Commonwealth Bank chief executive Ian Narev has tried switch the focus on the lender's money laundering woes to the benefits for Australians of its record $9.9 billion annual profit.
Commonwealth Bank chief executive Ian Narev has tried switch the focus on the lender's money laundering woes to the benefits for Australians of its record $9.9 billion annual profit. AAP Image/Dean Lewins

Comm Bank CEO to go over money laundering scandal

THE Commonwealth Bank has announced that its chief executive Ian Narev will retire by the end of the current financial year.

CBA's chairman Catherine Livingstone said the board had decided to bring forward details of its succession planning to deal with "speculation and questions about his tenure".

Mr Narev has also seen his pay packet slashed by more than 50 per cent, partly as a result of the money laundering scandal.

CBA's board decided to eliminate the short-term bonuses of all senior executives for the 2017 financial year.

That left the Commonwealth Bank boss with a total pay packet of $5.5 million last financial year, versus $12.3 million the year before.

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