Nationwide Building Society boss takes big pay cut to show solidarity

The boss of the Nationwide Building Society is to take a 20 per cent pay cut to show solidarity with staff and customers impacted by the coronavirus outbreak.

Unlike most of its rivals the Nationwide is a mutual and is not listed on the stock market. Picture: Greg Macvean
Unlike most of its rivals the Nationwide is a mutual and is not listed on the stock market. Picture: Greg Macvean

Chief executive Joe Garner has opted to have his pay and pension cut by a fifth. He has also sacrificed any bonus which may be due for him for the financial year 2019-2020.

Nationwide, which is a mutual that is not listed on the stock market, said the reduction in his base salary and pension equates to a cut of about £228,000 from his current pay packet.

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Last week, the Bank of England wrote to the executives of the UK’s largest lenders calling for them to axe dividends and rein in executive pay. The major banks all agreed to scrap dividends, totalling around £8 billion.

Nationwide, which rescued the Dunfermline Building Society during the financial crisis, also confirmed that it will make no compulsory redundancies during 2020.

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