Commonwealth Bank of Australia on Tuesday scrapped its chief executive’s bonus for damaging the bank’s reputation amid allegations it broke money-laundering rules, but said he retains the board’s confidence.

The board said it has cut short-term bonuses to zero for the chief executive and other top executives for the year to June 30, 2017, a day ahead of releasing annual results.

“In reaching this conclusion the overriding consideration of the Board was the collective accountability of senior management for the overall reputation of the Group,” Chairman Catherine Livingstone said in a statement.

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