DAVID Duffy, chief executive of CYBG, saw his overall pay fall during a year which saw the Clydesdale Bank owner report a loss of £164 million.
Mr Duffy, a former boss of Allied Irish Banks who took over at CYBG in 2015, received remuneration totalling £1.83 million for the year ended September 30, according to the bank’s latest annual report, published yesterday. His overall pay totalled £2.06m last time.
Mr Duffy, who this year led CYBG to a £1.7 billion merger with Virgin Money, received a salary of £1m for the bank’s most recent financial year, in line with 2017. However, his bonus dropped to £620,000 from £820,000 the year before. His package for 2018 included a cash allowance in lieu of pension contributions worth £180,000, unchanged from 2017.
Debbie Crosbie, chief operating officer at CYBG who was last week unveiled as the new chief executive of TSB, saw her total remuneration tumble to £540,000 from £929,00. Ms Crosbie, who salary was unchanged at £450,000, did not receive a bonus, having been paid a bonus of £369,000 last year. Ian Smith, chief financial officer, saw his overall remuneration dip to £914,000 from £935,000.
CYBG reported a loss of £164m last week after making a further provision of £150m for payment protection insurance (PPI) complaints.
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