As CBA customers regroup after a computer glitch doubled each charge – draining some accounts – it has emerged Ian Narev, chief of the bank, earns twice as much each week as average Australians earn in a year.

The Commonwealth Bank boasted a record $9.06 billion profit for last year. Of that Ian Narev was paid $8.3 million (pay and perks included).

The average Australian takes home $77,000 each year (after annual salaries rose 0.4 per cent six months ago).

Narev’s take-home pay then is absolutely eye-watering when considering the financial scandals, customer rip-offs, and staffing disputes that have dogged the bank under his leadership.

Oh, and that’s not even considering the hardship accorded to customers from this latest stuff up.

According to the Australian Bureau of Statistics the average financial services worker earns a base salary of $89,736 per year.

Narev’s salary ballooned by 4.9 per cent last year. He received $2.6 million as base wage and benefits, which included short-term cash insentives of $1.6 million and a deferred incentive of $1.6 million.

So while customers and bank staff pay – through deplorable interest rates and workplace stress – the only others to win are investors.

The CBA raised its dividend last week to $4.20 per share. This equates to a pay out of close to $6.8 billion to its near 800,000 shareholders.

The CBA (along with other banks) is now raising capital in line with the demands of financial regulators for cash buffers. The buffers are to be put in place to prevent another GFC-like meltdown.

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