Whatever machinations went on behind the closed doors of the ANZ last week that has led to the departure of David Hisco ( the highest paid CEO of any bank in our country) it seems the Bank boss’s inflated sense of entitement played a role in his downfall.
Former NZ Prime Minister John Key said Hisco spent thousands of dollars on what should have been personal expenses such as long term use of corporate chaffeur cars and wine storage.
The bank’s annual report shows he earned total remuneration of $3.123 million in 2018.
He will apparently be paid out 12 months’ notice ( about $2m) and will not have to repay the expenses although he will forfeit his rights to around $6.4 million in equity.
Under Hisco’s watch hundreds of people lost their jobs at the bank at very time it was recording mega profits.
For example – in 2014 after posting a yearly profit that amounted to $1.7 billion, he accepted an 11% pay rise in his salary, making his paycheck $4.7 million a year (an incredible $2,157 an hour), making him the highest paid CEO in New Zealand.
He then offered the workers between 0-3% pay rises, and forced casualization.
What a guy.
If you ever need an example of what neoliberalism did to banking by deregulating that industry, the salary of David Hisco and the meanness of his attitude towards the jobs and salaries of his employees is worth remembering.
Certainly for anyone who thinks the A in ANZ stands for Australia would do well to remember that A also stands for Avarice.
Bryan Bruce is one of NZs most respected documentary makers and public intellectuals who has tirelessly exposed NZs neoliberal economic settings as the main cause for social issues.