About Commonwealth Bank of Australia
As a publicly traded firm with Australian ownership, the Commonwealth Bank of Australia provides banking and other financial services to customers in Australia, New Zealand, Europe, the United Kingdom, the United States, and Asia. The bank’s administration is based out of Sydney, and it is staffed by around 46,190 FTEs.
The Commonwealth Bank of Australia was founded in 1911 thanks to a piece of law. In 1959, legislation established the Reserve Bank of Australia (RBA) to continue operating as Australia’s central bank, while the commercial banking operations had been transferred to a new institution, the Commonwealth Banking Corporation.
After the Australian states united to become the Commonwealth of Australia, the Australian Parliament gained authority over monetary and banking policy. The initial Commonwealth Bank Act simply granted the Bank the typical commercial banking powers in 1911; it did not provide the Bank any central banking authority or responsibility for note issuance. The Governor was given authority over the Bank. Midway through 1912, the Bank first welcomed customers. In those days, the Australian Department of Treasury oversaw the note issue instead of the private trade banks and the Queensland Government.
|Commonwealth Bank of Australia
|Sydney , Perth Central
|Full Time Job
|Any Degree/ Diploma
|Last Updated On
|As Per Labour Law
In 1920, the Notes Board (comprised of four members selected by the Government) took over note issuance from the Treasury. The Bank Governor served on the Notes Board in an ex officio capacity. The Bank handled the management of the note issue, despite the fact that it and the Notes Board were technically separate entities.
The issuance of notes fell under the Bank’s purview after an amendment to the the Commonwealth Bank of Australia Act in 1924. A board of eight directors, including the Governor and the Secretary of the Treasury as ex officio members, was then given authority over the organisation. The Bank’s central banking activities evolved gradually from this point until 1945 (when significant changes were made to the legislation),
first as a response to the demands of the Depression in the early 1930s and then by formal, albeit short-term, broadening of its powers under wartime regulations. It had the power to regulate the value of its currency, set interest rates, and demand deposits from private banks into government-controlled accounts, among other banking-related powers.
The Bank’s authority over the management of monetary and banking regulations and exchange control was formally established in the Banking Act and the Commonwealth Bank Act of 1945. The Governor is charged with running the Bank as per the terms of the 1945 law, which abolished the board and replaced it with a six-member advisory council made up solely of Bank and Treasury personnel. However, in 1951 legislation formed a new board (then of 10 members),
including the Governor, Deputy Governor, and the Secretary of the Treasury, and continued to vest management of the Bank in the Governor. Since then, the Bank’s Board has looked roughly the same, with some slight adjustments to the number of members.
Commonwealth Bank of Australia – Products & Brands
The Commonwealth Bank of Australia is a global financial institution that serves customers in Australia and across the world with a comprehensive suite of banking and financial services.
The organization’s business activities are broken down into the following sections:
The Retail Banking Services section of Commonwealth Bank and Bankwest offers a variety of banking products and services to individual and small business clients. Products include of mortgages, pensions, credit cards, retail deposits and servicing, and foreign money transfers. (More jobs APPLY NOW)
Providing corporations and agricultural businesses with a full range of banking and financial services is the focus of business banking. It also provides high-net-worth clients with private banking and investing services via Commsec.
Commercial and retail banking services for large enterprises, institutions, and government agencies are provided through Institutional Banking and Markets.
Banking, asset management, and insurance are just few of the many New Zealand-based enterprises.
Corporate Centre & Other: through its offshore minority investments, it offers worldwide monetary services, financial services, and insurance products and services in Indonesia, Vietnam, and China. The Commonwealth Bank’s back-office operations fall under this section as well. (More jobs APPLY NOW)
Vacancies in Commonwealth Bank
If you are ready to kick start your career in banking sector then you cannot miss this opportunity.The bank has published following vacancies on the career portal:
- Senior Platform Reliability Engineer – Apply Now
- Senior Mobile Engineer – iOS – Apply Now
- ServiceNow Developer – Apply Now
How to Apply
Interested candidates can search for job opportunities using search and apply now page in the career portal. Once you have found a job that interests you you can apply using apply now button and manually complete the application form with adding your details and uploading resume. After review nit the submit button and you will receive a confirmation mail on the registered mail id.