Via Domainfax:
Commonwealth Bank chief executive Ian Narev will leave the bank by the end of this financial year, the bank’s chairman Catherine Livingstone says.
As the country’s biggest lender is engulfed by allegations it breached anti-money laundering rules, Ms Livingstone said Mr Narev would retire by June 2018, subject to when it was able to find a replacement.
The announcement comes amid recent speculation about Mr Narev’s future, after the bank was slammed over the money laundering compliance allegations, and its handling of the scandal.
“Succession planning is an ongoing process at all levels of the bank,” Ms Livingstone said.
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