Brutal cash blow for more than 10million Australians: Commonwealth Bank boss unleashes at share price bloodbath
Shares in Australia's biggest bank plunged by 3.5 per cent on Wednesday morning to $172.59 despite CBA announcing a record, full-year cash profit of $10.3billion for 2024-25.
Since then, the share price has continued to bleed, sinking to $167.20 - marking a 5.6 per cent plunge in five days, wiping off more than $15billion from its market capitalisation.
While more than 800,000 Australians own Commonwealth Bank shares directly, more than 10million own shares indirectly via their superannuation.
'Of course, we're conscious of share price performance … more than 10 million Australians own the Commonwealth Bank, either directly or indirectly,' he told the ABC.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
5 hours ago
- Reuters
Jared Kushner's firm buys 8% stake in UK lender OakNorth, source says
Aug 15 (Reuters) - A private equity firm founded by U.S. President Donald Trump's son-in-law Jared Kushner has signed a deal to buy an 8% stake in British lender OakNorth, a person familiar with the matter told Reuters on Friday. The firm, Affinity Partners, was founded by Kushner in 2021 and has investments from funds in Saudi Arabia, Qatar and the United Arab Emirates. The investment company did not immediately respond to a request for comment. Sky News, which previously reported the development, said that Affinity acquired the OakNorth stake from an unidentified existing investor. OakNorth declined to comment. The SoftBank-backed (9984.T), opens new tab group, founded by Rishi Khosla and Joel Perlman in 2015, has in the past leaned towards a U.S. listing to expand its business. The news also comes amid growing interest around Trump and his affiliates' business ventures and talks of the U.S. government possibly taking a stake in Intel. OakNorth reported pretax profit of nearly 215 million pounds ($291.5 million) last year as it continued its expansion in the U.S., where it began operating by mid-2023 and has received licenses for a representative office in New York. Sky News said the value of the Affinity-OakNorth transaction was unclear. Reports have said the British lender was valued at about $2.8 billion in its latest funding round in 2019. OakNorth runs a business bank in Britain with more than 7.5 billion pounds in assets and supplies its technology to lenders elsewhere. In 2024, it had lent more than 2.1 billion pounds to customers. Its clients include F1 Arcade and personalised training provider Ultimate Performance. "Despite ongoing macro-economic challenges, we are bullish for 2025," OakNorth co-founder and CEO Rishi Khosla said in March after the company's 2024 report was published. SoftBank did not immediately respond to a Reuters request for comment. ($1 = 0.7376 pounds)
Daily Mail
10 hours ago
- Daily Mail
Fed-up locals in 'overcrowded' suburb slam the hundreds of units being built on their doorstep - warning the area is already at breaking point
Sydneysiders living in a suburb set to receive hundreds of new units have voiced their anger at the pressure on their already 'overcrowded' and under-resourced community. Construction giant Meriton has proposed 620 new units in Carlingford, 22km north-west of the CBD, with the first stage under construction promising seven luxury residential towers, soaring to 29 levels. The development on 18 Shirley Street and 263–273 Pennant Hills Road, which boasts the tallest towers in the area, has been met with backlash from locals who feel the area is already overcrowded. Parramatta Council reluctantly supported Meriton's proposal for the new development in 2023, citing fears the area could have lost out on community infrastructure if they didn't back the plans. 'We feel like our hands are tied because we're going to get the developments anyway,' Councillor Michelle Garrard said at the time. Meriton's new development, which temporarily shut down last week after construction worker Paulo Mau'u died on site and another was left fighting for his life, includes plans for a community centre, library and a supermarket. However, locals claim there isn't sufficient infrastructure in the area such as schools and hospitals to support the already overcrowded community. Carlingford resident Claudine told Daily Mail the development is 'driven by money and very little thought'. 'They need to fix the roads first before they start moving more people in, that's the biggest thing,' she said. 'The traffic is already really s**t around here. It would be nice if they had a plan for that too.' She stressed the need for more local schools and hospitals adding: 'I was in hospital recently in ED and there were people waiting for almost 48 hours to be seen because there's too many people.' Young couple James and Amelia voiced their concerns that the new development will be unaffordable for local families. One-bedroom apartments in the development are on the market starting from $595,000 while at the other end of the scale four-bedrooms are priced up to $1,895,000. 