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But don’t mistake this for a standard corporate cost-cutting exercise. Comyn is putting his money where his mouth is, drawing a razor-sharp line between merely stripping out costs and building a stronger, more resilient institution.
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The High-Stakes Geopolitical Chessboard
Under Comyn’s watch, CBA isn’t just reacting to tech trends; it’s aggressively trying to own the space. The bank is currently splashing out $2.4 billion annually on technology — outspending its closest Aussie rivals (like Westpac, ANZ, and NAB) by at least $500 million a year.
For Comyn, this isn’t just about corporate valuations; it’s a matter of national interest. He argues that if Australia moves too slowly, the economic value and capability generated by AI will simply flow offshore.
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