SYDNEY: Commonwealth Bank of Australia chief executive officer Ian Narev has been stripped of his short-term bonus as the lender battles to contain the fallout from allegations it breached money-laundering and terrorist-financing laws more than 50,000 times.
The board decided to scrap short-term bonuses for Narev and other senior executives after “consideration to risk and reputation matters impacting the group,” chairman Catherine Livingstone said in a statement.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!