The bank says household finances deteriorated in 2019 and it expects a tough first half of 2020
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.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.
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