A Happy Customer

April 17, 2009

It was reported today that Ralph Norris the chief executive of the Commonwealth Bank of Australia (CBA) will take a pay cut of 10% as of July 1st this year. The move is a part of a program the CBA is running to cut the salaries of senior managers and directors, while at the same time giving most other employees a 1.5% pay increase. The entire article is here. I’m in the process of applying for my first home loan which is coincidentally with CBA. I’ve actually been a customer with them since I was in year 1 at school when I opened my first Dollarmite account. I’m a happy customer, and rightly so as it seems CBA management really understand what’s going on at the moment and how important it is right now to invest in people. I’m certain they’ll come out of this economic downturn stronger than they went in.