In light of the financial crisis, Treasurer Wayne Swan has urged banking executives to take a pay cut, in order to win back the trust of the Australian people.
Macquarie Bank chief executive Nicholas Moore has today taken a massive 99 per cent pay cut after the bank posted a hefty fall in profit.
The investment group’s full-year profit has dived 52 per cent to $871 million, the first profit fall in 17 years.
As a result, Mr Moore’s been forced to take a paycut, taking his salary from $26.75 million to just $290,756.
Shareholder activist and online columnist Stephen Mayne welcomed the pay cut.
“True to their word, the pay packets at Macquarie have plunged. They do honour their system of having a solid profit chair arrangement where the staff get 60 per cent of the profits.”
Malcolm Turnbull has previously said that banking executives should cut their wage first before those of their workers.
“Real leaders lead by example. And bosses who seek to cut pay or hours rather than lay off employees should start with their own salaries and show…that they are prepared to take the biggest cuts themselves.”