NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business / Companies / Banking and finance

Union slams 'grotesque' pay for bank bosses

Tamsyn Parker
By Tamsyn Parker
Business Editor·NZ Herald·
15 Nov, 2017 04:45 AM4 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

Exiting BNZ boss Anthony Healy saw his remuneration increase from $2.64m in 2016 to $3.07m. Photo / File

Exiting BNZ boss Anthony Healy saw his remuneration increase from $2.64m in 2016 to $3.07m. Photo / File

A bank workers' union has labelled some pay packets of bank bosses in New Zealand "grotesque" after one received a 16 per cent pay package rise to over $3 million - a rate 60 times that of the average front-line bank worker.

Exiting BNZ boss Anthony Healy saw his remuneration increase from A$2.38m ($2.64m) in 2016 to A$2.77m ($3.07m) in the year to September 30, 2017.

Healy who will leave the top job in New Zealand and head back to parent company National Australia Bank in January, oversaw a 2.6 per cent increase in net profits at the bank to $937 million while its cash earnings rose 7.9 per cent to $983 million.

But the pay jump comes as the bank has been cutting staff with up to 100 jobs expected to go, mainly at its head office in Auckland.

Tali Williams, secretary retail, finance and commerce division for First Union, said Healy's increase was inappropriate given some BNZ staff were facing job losses or a reduction in hours.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

"We don't think that it is appropriate that Anthony received a 16 per cent increase," she said.

The rise comes as the average Kiwi worker received a wage rise of 1.9 per cent in the year to September, according to Statistics New Zealand.

But BNZ chairman Doug McKay, BNZ Chairman said Healy's base salary had increased by around 1.9 per cent.

Advertisement
Advertise with NZME.

"The total remuneration increase is due to variable incentives based on strong results and deferred incentive payments from previous years falling due."

"Incentive payments are highly variable year-on-year based on performance and can be zero-based on the performance outcome rating determined."

While Healy's pay rose this year ANZ New Zealand chief executive David Hisco and Westpac New Zealand boss David McLean saw slight dips in their pay packages.

Westpac's annual report shows McLean earned A$2.1 million ($2.3m) in the year to September 30, down from A$2.18m last year.

Discover more

Small Business

Amazon 'days away' from Down Under launch

15 Nov 03:25 AM
Business

Rabo NZ chief Daryl Johnson resigns after less than 2 years

14 Nov 11:21 PM
Business

Tower to transform into 'digital challenger'

15 Nov 01:35 AM

While Hisco received remuneration of A$3.84m in the year to September 30. That was down from A$4.07m in 2016.

ASB bank doesn't release the remuneration figures for its New Zealand chief executive Barbara Chapman.

Williams said even though Hisco and McLean had pay cuts they still remained 50 to 70 times that of the average bank worker, who earned around $50,000 a year.

"That is grotesque."

"Their salaries should be within cooee of their workers."

She called for bank bosses to take a cut.

Advertisement
Advertise with NZME.

"It needs to come down, particularly if they want to run around cutting jobs and hours."

BNZ did not respond to the union's comments on Healy's pay.

ANZ said Hisco's salary had remained unchanged since 2014. His remuneration was determined by the board, and comprised both fixed and variable remuneration. Around two-thirds of the total remuneration was variable depending on performance against targets using a balanced scorecard.

A spokesman said salaries for frontline staff had increased cumulatively by 14.8 per cent during the past five years when the CPI had increased 5.1 per cent. They also got other benefits.

A spokeswoman for Westpac said the bank did not want to make any comments around the difference in pay between its chief executive and bank workers.

Banks are coming under increasing pressure to cut staff as customers have moved to do their banking online.

Advertisement
Advertise with NZME.

Williams said it discovered on Tuesday that Westpac was proposing to shut five branches - three in Christchurch and one each in Wellington and Auckland, although no job losses were expected.

She said bank staff were being told the closures were all about the move to online but staff were still busy in branches which often meant the change appeared to come from "out of the blue".

"Westpac is to be commended - there aren't going to be job losses. But it is still a shock for people."

The Westpac spokeswoman said the branch closures were still only a proposal at this stage.

"Over the past five years, we have seen the way our customers use our banking facilities change. Online transactions have increased by 66 per cent in the past five years and in the last two years the percentage of customers using mobile-only devices has increased from 24 per cent to 39 per cent.

"At the same time, many of our branches are experiencing a decline in over-the-counter transactions. This is the case for example with five branches in Auckland, Wellington and Christchurch, which we are proposing to consolidate with nearby branches."

Advertisement
Advertise with NZME.

She said under the current proposal, if it went ahead, Westpac would be looking to actively transfer the majority of affected staff to nearby branches.​

Save

    Share this article

Latest from Banking and finance

Shares

Former CFO of failed insurer CBL to pay $1.2m for continuous disclosure breaches

26 Jun 11:50 PM
Premium
Banking and finance

Govt accused of doing billion-dollar backroom deal with banks

26 Jun 04:00 AM
Technology

Xero to acquire US platform Melio in $4.1b deal

24 Jun 11:39 PM

Kaibosh gets a clean-energy boost in the fight against food waste

sponsored
Advertisement
Advertise with NZME.

Latest from Banking and finance

Former CFO of failed insurer CBL to pay $1.2m for continuous disclosure breaches

Former CFO of failed insurer CBL to pay $1.2m for continuous disclosure breaches

26 Jun 11:50 PM

Carden Mulholland’s actions were described as 'serious and far-reaching'.

Premium
Govt accused of doing billion-dollar backroom deal with banks

Govt accused of doing billion-dollar backroom deal with banks

26 Jun 04:00 AM
Xero to acquire US platform Melio in $4.1b deal

Xero to acquire US platform Melio in $4.1b deal

24 Jun 11:39 PM
Premium
$13b risk prompts Govt to back controversial bank law change

$13b risk prompts Govt to back controversial bank law change

24 Jun 04:00 AM
Engage and explore one of the most remote places on Earth in comfort and style
sponsored

Engage and explore one of the most remote places on Earth in comfort and style

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP