Commonwealth Bank of Australia's outgoing Chief Executive Ralph Norris delivers the company's full year results at a briefing in Sydney August 10, 2011. Commonwealth Bank of Australia joined rival National Australia Bank in warning that the global economic turmoil was hitting customer confidence and may push funding costs higher, but said it was well positioned to ride the storm. REUTERS/Tim Wimborne (AUSTRALIA - Tags: BUSINESS HEADSHOT) 

Commonwealth Bank of Australia's outgoing Chief Executive Ralph Norris delivers the company's full year results at a briefing in Sydney August 10, 2011. Commonwealth Bank of Australia joined rival National Australia Bank in warning that the global economic turmoil was hitting customer confidence and may push funding costs higher, but said it was well positioned to ride the storm. REUTERS/Tim Wimborne (AUSTRALIA - Tags: BUSINESS) 

Commonwealth Bank of Australia's outgoing Chief Executive Ralph Norris (L) and his replacement Ian Narev look at a video presentation before the company's full year results briefing in Sydney August 10, 2011. Commonwealth Bank of Australia joined rival National Australia Bank in warning that the global economic turmoil was hitting customer confidence and may push funding costs higher, but said it was well positioned to ride the storm. REUTERS/Tim Wimborne (AUSTRALIA - Tags: BUSINESS) 

Commonwealth Bank of Australia's outgoing Chief Executive Ralph Norris (L) walks past his replacement Ian Narev before the company's full year results briefing in Sydney August 10, 2011. Commonwealth Bank of Australia joined rival National Australia Bank in warning that the global economic turmoil was hitting customer confidence and may push funding costs higher, but said it was well positioned to ride the storm. REUTERS/Tim Wimborne (AUSTRALIA - Tags: BUSINESS) 

Commonwealth Bank of Australia's outgoing Chief Executive Ralph Norris (L) talks to his replacement Ian Narev before the company's full year results briefing in Sydney August 10, 2011. Commonwealth Bank of Australia joined rival National Australia Bank in warning that the global economic turmoil was hitting customer confidence and may push funding costs higher, but said it was well positioned to ride the storm. REUTERS/Tim Wimborne (AUSTRALIA - Tags: BUSINESS) 

Ralph Norris, Chief Executive Officer of the Commonwealth Bank of Australia, gives a speech during a media presentation in central Sydney August 11, 2010. Commonwealth Bank of Australia reported a record half-year cash profit on Wednesday that slightly beat expectations, helped by falling bad debts, and said it was well positioned going forward despite some risks. REUTERS/Daniel Munoz (AUSTRALIA - Tags: BUSINESS) 

Ralph Norris, Chief Executive Officer of the Commonwealth Bank of Australia, gives a speech during a media presentation in central Sydney August 11, 2010. Commonwealth Bank of Australia reported a record half-year cash profit on Wednesday that slightly beat expectations, helped by falling bad debts, and said it was well positioned going forward despite some risks. REUTERS/Daniel Munoz (AUSTRALIA - Tags: BUSINESS) 

Ralph Norris, Chief Executive Officer of the Commonwealth Bank of Australia, gives a speech during a media presentation in central Sydney August 11, 2010. Commonwealth Bank of Australia reported a record half-year cash profit on Wednesday that slightly beat expectations, helped by falling bad debts, and said it was well positioned going forward despite some risks. REUTERS/Daniel Munoz (AUSTRALIA - Tags: BUSINESS HEADSHOT) 

Ralph Norris, Chief Executive Officer of the Commonwealth Bank of Australia, gives a speech during a media presentation in central Sydney August 11, 2010. Commonwealth Bank of Australia reported a record half-year cash profit on Wednesday that slightly beat expectations, helped by falling bad debts, and said it was well positioned going forward despite some risks. REUTERS/Daniel Munoz (AUSTRALIA - Tags: BUSINESS HEADSHOT) 

Indonesian President Susilo Bambang Yudhoyono (L) greets Commonwealth bank of Australia Chief Executive Ralph Norris during a meeting with business leaders in Sydney March 11, 2010. Yudhoyono is currently in Australia on a three-day official visit. REUTERS/Greg Wood/Pool (AUSTRALIA - Tags: BUSINESS POLITICS) 

