where there is smoke there is fire, page-3

2 main guys gone . CBA is making loss 50 million in a month.
Vicent Hua -is the one of the best we have (FR)

August 13, 2007 - 6:34PM


Commonwealth Bank of Australia Ltd (CBA) has announced the resignation of two high-profile executives from its trading division.

The global markets and treasury division's executive general manager Marten Touw and its general manager products and training Vincent Hau were leaving the bank, CBA said.

CBA said the resignations were not linked to stories in the press suggesting the division had reported a $50 million loss in June.

"This decision is not related to recent, unsubstantiated market rumour and press speculation about trading losses," CBA group executive premium business services Stuart Grimshaw said.

A Fairfax newspaper reported last week that Mr Hau had ceased trading for more than a month because he was unhappy the bank wanted to split his management and trading rolls.

CBA last week said Mr Hau's lack of activity could be explained by taking on a more senior management position at the bank.

Following the departures, the bank has separated responsibility for each part of the division.

Executive general manager balance sheet management Lyn Cobley will assume responsibility for the treasury function, and executive general manager institutional banking Ian Saines will head up the global markets division.

© 2007 AAP