Macquarie’s bosses were always going to get a pay cut, but did you expect it to be quite this big?
Macquarie Group chief executive Nicholas Moore’s remuneration has dropped by a whopping $26m million to just $290,756.
Senior executive pay has decreased dramatically too, in line with the bank’s flagging share price and 52% fall in net profit. The firm’s total wage bill for its executive team decreased from $124.7m to $11.36m.
Will these cuts make it harder for the so called “millionaire’s factory” to recruit and retain senior talent? Or is Macquarie simply implementing a sensible reward strategy in tough times?
Is it actually ahead of its foreign investment banking rivals in curtaining compensation to meet market conditions? Let us know below.