Clyne suffers $1m pay cut but Big Four CEOS still take home $36m-plus NAB's Cameron Clyne, presenting the bank's annual results last month, was paid $7.76m in the past financial year. NATIONAL Australia Bank chief executive Cameron Clyne has taken a pay cut to $7.8 million. His remuneration took the combined pay of Australia's Big Four bank CEOs to more than $36m for their most recent financial years. Mr Clyne, CEO of NAB since 2009, earned a total pay packet of $7.76m for the year to September 30, down from $8.77m the prior year, according to the bank's annual report released today. But the pay Mr Clyne's actually received during the year was $8.9m, including $2.8m in fixed remuneration and $3.2m of equity-related pay. Mr Clyne saw $2.2m of equity lapse during the year. The pay received is voluntarily provided by the bank and different to the $7.8m Mr Clyne earned, largely because of movements in previous and future equity-based pay. NAB, the nation's fourth largest bank by market value, posted record cash earnings of $5.94bn for the year to September 30, in line with expectations, partly due to better results from the bank's troubled British operations. NAB's share price outperformed ANZ, Commonwealth Bank and Westpac over the past year. The release of NAB's report confirmed that ANZ boss Mike Smith had retained the title as the nation's highest paid banker, earning $10.4m last year. Westpac's Gail Kelly and CBA's Ian Narev, earned $9.2m and $7.8m, respectively. The Big Four boosted combined cash profit 9.5 per cent to a record $27.4bn last year, as low bad debt charges offset sluggish revenue growth. Mr Clyne's cash salary rose to $2.6m, from $2.4m, but a fall of about 55 per cent in share rewards to $1.4m dragged his total package down to $7.8m. Other senior bankers also took pay cuts, including outgoing chief financial officer Mark Joiner to $3.1m, from $3.7m, and head of business banking Joseph Healy to $2.9m, from $3.1m. After a management reshuffle earlier this year, senior bankers Lisa Gray, Andrew Hagger, Michaela Healey and Bruce Munro won pay rises due to increased responsibilities. "Our refreshed strategic agenda this year has ensured that we are aligned to the changing economic and social landscape," Mr Clyne said today. We are now well positioned to achieve success in full-year 2014. After NAB's result late last month, analysts were mixed on the bank's outlook given subdued business credit growth. NAB is the nation's largest lender to businesses. Morgan Stanley analyst Richard Wiles said Britain's recovery was factored into the share price and there was downside risk to business banking revenue growth. But Macquarie's Mike Wiblin said NAB was set for "sector-leading earnings growth" in 2014 based on lower impairments and costs. "Add to this the fact that it is the cheapest bank in the sector and there is further business credit growth upside, we believe it is the stand-out pick for full-year 2014 in the sector," he said.