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CBA long-serving chief to retire by next June

Ian Narev will be gone by the end of the current financial year after almost seven years on the job; chairwoman says departure has nothing to do with latest scandal

Published Mon, Aug 14, 2017 · 09:50 PM
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Sydney

COMMONWEALTH Bank of Australia (CBA) CEO Ian Narev will retire by next June, Australia's No 2 lender said on Monday, after a week of damaging publicity about a money-laundering lawsuit led to calls for the long-serving chief to resign.

Mr Narev, 50, would be gone by the end of the current financial year after almost seven years in the job, a tenure marked as much by record profits as allegations of serious misconduct including insurance scams and poor financial advice.

CBA chairwoman Catherine Livingstone said that Mr Narev's departure had nothing to do with the latest scandal, allegations by the financial intelligence agency that criminals and terror financiers laundered millions of dollars…

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