Bank shakes up board after scandal, but investors not appeased
Move comes as Australia's biggest lender faces first day of hearings in money-laundering case; shares sink to 10-month intraday lows
Sydney
Commonwealth Bank of Australia (CBA), the country's biggest lender, announced a major board shake-up on Monday as it scrambles to shore up investor support following allegations that it oversaw thousands of breaches of anti-money laundering rules.
But the ouster of a third of the bank's non-executive board, including the first two directors to leave since the allegations were made public on Aug 3, failed to impress shareholders as CBA stock touched 10-month intraday lows on the news.
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