Misleading headline in the Financial Review

29 April 2003

The headline to a report in the Australian Financial Review of 29 April, CBA to shed customers, ANZ lures them was misleading in that it totally disregarded the assertion that the Bank will protect – and in fact, seek to grow – its market share in retail banking. 

This very point was made by Hugh Harley in the first three paragraphs of the AFR’s report.  For the Bank’s true position to be ignored and the opinion of a third-party observer to be cited in the headline is both disappointing and misleading.

Hugh makes the point that if the Bank wanted to shed customers, why would we:

  • commit to keeping our 1000 branches open;
  • maintain and grow a customer base larger than any other financial institution;
  • continue to invest in the largest ATM network in Australia; and
  • invest in a more effective telling system.

“I can assure you we remain strongly focused on meeting the financial needs of all retail customers seeking accessible and affordable banking,” Hugh said in his subsequent letter to the editor of the Australian Financial Review.