Investment Banking News

Bonuses cut for many at ANZ

Posted by Anton Murray Consulting on . Posted in Investment Banking News

InvestorDaily

ANZ has announced wide ranging reforms to its remuneration structure with the biggest change to remove individual bonuses for many of its employees. The changes announced this week have replaced individual bonuses with an incentive based on the overall performance of the ANZ Group. These changes do not apply to ANZ’s executive committee which include chief executive Shayne Elliott, whose remuneration is structured in line with regulatory requirements.

Starting from October, the only variable remuneration most employees will receive will be in the form of a group performance dividend, based on the bank’s performance from a risk, financial, customer, people and reputation perspective. Mr Elliott said the royal commission had shone a light on the negative impact that individual bonuses within a bank can have on customer outcomes. “We are taking action to rebalance the way we pay people so that variable remuneration is a smaller part of our people’s take-home pay with these reduced bonuses to be determined by the overall performance of the bank,” he said.

The rest of this article can be found at investordaily.com.au.

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