Commonwealth Bank, the Australian headquartered multi-national firm, has commenced a series of reshuffles to its executive team following the resignation of group heads.

Commonwealth Bank, the Australian headquartered multi-national firm, has commenced a series of reshuffles to its executive team following the resignation of group heads.

Grahame Peterson, group executive for business and private banking, is set to retire at the end of 2014 after nearly 35 years with the CBA group. There has been no talk of a replacement yet.

Simon Blair will also step down from his role of group executive, international financial services and also from his position on the executive committee due to personal reasons, the bank said in a statement. He will continue to represent the CBA group on boards in China, New Zealand and the UK.

Rob Jesudason, group executive, group strategic development, will take over the role from Blair in November 2014 having joined the CBA group in 2011.

“During his nearly three years on the Group Executive Committee, Rob has shown the value of his extensive previous experience in Asian financial services. He is the natural successor for this role," said Ian Narev, chief executive, Commonwealth Bank.

Commonwealth Bank has been the subject of controversy in recent months. A few weeks ago, the banking group appointed a high court judge to chair a programme helping clients who had received “poor advice” over an almost nine year period. The programme was launched in the wake of an Australian Senate enquiry that found Commonwealth Bank’s wealth arm had defrauded thousands of customers between 2003 and 2012. (To view that story, click here.)