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Australia's Biggest Bank Says CEO Will Retire Amid Money-Laundering Scandal

  • Narev to leave by June 2018, has led bank for almost six years
  • In latest hit, bank to refund sales of unsuitable insurance
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Commonwealth Bank has started the search for a new CEO and confirms that Ian Narev will leave in July of next year. The bank's money laundering scandal comes amid revelations of systemic problems within its business. Australian Bankers Association CEO Anna Bligh says the fallout is being felt across the entire industry. (Source: Bloomberg)

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Commonwealth Bank of Australia will embark on a global search for a new chief executive officer after saying Ian Narev will step down within 10 months, as the nation’s largest lender seeks to mitigate the fallout from a money-laundering scandal.