Commonwealth Bank to unleash cost-cutting procurement project

The Commonwealth Bank of Australia (CBA) is set to unveil a cost-cutting programme, dubbed Project 35, as it and the nation’s other major banks look to cut cost bases inflated by a decade-long credit and housing boom.  

Project 35 is the code name for CBA's program to achieve a 35 per cent cost-to-income ratio for its retail banking unit by 2013, down from 38.7 per cent at June 30.

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