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Topic: Banking. AAP: Dean Lewins.

Nab ceo

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 financial year.

Cba ceo salary

Mr Narev has been heavily criticised for a money laundering scandal that has rocked the bank , which is facing potentially billions of dollars in fines from a court case against it by regulator AUSTRAC. The main fault lay in a coding error in software related to CBA's Intelligent Deposit Machines IDMs that meant they failed to automatically submit reports when deposits above the threshold were made.

However, AUSTRAC is also alleging that CBA failed to undertake a risk analysis of the machines for three years after their introduction in and also failed to act on many suspicious transactions of which it was aware, including where it was made aware by the Australian Federal Police. Ms Livingstone said Mr Narev will leave the bank by the end of the financial year, "with the exact timing dependent on the outcome of an ongoing comprehensive internal and external search process" for his successor.

She said that succession planning has been an ongoing process for the board, with Mr Narev now in the role for almost six years, but that the CEO and directors agreed it was important to end speculation about his future. The insurance in question helps borrowers meet repayments if they are sick, injured or involuntarily unemployed.

However, these 65, credit customers were either already unemployed or were students, meaning the insurance was of no potential benefit to them. We acknowledge Aboriginal and Torres Strait Islander peoples as the First Australians and Traditional Custodians of the lands where we live, learn, and work. Footer ABC News homepage.