Mike Baird boosts public trust in banking with massive payoff

Recall:

NSW Premier Mike Baird announced he will retire from politics to give a new premier a clear run at the 2019 state election.

At a press conference in Sydney on Thursday morning Mr Baird said the state’s politics needed a refresh before the 2019 state election.

“The refresh won’t include me.”

He said he was retiring for two reasons. Firstly, he would soon mark 10 years in public life and did not want to be a career politician, and secondly because his parents and sister, Julia Baird, a writer, had serious health problems.

Then, one month later:

Former New South Wales premier Mike Baird has been appointed chief customer officer at NAB after his surprise retirement from politics last month.

Before entering politics in 2007 Mr Baird spent 17 years working in corporate and institutional banking roles in Australian and overseas with NAB, Deutsche Bank and HSBC.

The 48-year old had been Liberal premier since April 2014 and said when he retired that he wanted to spend time with his family and to help his parents and sister through “serious health challenges”.

And today:

Former NSW premier Mike Baird was paid almost $900,000 for his first five months as the head of National Australia Bank’s institutional banking.

NAB’s annual report for the year to September 30 shows Mr Baird, who took up his role on April 21, received total remuneration of $886,845, including $763,520 of cash in salary and short-term incentives. This is more than double the $387,600 the NSW premier is paid.

If the same remuneration was annualised, this would equate to $2.1 million.

Way to boost public trust, Mike.

Comments

      • Sooo – most senior Bureaucrats are overseeing infrastructure, clients, services, industries etc that dwarf every single corporation out there – all of them, MAYBE one or two might come CLOSE.

        But you think they should be paid LESS for doing more work, having more accountability, more stress etc ?

        Maybe – you have just been jaded and affected long term by a deep and profound bias and have never bothered to stop and actually rationally think about what it is you are saying.

        Here is an example – should the head of private hospital or the head of the company which runs and controls every single hospital in the country – including setting all the regulations, guide lines etc on top of actually having to take the fall for the failings of the person in the single private hospital – be on more or less money ?

        Think – it really, really doesn’t hurt that much.

        .

      • This doesn’t look as bad as some revolving door deals we’ve seen (e.g. Andrew Robb). At least he has previous background in this industry and not aware of him making any decisions while in power that would have directly assisted NAB

      • “not aware of him making any decisions while in power that would have directly assisted NAB”

        Not aware? Are you aware of NAB’s mortgage book in the most populous state/city that was under Baird’s control?

      • Senior bureaucrats are not overly extended
        Multiple layers of management between them and anything
        Little responsibility (eg dismissal for incompetency)
        Big projects generally outsourced
        Generous salary, super etc
        $250k should be tops for most, if not all. A fair salary level for a senior government employee. Want more, go private. Most can’t and don’t.

      • Plus minimal risk given the overuse of consultancy firms. Public sector means minimal accountability (if any).

      • “I don’t have a problem with this at all.”

        That’s a pretty feeble reply of yours, sketching out how little work your legendary public servant on 250k has to do, but failing completely to justify the quote above. Baird on more than 2m for doing stuff all of social benefit but stuffing his super, on the strength of being little more than an elected ‘public servant’ with connections, no ‘problem’ with that? It IS the very essence and emblem of a vast problem which you’re too myopic to perceive.

    • There’s money to be got,. they’ll get it. And while in banking just do some more. It’ll be interesting to see the CBA chief’s pay off. There’s one word to describe it …”sickening”.

      The one I’ll never forget is Richard S Fuld of Lehmans USD485M to walk away, after such a classic fail.

  1. ceteris paribusMEMBER

    Service is for mothers and associated saints. Financial extraction is for tap dancers. As the Chief Customer officer, Mikie is at extraction central. But I bet he is also a saint to shareholders.

  2. Another day another political sell out.
    Chief Customer Officer. At least they could be honest about the title.
    Chief Political Puppet.
    This is at the top of the tree in terms of reform requirements for mine. And the first politician to do something about these rorts gets my rusted on support forevs.

  3. I am just curious, in real actions what do bankers actually do? Are they on the phone all day, doing data entry, counting notes. Seriously …. what do they do with their time?

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