Clydesdale boss pay hit as PPI charges bite

David Duffy, chief executive of Clydesdale Bank owner CYBG, suffered a fall in his overall pay on the back of the £164 million loss the lender disclosed last week.

CYBG reported a loss of £164 million for the year ended September 30 after the lender was forced to make a further provision of £150 million for payment protection insurance (PPI) complaints.

In this context, Mr Duffy received remuneration totalling £1.83 million for the period, down from the £2.06 million he pocketed the previous year.

This year saw Mr Duffy steward CYBG’s £1.7 billion merger with Virgin Money and receive a salary of £1 million, which was consistent with the previous year, according to the bank’s latest annual report yesterday.

The change to his overall remuneration related to his bonus, which dropped to £620,000 from £820,000 the year before.

Mr Duffy, who was a former boss of Allied Irish Banks until he took over at CYBG in 2015, had a bonus package for 2018 that 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.

The report onlined that while Ms Crosbie’s salary was unchanged at £450,000, she had not received a bonus after receiving one of £369,000 last year.

Ian Smith, chief financial officer, saw his overall remuneration drop from £935,000 last year to £914,000 this.