Bank chief’s $127k a week

Top pay for NAB top brass as 6000 jobs slashed

The Courier-Mail - - BUSINESS - JEFF WHALLEY

NA­TIONAL Aus­tralia Bank chief An­drew Thor­burn col­lected al­most $130,000 worth of pay and perks every week on av­er­age over the past fi­nan­cial year – even af­ter re­ceiv­ing a pay cut.

The bank’s an­nual re­port, re­leased yes­ter­day, re­veals Mr Thor­burn re­ceived a $6.63 mil­lion pay and perks pack­age for the year to Septem­ber. That is the equiv­a­lent of $127,500 for each week.

But Mr Thor­burn’s pay was trimmed slightly, from $6.7 mil­lion the pre­vi­ous year, af­ter he missed a key tar­get for cus­tomer sat­is­fac­tion.

It means that on a statu­tory basis, Mr Thor­burn was only just be­hind West­pac head Brian Hartzer as the best paid chief ex­ec­u­tive at the ma­jor banks in the past fi­nan­cial year af­ter the Com­mon­wealth Bank’s Ian Narev took a deep cut amid the scan­dals en­gulf­ing that lender.

Mr Hartzer re­ceived a $6.68 mil­lion pack­age, which was also cut, from $6.75 mil­lion.

The de­tails of Mr Thor­burn’s pay come af­ter he an- nounced ear­lier this month that the bank would cut 6000 jobs over three years in a sweep­ing re­struc­ture. It plans to hire 2000 peo­ple for new roles as tech­nol­ogy in­creas­ingly changes the com­plex­ion of the bank­ing in­dus­try.

The NAB an­nual re­port also re­veals that a re­turn to bank­ing proved enor­mously lu­cra­tive for for­mer NSW Wales pre­mier Mike Baird.

Mr Baird, who took charge of NAB’s cor­po­rate and in­sti­tu­tional unit on April 21, was awarded to­tal re­mu­ner­a­tion of $886,845 be­tween that date and the end of the bank’s fi­nan­cial year in Septem­ber – lit­tle more than five months. He re­ceived $763,520 in pay and short-term in­cen­tives. That was more than twice the $377,780 salary he was earn­ing be­fore he quit pol­i­tics in Jan­uary. His re­mu­ner­a­tion is the equiv­a­lent of $2 mil­lion a year.

When he re­signed from pub­lic of­fice, Mr Baird said he wanted to spend more time with his fam­ily. Six weeks later, he ac­cepted an of­fer from Mr Thor­burn to re­turn to NAB.

NAB shares closed down 1.4 per cent, or 44¢, at $30.13.

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