The NAB is about to cut the short term bonuses of its senior executives, joining other major banks in reducing incentive payments following revelations in the financial services royal commission and falling share prices.
The bank is reportedly looking at a 30% cut.
Westpac earlier this week announced bonuses for its senior executives are down by 25% on average, acknowledging that shareholders have seen their holdings fall in value.
At the Commonwealth, both executive bonuses and fees to directors have been reduced, resulting in a $100 million cut in remuneration.
A report in The Australian today says the NAB will impose a 30% cut to the short-term bonus pool for the executive leadership team and a bank-wide 20% reduction for the rest of staff.
A spokesman for the NAB told Business Insider: “As we usually do, we will provide details on both individual executive remuneration outcomes, and the bonus pool outcome for other employees in in our remuneration report, due out on November 16.”
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