Commonwealth Bank of Australia (CBA) Chief Executive Officer Ralph Norris gives a speech during the half year results news conference in central Sydney February 10, 2010. CBA Ltd, the country's second largest bank, reported a 54 percent rise in first-half profit, its biggest half-yearly cash profit in a decade, as expected, bolstered by cost cutting, loan growth and gains in wealth management. REUTERS/Daniel Munoz (AUSTRALIA - Tags: BUSINESS) 

Commonwealth Bank of Australia (CBA) Chief Executive Officer Ralph Norris gives a speech during the half year results news conference in central Sydney February 10, 2010. CBA Ltd the country's second largest bank, reported a 54 percent rise in first-half profit, its biggest half-yearly cash profit in a decade, as expected, bolstered by cost cutting, loan growth and gains in wealth management. REUTERS/Daniel Munoz (AUSTRALIA - Tags: BUSINESS) 

Commonwealth Bank of Australia (CBA) Chief Executive Officer Ralph Norris gives a speech during the half year results news conference in central Sydney February 10, 2010. CBA Ltd the country's second largest bank, reported a 54 percent rise in first-half profit, its biggest half-yearly cash profit in a decade, as expected, bolstered by cost cutting, loan growth and gains in wealth management. REUTERS/Daniel Munoz (AUSTRALIA - Tags: BUSINESS) 

Commonwealth Bank of Australia (CBA) Chief Executive Officer Ralph Norris gives a speech during the half year results news conference in central Sydney February 10, 2010. CBA Ltd the country's second largest bank, reported a 54 percent rise in first-half profit, its biggest half-yearly cash profit in a decade, as expected, bolstered by cost cutting, loan growth and gains in wealth management. REUTERS/Daniel Munoz (AUSTRALIA - Tags: BUSINESS) 

Commonwealth Bank of Australia (CBA) Chief Executive Officer Ralph Norris gives a speech during the half year results news conference in central Sydney February 10, 2010. CBA Ltd, the country's second largest bank, reported a 54 percent rise in first-half profit, its biggest half-yearly cash profit in a decade, as expected, bolstered by cost cutting, loan growth and gains in wealth management. REUTERS/Daniel Munoz (AUSTRALIA - Tags: BUSINESS) 

The Commonwealth Bank of Australia (CBA) logo is projected on Chief Executive Officer Ralph Norris as he speaks during the full year results news conference in central Sydney August 12, 2009. CBA, the nation's third-biggest lender, beat forecasts with a small rise in second-half profit, lifting its shares to a 10-month high and underscoring the relative strength of Australian banks. REUTERS/Daniel Munoz (AUSTRALIA BUSINESS) 

Commonwealth Bank of Australia (CBA) Chief Executive Officer Ralph Norris smiles during the full year results news conference in central Sydney August 12, 2009. Commonwealth Bank of Australia Ltd, the nation's third-biggest lender, beat forecasts with a small rise in second-half profit, lifting its shares to a 10-month high and underscoring the relative strength of Australian banks. REUTERS/Daniel Munoz (AUSTRALIA BUSINESS HEADSHOT) 

Commonwealth Bank of Australia (CBA) Chief Executive Officer Ralph Norris gives a speech during the full year results news conference in central Sydney August 12, 2009. Commonwealth Bank of Australia Ltd, the nation's third-biggest lender, beat forecasts with a small rise in second-half profit, lifting its shares to a 10-month high and underscoring the relative strength of Australian banks. REUTERS/Daniel Munoz (AUSTRALIA BUSINESS) 

Commonwealth Bank of Australia (CBA) Chief Executive Officer Ralph Norris gives a speech during the full year results news conference in central Sydney August 12, 2009. CBA, the country's third-biggest lender, cheered the market with a 2.3 percent rise in their second-half profits, which was above expectations, but the bank kept its cautious outlook for bad debts. REUTERS/Daniel Munoz (AUSTRALIA BUSINESS) 

