Commonwealth Bank CEO Ian Narev to depart

Catherine Livingstone

Catherine Livingstone

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.

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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.

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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.

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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.

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