Nedbank freezes executive pay as earnings miss target
The bank says household finances deteriorated in 2019 and it expects a tough first half of 2020
03 March 2020 - 07:55
UPDATED 03 March 2020 - 23:44
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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