Commonwealth Bank of Australia (CBA) Chief Executive Officer Ralph Norris gives a speech during the full year results news conference in central Sydney August 12, 2009. CBA, the country's third-biggest lender, cheered the market with a 2.3 percent rise in their second-half profits, which was above expectations, but the bank kept its cautious outlook for bad debts. REUTERS/Daniel Munoz (AUSTRALIA BUSINESS) 

Commonwealth Bank of Australia Chief Executive Officer Ralph Norris addresses shareholders at an annual general meeting in Melbourne November 13, 2008. Commonwealth Bank of Australia, the country's second-largest lender, warned investors on Thursday to expect a big jump in bad debts and voiced concerns over the economic outlook for at least the next 18 months.
The bank, which recently bought local rival BankWest from stressed UK bank HBOS, issued the warning in a statement ahead of its annual meeting, saying that bad-debt charges would make a major dent on its half-year performance to end-December.
REUTERS/Mick Tsikas (Australia) 

Commonwealth Bank of Australia Chief Executive Ralph Norris addresses shareholders at an annual general meeting in Melbourne November 13, 2008. Commonwealth Bank of Australia, the country's second-largest lender, warned investors on Thursday to expect a big jump in bad debts and voiced concerns over the economic outlook for at least the next 18 months.
The bank, which recently bought local rival BankWest from stressed UK bank HBOS, issued the warning in a statement ahead of its annual meeting, saying that bad-debt charges would make a major dent on its half-year performance to end-December.
REUTERS/Mick Tsikas (Australia) 

Commonwealth Bank of Australia Chief Executive Officer Ralph Norris addresses shareholders at an annual general meeting in Melbourne November 13, 2008. Commonwealth Bank of Australia, the country's second-largest lender, warned investors on Thursday to expect a big jump in bad debts and voiced concerns over the economic outlook for at least the next 18 months.
The bank, which recently bought local rival BankWest from stressed UK bank HBOS, issued the warning in a statement ahead of its annual meeting, saying that bad-debt charges would make a major dent on its half-year performance to end-December.
REUTERS/Mick Tsikas (Australia) 

Shareholders listening to an address by Commonwealth Bank of Australia Chief Executive Officer Ralph Norris at an annual general meeting in Melbourne November 13, 2008. Commonwealth Bank of Australia, the country's second-largest lender, warned investors on Thursday to expect a big jump in bad debts and voiced concerns over the economic outlook for at least the next 18 months.
The bank, which recently bought local rival BankWest from stressed UK bank HBOS, issued the warning in a statement ahead of its annual meeting, saying that bad-debt charges would make a major dent on its half-year performance to end-December.
REUTERS/Mick Tsikas (Australia) 

Commonwealth Bank of Australia Chief Executive Officer Ralph Norris waits to address the shareholders at an annual general meeting in Melbourne November 13, 2008. Commonwealth Bank of Australia, the country's second-largest lender, warned investors on Thursday to expect a big jump in bad debts and voiced concerns over the economic outlook for at least the next 18 months.
The bank, which recently bought local rival BankWest from stressed UK bank HBOS, issued the warning in a statement ahead of its annual meeting, saying that bad-debt charges would make a major dent on its half-year performance to end-December.
REUTERS/Mick Tsikas (Australia) 

Commonwealth Bank Chief Executive Officer Ralph Norris talks during a media briefing in Sydney October 8, 2008. Commonwealth Bank of Australia has agreed to buy British bank HBOS's Australian unit BankWest for A$2.1 billion ($1.5 billion), below book value, to boost its market share in fast-growing Western Australia, the bank said on Wednesday. REUTERS/Tim Wimborne (AUSTRALIA) 

Commonwealth Bank Chief Executive Officer Ralph Norris laughs during a media briefing in Sydney October 8, 2008. The Commonwealth Bank of Australia has agreed to buy British bank HBOS's Australian unit BankWest for A$2.1 billion ($1.5 billion), below book value, to boost its market share in fast-growing Western Australia, the bank said on Wednesday. REUTERS/Tim Wimborne (AUSTRALIA) 

