The Commonwealth Bank is set to follow in the footsteps of its competition after it announced it will freeze the pay of around 400 senior staff, including CEO Ian Narev, in a bid to ward off potential job cuts.

 

The wage freeze will apply to all staff earning in excess of a $150,000 base salary during the 2012-13 financial year, The Commonwealth Bank will now join its competitors ANZ and Westpac, both of who announced wage freezes for their top earners in a bid to stave off potential job cuts.

 

The bank’s share price rallied on the news, gaining 1.6 per cent to finish at $54.92.