Comyn in hot
Eight years after promising no mistakes, Matt Comyn has CBA leading the ASX as rivals face upheaval, risky transformations and cultural resets.
As he prepared to make his move for the top job at the Commonwealth Bank in 2018, Matt Comyn promised then-chair Catherine Livingstone there would be no mistakes on his watch.
The pitch, which was delivered just before the banking royal commission torched his predecessor Ian Narev and was recounted to Capital Gains by multiple sources, was a valuable reassurance as Comyn stepped into the role with a clean slate to right the ship.
Eight years into his reign, you could argue Comyn has made good on his word. As CBA readies its full-year results for Wednesday, the bank is trading at an eyewatering multiple and ranks as the most valuable company on the ASX.
Of course, as we’ve noted in these pages before, it has been helped by external forces, including passive and overseas investment flows. That’s left CBA overvalued by most conventional measures, and one day a catalyst will send its valuation back to earth. But its position has not been built on luck alone, with the bank long regarded as the best of the majors.
