Is one CEO worth 200 tellers?

1 July 2009

1 minute read

The average salary for CEOs in the Big Four Aussie banks is $8,193,636. That's about 200 times the annual wage of a customer service representative, according to figures from the Australian Finance Sector Union.

Is this grossly unfair? Tell us your solution to the "problem" of executive pay in the banking sector. What would be your submission to the Productivity Commission?

Should executive salaries be capped? How would you tackle the thorny issue of taxing employee share schemes?

And should we really be bemoaning the bosses of Aussie banks, given that their firms are fighting the financial crisis with their reputations firmly intact? After all, CBA isn't Citigroup and ANZ isn't AIG.

Is pay reform necessary or not? Let us know below.

AUTHOReFinancialCareers Australia

Insider Comment

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Vince
1 July 2009
The P commission must make sure it allows banks to do what they and the public wants - spread risk taking over the longer term. clamping down on exec share schemes seems to contradict this.
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BigTimeExec
1 July 2009
Leave it up to each bank - this is a war for TALENT after all. The top bankers here wouldn't hesitate to move overseas if we come down hard on pay.
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RobG
1 July 2009
Banks are waiting for clarity from the govt on exec pay. Right now it's hard to put strategies in place.
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