Catherine Livingstone declines to say if Narev offered to resign after money laundering scandal brokeThe Commonwealth Bank’s chief executive, Ian Narev, will step aside by 1 July 2018, the bank’s chairman, Catherine Livingstone, has announced. Livingstone declined to say if Narev had offered to resign, only saying the announcement should provide certainty to the market. The Australian Securities and Investments Commission is also investigating whether CBA broke disclosure laws by not telling investors about possible money laundering by criminal gangs and suspected terrorists. “Today’s statement provides that clarity and will ensure he can continue to focus, as CEO, on successfully managing the business.”The CBA board has been trying desperately to limit the fallout from the money laundering allegations. The Reserve Bank governor, Philip Lowe, lashed out at the bank last week, saying people must be held accountable if laws had been broken.

Source: The Guardian August 14, 2017 03:00 UTC