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Ian Narev, CEO of scandal-hit Commonwealth Bank – Australia’s largest bank – has announced he will step down before July 2018. Narev, has been CEO since 2011, but has faced heavy criticism for being the man at the top while the bank was hit with a huge money laundering scandal.

According to ABC, reports claim the bank did not report more than 53,000 transactions that were above regulator AUSTRAC's $10,000 threshold, and allowed tens of millions of Australian dollars from the proceeds of crime to be deposited with the bank which were then transferred overseas. The activity still leaves it facing billions of dollars of fines from AUSTRAC.

Narev’s early career was at strategic management consultancy, McKinsey & Company, where he worked as a Partner for the organisation in its New York, Sydney and Auckland offices from 1998-2007.

Peter Crush for

commonwealth bank

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