In a symbolic gesture that should be paraded around the corridors of power by the likes of Business Unity SA, Nedbank announced at its annual results presentation on Tuesday that it would be freezing increases for its top echelon of executives as the tough economy bites.

The announcement, made by CEO Mike Brown, extends to a group of about 80 members of executive committees, beginning at head office level (including Brown himself and CFO Raisibe Morathi) and extends downwards to all business divisions.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now