Commonwealth Bank May Post First Annual Profit Drop in Nine Years

The video discusses the challenges faced by the Commonwealth Bank of Australia (CBA) due to past scandals and the changing banking environment. It highlights the impact of these issues on profits and compliance costs. The new CEO, Matt Common, is reshaping the bank by selling assets and planning a spinoff of the wealth advice unit. The video also covers the broader trends affecting Australian banks, including slowing mortgage growth and rising funding costs. The Royal Commission's findings are expected to lead to a simpler, less profitable banking system.

In what ways is the new CEO, Matt Common, reshaping the bank?

What are the implications of the Royal Commission on the Australian banking system?