Aussie banks won’t follow Commbank’s pay cuts

Sorry mates, but ANZ and NAB won’t be following the Commonwealth Bank which announced its CEO Ralph Norris will take a 10 percent pay cut whilst ordering his top ten execs to take a 5 percent pay cut.

ANZ instead is implementing wage freezes for its top 150 executives. According to a BusinessDay report, ANZ wages have been frozen at 2008 levels, with the bank reporting a 28 percent drop in interim profits to $1.4 billion.

NAB's interim profits, on the other hand, fell 10 percent to $2 billion. And although the bank had not yet decided its approach on pay, NAB chief executive Cameron Clyne indicated it was likely to let performance decide the level of restraint.