'People are being pushed further and further west,' James said. 'No one can afford to live where they've grown up. 'I know families that have grown up here but they've had to move all the way out west because everything has shot up in price or been turned into apartment blocks they can't afford.' The couple, who live about 6km away in West Ryde, said new high-rise developments have 'blocked off the view' and fear the same for Carlingford. Sandra (pictured), who moved to Sydney in 1972, said the new apartments represent the 'changing face of Australia' 'There's so many new developments being built but there's no infrastructure to support it,' James added. 'People out here are already struggling to get jobs locally.' Sandra, who moved to Sydney in 1972 for a working holiday and decided to stay, said the new apartments represent the 'changing face of Australia'. 'I don't like it, it's so sad,' she said. 'We came here in the 70s and there were so many wonderful, fabulous opportunities for everybody, but it's all changed now. 'I wouldn't tell anybody to emigrate here anymore and if I was rich, I'd go back home, but I'm not. 'There's too many units being put up everywhere. It's horrible how the city is changing.' Victor, who recently moved to Carlingford from Brighton-Le-Sands, said he feels there's 'too many people for such a small area'. 'I only moved in three weeks ago and I can feel it's growing so fast - it feels full,' he added. Local resident Alina said the area was in desperate need of more 'shops, cafes and restaurants'. A spokesperson for Meriton said they 'worked closely with council to ensure the project addresses local concerns such as traffic, parking, and infrastructure needs'. The proposal 'went through an extensive planning process, including assessment by independent planning and design review panels, referrals to key government agencies such as the Department of Education and Transport for NSW, and thorough community consultation. 'The proposal was endorsed by Council in July 2024 following a comprehensive assessment report. 'In addition to housing, the project will deliver over 5,000m² of new public open space, interactive children's playgrounds, upgraded pedestrian links, on-site childcare, specialty and service based retail shops, a national supermarket, and a new 2,500m² Community Hub featuring a library and multiple community facilities, bringing improved and lasting benefits to both residents in the local Carlingford community and beyond. 'Importantly, the development will contribute significantly to NSW's critical housing supply, with 90 per cent of apartments at The Carling priced well below Sydney's median house price of $1.5million. 'To further support home buyers, Meriton is offering Australia's lowest two-year fixed home loan rate of just four per cent, making purchasing more affordable than renting for many. 'The apartments have been well received by the market and are selling strongly.'
Reuters
11 hours ago
- Reuters
StanChart shares fall 9% after US lawmaker calls for probe
LONDON, Aug 15 (Reuters) - Standard Chartered (STAN.L), opens new tab shares fell nearly 9% on Friday after a U.S. Republican lawmaker wrote to the Attorney General, Pam Bondi, asking for a probe to be launched into the bank, claiming it was involved in sanctions evasion. Elise Stefanik, a New York Republican, requested in a letter shared on the X social media platform and published on her website that a special attorney be appointed to look into Standard Chartered's alleged failings. Stefanik said that an unspecified case against Standard Chartered was due to expire next week and urged action before that date. Standard Chartered said in a statement that the underlying allegations in a long-running civil case were "entirely false" and had been rejected by U.S. courts multiple times. The claimant had been pursuing the claims since 2012, the bank has previously said. "We expect the dismissal of this case will continue to be upheld on appeal," the bank said on Friday, adding it would fully cooperate with any relevant authorities and was committed to fighting financial crime. The Attorney General's office did not immediately respond to a request for comment. The bank's shares, which had been about 1.5% lower earlier on Friday, plunged almost 9% before closing down 7.2%. One trader linked the share move to the letter. Like other European lenders, Standard Chartered's stock has risen sharply this year on robust earnings and hit a near 12-year high earlier this week. Standard Chartered has previously been the subject of U.S. scrutiny. The bank agreed to pay $1.1 billion in 2019 to U.S. and British authorities over transactions which breached sanctions against Iran and other countries. The bank was also the subject of a U.S. deferred prosecution agreement, which in 2019 was extended for two years.
