Nedbank, whose share price slumped to the weakest level in more than four years after it reported a surprise drop in earnings, will freeze executive salary increases as it seeksto cut costs and cope with a weak economy.

CEO Mike Brown said that the salary freeze will be applied to a group of about 50 executives, comprising members of the group’s executive committee and extending to executivesat its subsidiaries, including  the retail and investment-bank divisions.

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