Australia’s Commonwealth Bank has moved 30 staff out of its private banking operation as part of a restructure of the business that will see...

Australia’s Commonwealth Bank has moved 30 staff out of its private banking operation as part of a restructure of the business that will see it focus more closely on providing financial planning services for its clients. CBA’s head of private banking, Edward Tate, who recently joined from Macquarie Bank, said he was looking to bring in people who had planning skills. Mr Tate said the business had become “all things to all people” and, in addition to reviewing the business plan, he was considering tightening the criteria for customer entry. There are presently no fixed entry criteria. “There are still lots of people who keep their wealth to themselves. We want to play a role helping them sort out estate planning, business succession and other issues,” he said.