The Commonwealth Bank of Australia has unveiled a new logo.

The bank’s former yellow and black logo, which the company had for almost 30 years, has been replaced by a new one which features two shades of yellow and no black.

• Scroll down to see the new logo.

The big four bank is also changing its slogan to “Can Lives Here”.

The bank says the changes represent Australia’s measured optimism and what the Commonwealth Bank learnt from last year’s banking royal commission.

Tom Elliott rubbished the logo.

“I think it’s a complete and utter waste of time and money,” the 3AW Drive host said.

But consumer psychologist and founder of Thinkerbell, Adam Ferrier, said it’s “actually quite clever”.

“Evolving and refreshing a logo is much, much better than changing it.

“It’ll be the signifier of significant strategic decisions they’re making internally.

“If it’s coupled with real changes and they start to do various things around transparency or to put faith back into financial services, then good on them.”

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Above: The new logo