Commonwealth Bank executives are bracing for more pain after chairman Catherine Livingstone said the board would continue to investigate executive accountability for the AUSTRAC money laundering debacle and reserved the right to clawback bonuses from those who had left the company where necessary.

The door for further action against current and former executives was left open after the bank provided a timeline for the departure of CEO Ian Narev and introduced sweeping changes to executive pay, including the cancellation of rights to shares worth millions of dollars.