct in banking and financial services.
Again there is is total mismatch between the reality and the fluffy value statements (“What we value most”) of CBA:
Integrity – Saying and doing what is right – This means saying and doing what is right for our customers, our people, our community and our shareholders
I commit to honesty – I will be honest and demonstrate integrity in every aspect of my work and whenever I represent CBA, including in balancing and fulfilling customer, shareholder, colleague and other stakeholder needs. I recognize this is essential to our stakeholders’ trust in us. I will be straightforward in how I create, improve and talk about our products and services; thorough in how I manage risk; and transparent in the way I provide necessary information on our business whilst also maintaining my commitment to confidentiality
This case adds up to a long list of scandals most of them due to organizational culture.
Short URL & title:
When the organizational culture stinks — https://www.torbenrick.eu/t/r/ncf
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