An Aussie bank that pays top dollar

Australian CashMacquarie Bank in Australia argued last week that massive and growing salaries were key to its success. Sadly however, it was referring only to those salaries earned by its senior executives.

Allan Moss, Macquarie Bank’s chief executive, received a AU$12 million increase to his remuneration last year lifting his remuneration to AU$33 million. Macquarie’s head of investment banking, Nicholas Moore, earned almost AU$33 million last year as well.

After facing questions and criticism from the bank’s shareholders over its astonishing remuneration for executives, the bank’s chairperson, David Clarke, said that getting rid of the remuneration package would “blow up the bank” as senior executives could be poached by other organisations (rather wealthy ones, one assumes). Mr Clarke received AU$19 million remuneration last year from Macquarie Bank.

(thanks to kruggg6 for the photo)

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