CFO Rob Jesudason leaves CBA

He is the fifth executive to leave the embattled bank.

Reuters reports that Commonwealth Bank’s chief financial officer Rob Jesudason has resigned unexpectedly making him the fifth key executive leaving the embattled bank following one of the worst governance crises it has faced.

Alan Docherty, the previous CFO of the Institutional Banking and Markets unit, was appointed as acting CFO. Three executives in charge of HR, IT and institutional banking have already left the bank in less than two months.

The departure marks six out 12 executive positions currently vacant at the embattled bank after a regulatory probe by the country’s Royal Commission exposed flaws in the bank’s leadership culture as well as rampant industry malpractice, prompting calls for stiffer penalties and tighter regulation.

Also read: Australian bank inquiry could cut 8% of the country's finance jobs

CBA is also facing potentially massive fines and higher capital requirements over breaches of anti-money laundering and terror financing laws in addition to allegations of rigging the bank bill swap rate. This follows the discovery of the loss of nearly 20 million customer records after the bank lost two magnetic tapes containing 15 years of customer data.  

Here’s more from Reuters: