(26 November 2002 – Australia) – National Australia Bank chief executive Frank Cicutto’s A$2.62 million remuneration for ranks him a clear last among his counterparts at Australia’s leading banks.The CBA’s David Murray received A$7 million (including a A$4.65 million bonus), Westpac’s David Morgan scored A$3.58 million and the ANZ’s John McFarlane collected A$2.9 million. The payments are for the year to September 30.
Figures released during the week show that the NAB’s top five executives were paid a total of A$16 million.
Cicutto’s salary included a 19 percent rise in base pay to A$1.76 million, which partly offset the 43 percent fall in performance bonus, reflecting the bank’s A$3.6 billion disaster at US mortgage lender HomeSide.