Ralph Norris, chief executive of the Commonwealth Bank of Australia Ltd., gestures during a news conference to announce the company results in central Sydney August 13, 2008. Commonwealth Bank of Australia Ltd (CBA) matched expectations for flat second-half earnings, and warned of a challenging year ahead due to volatile global markets and upward pressure on funding costs, sending its shares down over 2 percent. CBA, the country's second-biggest lender, also said on Wednesday it was pulling out of talks with Royal Bank of Scotland to buy ABN AMRO Australia, saying its board believed it would not be in the best interests of shareholders to proceed with the acquisition in the current environment. REUTERS/Daniel Munoz (AUSTRALIA) 

Ralph Norris, chief executive of the Commonwealth Bank of Australia Ltd., gestures during a news conference to announce the company results in central Sydney August 13, 2008. Commonwealth Bank of Australia Ltd (CBA) matched expectations for flat second-half earnings, and warned of a challenging year ahead due to volatile global markets and upward pressure on funding costs, sending its shares down over 2 percent. CBA, the country's second-biggest lender, also said on Wednesday it was pulling out of talks with Royal Bank of Scotland to buy ABN AMRO Australia, saying its board believed it would not be in the best interests of shareholders to proceed with the acquisition in the current environment. REUTERS/Daniel Munoz (AUSTRALIA) 

Ralph Norris, chief executive of the Commonwealth Bank of Australia Ltd., addresses the Australian British Chamber of Commerce in central Sydney July 24, 2008. The average cost of funds was rising on a daily basis, Norris told reporters after a business lunch on Thursday. REUTERS/Daniel Munoz (AUSTRALIA) 

Ralph Norris, chief executive of the Commonwealth Bank of Australia Ltd., smiles while addressing the Australian British Chamber of Commerce in central Sydney, July 24, 2008. The average cost of funds was rising on a daily basis, Norris told reporters after a business lunch on Thursday. REUTERS/Daniel Munoz (AUSTRALIA) 

Commonwealth Bank of Australia Chief Executive Officer Ralph Norris smiles during an annual results announcement news conference in Sydney August 15, 2007. REUTERS/Mick Tsikas (Australia) 

Commonwealth Bank of Australia Chief Executive Officer Ralph Norris speaks during an annual results announcement news conference in Sydney August 15, 2007. REUTERS/Mick Tsikas (Australia) 

Commonwealth Bank of Australia Chief Executive Officer Ralph Norris gestures during an annual results announcement news conference in Sydney August 15, 2007. REUTERS/Mick Tsikas (Australia) 

Commonwealth Bank of Australia Chief Executive Officer Ralph Norris speaks during an annual results announcement news conference in Sydney August 15, 2007. REUTERS/Mick Tsikas (Australia) 

Ralph Norris, Chief Executive Officer (CEO) and Managing Director of the Commonwealth Bank of Australia, attends a breakfast address to the Computer Society of Australia (CSA) in Sydney December 6, 2006. REUTERS/Will Burgess (AUSTRALIA) 

Ralph Norris, Chief Executive Officer (CEO) and Managing Director of the Commonwealth Bank of Australia, attends a breakfast address to the Computer Society of Australia (CSA) in Sydney December 6, 2006. REUTERS/Will Burgess (AUSTRALIA) 

Commonwealth Bank of Australia Chief Executive Officer Ralph Norris answers a question during an annual results announcement news conference in Sydney August 9, 2006. REUTERS/Tim Wimborne (Australia) 

Commonwealth Bank of Australia Chief Executive Officer Ralph Norris talks during an annual results announcement news conference in Sydney August 9, 2006. REUTERS/Tim Wimborne (Australia) 

Commonwealth Bank of Australia Chief Executive Officer Ralph Norris listens to a question during an annual results announcement news conference in Sydney August 9, 2006. REUTERS/Tim Wimborne (Australia) 

Commonwealth Bank of Australia Chief Executive Officer Ralph Norris laughs during an annual results announcement news conference in Sydney August 9, 2006. REUTERS/Tim Wimborne (Australia) 

Commonwealth Bank of Australia Chief Executive Officer Ralph Norris speaks during an annual results announcement news conference in Sydney August 9, 2006. REUTERS/Tim Wimborne (Australia) 

Commonwealth Bank's recently appointed managing director and chief executive officer Ralph Norris addresses his first annual general meeting in Sydney October 28, 2005. Australia's second-biggest bank announced earlier it would buy back on-market A$500 million (US$379 million) of its shares within the next six months. REUTERS/Will Burgess 

