Commonwealth Bank rising star quits to help run Hong Kong cryptocurrency company

THE 45-year-old rising star executive running Commonwealth Bank’s finances has unexpectedly quit the lender to help run a cryptocurrency company in Hong Kong.

THE 45-year-old rising star executive running Commonwealth Bank’s finances has unexpectedly quit the lender to help run a cryptocurrency company in Hong Kong.

Rob Jesudason, who took over the powerful role of chief financial officer last July on a salary of $3 million a year, ­revealed his exit to the bank on Friday.

The shock departure, announced publicly by the CBA on Monday, comes after new chief Matt Comyn took the helm of the under-siege lender in April.

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It also means CBA’s new boss has six spots to fill in the bank’s traditional executive team structure.

One highly placed banking insider said Mr Jesudason “saw better opportunities offshore” away from the Australian crackdown on banks, including the newly instituted Banking Executive Accountability Regime — dubbed BEAR — which will drag on bonuses and beef up penalties for bad behaviour.

Commonwealth Bank CFO revealed his exit to the bank on Friday. Picture: James Croucher

“He doesn’t have to deal with BEAR and a 15 per cent tax rate (in Hong Kong) helps,” the insider told Business Daily.

It is understood Mr Jesudason, who has spent seven years at CBA, fancied himself for the top job but missed out to Mr Comyn.

Mr Jesudason’s resignation came into effect immediately.

Despite Mr Comyn being a 20-year CBA veteran, he is expected to lead a widespread shake-up after numerous scandals and a scathing report from the banking regulator this month outlining the banking giant’s cultural problems.

Mr Comyn took over after his predecessor, Ian Narev, quit amid allegations from the nation’s dirty money watchdog CBA breached anti-money-laundering laws more than 53,000 times in transactions carried out through its faulty ATM network.

It is believed the structure of the executive positions could change radically to deal with problems the bank faces.

Mr Comyn tipped new leaders would be appointed soon.

“We are making good ­progress with the renewal of the bank’s executive team and I expect to provide an update on appointments to my leadership team in the coming weeks,” he said.

Mr Jesudason will become chief operating officer at Block.one, a Hong Kong blockchain company. Alan Docherty has been appointed chief financial officer at CBA.

In revealing the move, Mr Comyn did not pay tribute to Mr Jesudason but greeted his replacement.

“I am very pleased to have someone of Alan’s calibre and experience step in to act as our chief financial officer while we complete an internal and external search for the role,” Mr Comyn said.

Shares in CBA gained 0.4 per cent to $70.80.