June 29, 2018 / 5:56 AM / in 9 months

Commonwealth Bank of Australia slashes executive pay by $44 mln

June 29 (Reuters) - Commonwealth Bank of Australia said on Friday it would slash more than A$60 million ($44.33 million) in senior executive pay as part of its response to an inquiry by the Australian banking regulator.

The Australian Prudential Regulation Authority (APRA) had endorsed the bank’s remedial plan, which it had made in response to the APRA’s independent report earlier this year, CBA said in a statement.

The bank said it would publicly report on its progress against the remedial action plan, which would be reviewed by independent reviewer Promontory Financial Group. ($1 = 1.3534 Australian dollars) (Reporting by Ambar Warrick in Bengaluru; Editing by Gopakumar Warrier)

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