Nationwide CEO pay rises to £4.7m, staff get 3.8% average increase
9 reported
Nationwide building society nearly doubled its chief executive’s pay packet to £4.7 million for the year to March 2026, according to its annual report released Monday. CEO Debbie Crosbie received £3.2 million in bonuses, up from £1.1 million the previous year, bringing her total compensation to £4.7 million — an 88% increase from the near-£2.5 million she earned the prior year. The pay rise follows an overhaul of Nationwide’s executive bonus scheme that increased Crosbie’s maximum pay package by 43%, allowing up to £7 million if all criteria are met. The board said the increase was justified because Crosbie now leads a larger lender after Nationwide’s £2.9 billion takeover of Virgin Money. Meanwhile, eligible staff across the 26,890-strong workforce will see an average pay rise of 3.8% starting July 1. Nationwide is asking members to approve Crosbie’s latest pay package in an advisory vote at its July 15 annual general meeting, after failing to give members a binding vote on the pay rise at the 2025 AGM.
What’s reported
CEO Debbie Crosbie’s total pay for the year to March 2026 was £4.7 million, an 88% increase from the previous year’s near-£2.5 million.
Crosbie received £3.2 million in bonuses, up from £1.1 million a year earlier.
Her annual salary of £1.2 million was increased by 2.9% in April 2026.
The board increased Crosbie’s maximum pay package by 43%, allowing up to £7 million if all criteria are met.
Eligible staff will receive an average pay rise of 3.8% from July 1, 2026.
Nationwide failed to give members a binding vote on the pay rise at the 2025 AGM and refused a vote on the Virgin Money acquisition.
Members will have an advisory vote on Crosbie’s pay package at the July 15, 2026 AGM.
Nationwide has 17 million members and more than £377 billion in assets.
A customer, James-Sherwin Smith, is seeking election to the board but Nationwide is not recommending his election, citing an alleged lack of necessary experience.
Key figures
Debbie Crosbie, chief executive of Nationwide building society
Kevin Parry, chair of Nationwide
Andrew Speke, interim director of the High Pay Centre thinktank
James-Sherwin Smith, Nationwide customer seeking board election
Sources: The Guardian
