Sydney-based Commonwealth Bank of Australia has been roiled by a major money-laundering scandal, which saw CEO Ian Narev's bonus cut to zero. The police case against Lu is now one of several being cited by financial intelligence agency AUSTRAC in its statement of claim against CBA, the largest civil court action of its kind in Australian corporate history. "Today's statement provides that clarity and will ensure he can continue to focus, as CEO, on successfully managing the business".
CBA last week announced an eighth straight record annual profit of $9.9 billion, but the news was overshadowed by the AUSTRAC allegations.
Barnaby Joyce tells Parliament he may be NZ citizen
The loss of a Coalition MP in the Lower House to citizenship rules could put the government's one seat majority at risk. He will not step down as deputy prime minister while the High Court considers his eligibility to sit in the parliament.
CBA chairman Catherine Livingstone said on Monday that there had been ongoing conversations about succession planning since she became chair early this year. The bank has suffered damage to its reputation from problems in its financial planning business and its insurance operations. "In discussions with Ian we have also agreed it is important for the business that we deal with the speculation and questions about his tenure", Ms Livingstone said.
Commonwealth bank said the breaches were due to a coding error, which meant the machines failed to automatically report the transactions.
Scaramucci: Trump 'needed to be much harsher' on white supremacists
The far-right demonstrators, who included neo-Nazis and Ku Klux Klan (KKK) members, clashed with counter-protesters. On the Democrat side, Senate minority leader Charles Schumer said: "Of course we condemn ALL that hate stands for.
According to the annual report released today, CEO Ian Narev's total pay for 2017 came in at $5.7 million, short by nearly $3 million had he realised all of his incentives and bonuses.
Commonwealth Bank last traded up 0.8% at AUD81.14 a share.
Marshawn Lynch sits during national anthem, copies Colin Kaepernick's protest
The 31-year-old chose to sit for the National Anthem on Saturday night during Oakland's exhibition contest against Arizona. Lynch sat out during a contentious 2016 NFL season, which saw a number of players taking a knee during the National Anthem.
The Australian Securities and Investment Commission said it would look at whether the bank's board complied with its obligations to tell shareholders about all potential liabilities.