Colonial Geared Investments (CGI) head of investment lending John Clothier has allegedly been let go from the firm.
Clothier’s dismissal is believed to have been due to links with failed advisory firm Storm Financial (Storm).
CGI’s parent company, Commonwealth Bank of Australia (CBA), would not comment on industry speculation regarding Clothier’s alleged departure, stating he was still with the group.
“John Clothier remains employed by the Commonwealth Bank,” a CBA spokesman said.
Clothier’s alleged exit from the firm is the second such staff change for the CGI division in less than a month.
In late September, CGI staffer Kamal Arnaout was allegedly dismissed from the firm’s Sydney office for his involvement with Storm margin loans.
While CGI would not comment on staff-related matters, a company spokesperson said Arnaout was still employed with the bank and there had been no changes to his division.
However, a former Storm executive who spoke on the condition of anonymity said Arnaout had been dismissed.
“[Arnaout] looked after Storm. It was his primary role – he was the only person that we ever spoke with,” the executive said.
It has also been claimed that Arnaout has been asked to front the Worrells inquiry into Storm and his appearance at the inquiry may be another reason for his dismissal.
