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Banking exec bonuses cut at Westpac

14 November 2013 5:50PM
There were pay rises for eight of the most senior staff of Westpac over the last year. Two key banking executives, however, earned a lower short-term cash bonus.Rob Whitfield, group executive for Westpac Institutional Bank, had his cash bonus sliced by A$125,000 to $1.17 million. But, taking into account share-based payments, Whitfield did earn more overall in 2013.Jason Yetton, group executive for retail and business banking, also had his cash bonus cut, by A$10,000 to $650,000. However, with share-based payments, Yetton also earned more overall in 2013.Brian Hartzer, the recently hired chief executive of Australian Financial Services, received a sign-on bonus of shares valued at $3.4 million.Gail Kelly, the managing director, received a higher short-term cash bonus and received a slightly lower bonus paid in shares. However, Kelly still earned in excess of $9 million for her work.

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