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CBA's CIO stays on

19 September 2011 4:32PM
Michael Harte, chief information officer of Commonwealth Bank, has committed to at least another three years in the job.Harte, who joined the bank in 2006, spearheaded the A$1.1 billion revamp of its core systems. On Wednesday, Harte will be one of the hosts at the opening of the new Commonwealth Bank, Martin Place offices in Sydney, which will serve as a showcase for some of the new technologies introduced under Harte's watch - not that he's going anywhere else any time soon."I'm personally committed to the staff, customers and shareholders of CBA for at least three more years. And if they still want me around after the big things have been delivered I'll stick around, if I am driving value, because I will still be motivated," he said. "But, that said, I think I've got one more big transformational change somewhere in the world before I'm 55."Harte is 45.Speaking about the CBA's technology transformation Harte said that many big global banks were currently on their knees and were looking for ways to save money rather than make money, but after this recovery phase they would be ready to reinvest. "We took a market opportunity to invest in some very significant game-changing technologies, which are yet to fully deliver, and I'm committed to achieving that. It will take a minimum of two more years to complete everything we have set out to do to be number one."I am obliged to do that and I think that then we can claim we have delivered three game-changing investments and differentiated this organisation from all others around the world as a result. You don't get the right to get a promotion or new placement unless you can prove you have delivered."We made some big promises three or four years ago and we are still in the process of delivering those - the delivery of the finest online and other new platform capabilities have proven our execution ability. "Core banking has got a year or so to run - it's the first of its kind in the world and we are going to deliver a new finance and risk architecture, and deliver a new core trading system in the institutional bank."We have now set up the foundations that will put us in great stead for the next ten years at least."

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