Commonwealth Bank's recently appointed managing director and chief executive officer Ralph Norris addresses his first annual general meeting in Sydney October 28, 2005. Australia's second-biggest bank announced earlier it would buy back on-market A$500 million (US$379 million) of its shares within the next six months. REUTERS/Will Burgess 

Commonwealth Bank chairman John Schubert (R) signals an end to photo opportunities as recently appointed managing director and chief executive officer Ralph Norris (L) looks on before the start of the bank's annual general meeting in Sydney October 28, 2005. Australia's second-biggest bank announced earlier it would buy back on-market A$500 million (US$379 million) of its shares within the next six months. REUTERS/Will Burgess 

Outgoing Commonwealth Bank of Australia Ltd. Chief Executive Officer David Murray answers questions during a news conference in Sydney. Outgoing Commonwealth Bank of Australia Ltd. Chief Executive Officer David Murray (L) answers questions during a news conference to announce Ralph Norris as his replacement in Sydney June 14, 2005. New Zealand-born Norris, who is currently Chief Executive Officer at Air New Zealand, said on Tuesday he would be taking a more aggressive approach to growth at the country's biggest mortgage lender than the bank took under the stewardship of Murray. REUTERS/Tim Wimborne 

Outgoing Commonwealth Bank of Australia Ltd. CEO Murray reaches to shake the hand of his replacement Ralph Norris in Sydney. Outgoing Commonwealth Bank of Australia Ltd. Chief Executive Officer David Murray (L) reaches to shake the hand of his replacement Ralph Norris (R) in Sydney June 14, 2005. New Zealand-born Norris, who is currently Chief Executive Officer at Air New Zealand, said on Tuesday he would be taking a more aggressive approach to growth at the country's biggest mortgage lender than the bank took under the stewardship of Murray. REUTERS/Tim Wimborne 

Commonwealth Bank of Australia Ltd. Chief Executive Officer-elect Ralph Norris answers questions during a news conference in Sydney. Commonwealth Bank of Australia Ltd. Chief Executive Officer-elect Ralph Norris answers questions during a news conference in Sydney June 14, 2005. New Zealand-born Norris, who is currently Chief Executive Officer at Air New Zealand, said on Tuesday he would be taking a more aggressive approach to growth at the country's biggest mortgage lender than the bank took under the stewardship of outgoing bank chief David Murray. REUTERS/Tim Wimborne 

Commonwealth Bank of Australia Ltd. Chief Executive Officer-elect Ralph Norris laughs during a news conference in Sydney. Commonwealth Bank of Australia Ltd. Chief Executive Officer-elect Ralph Norris laughs during a news conference in Sydney June 14, 2005. New Zealand-born Norris, who is currently Chief Executive Officer at Air New Zealand, said on Tuesday he would be taking a more aggressive approach to growth at the country's biggest mortgage lender than the bank took under the stewardship of outgoing bank chief David Murray. REUTERS/Tim Wimborne 

Commonwealth Bank of Australia Ltd. Chief Executive Officer-elect Ralph Norris sits next to the bank's Chairman during a news conference in Sydney. Commonwealth Bank of Australia Ltd. Chief Executive Officer-elect Ralph Norris (R) sits next to the bank's Chairman during a news conference in Sydney June 14, 2005. New Zealand-born Norris, who is currently Chief Executive Officer at Air New Zealand, said on Tuesday he would be taking a more aggressive approach to growth at the country's biggest mortgage lender than the bank took under the stewardship of outgoing bank chief David Murray. 

Commonwealth Bank of Australia Ltd. Chief Executive Officer-elect Ralph Norris answers questions during a news conference in Sydney. Commonwealth Bank of Australia Ltd. Chief Executive Officer-elect Ralph Norris answers questions during a news conference in Sydney June 14, 2005. New Zealand-born Norris, who is currently Chief Executive Officer at Air New Zealand, said on Tuesday he would be taking a more aggressive approach to growth at the country's biggest mortgage lender than the bank took under the stewardship of outgoing bank chief David Murray. REUTERS/Tim Wimborne