(Bloomberg) -- Commonwealth Bank of Australia said it has appointed Luke Yeaman, a deputy secretary at the Department of the Treasury, as its new chief economist, replacing Stephen Halmarick who earlier announced plans to depart.
Yeaman, currently in charge of Treasury’s macroeconomic group, will start his new role on March 3 and report to Andrew Hinchlif, group executive for institutional banking and markets. Yeaman has more than 20 years of experience in economic and government roles, having held senior positions in Treasury and the Department of the Prime Minister and Cabinet.
“Luke brings a deep understanding of the Australian economy and where we sit in the global macroeconomic environment,” Hinchlif said in a statement on Wednesday. “Luke’s experience representing Australia on the global stage, will be valuable for our clients both at home and abroad.”
Halmarick announced in August that he planned to leave after 15 years at CBA, Australia’s largest lender. The announcement caps two days of changes in chief economist roles at two of the nation’s four major banks.
On Tuesday, National Australia Bank Ltd. said it has appointed Sally Auld as chief economist, replacing the long-serving Alan Oster. Auld’s appointment makes NAB the second major Australian bank to name a female economist in its top role after Westpac Banking Corp. hired Luci Ellis from the Reserve Bank last year.
©2024 Bloomberg L.P.