Commonwealth Bank of Australia boss Ian Narev has vowed he won't be cowed by a swathe of negative publicity into paying compensation to undeserving dissatisfied customers who are being "unreasonable" and "trying to embarrass" the bank.

The boss of the country's largest listed company made the comments in a wide-ranging speech in which he also sought to deflect attention from mounting calls for a Royal Commission into the banking sector, an issue shaping up as a major touchstone for voters ahead of an expected July 2 federal election, by urging politicians to focus on jobs growth and tax reform.

However, by his own admission the "topic du jour" on Thursday, following the announcement on Wednesday that the government will deliver more funding and powers to corporate regulator the Australian Securities and Investments Commission, was ethics and culture in the banking sector.

In a pointed aside from a speech filled with assurances that the bank was committed to improving its culture and acting "with compassion" when errors occurred, Mr Narev sought to assure shareholders that frivolous law suits would not be settled.