• Swindon & Wiltshire Economy
• Tuesday June 9 2026

Nationwide CEO gets big pay rise

The CEO of Swindon-based building society Nationwide has seen her pay package almost double after the building society’s takeover of Virgin Money, in a move that is likely to reignite debate over executive rewards at mutual lenders.

Dame Debbie Crosbie’s total remuneration for the year to March 31 rose to £4.67 million, up from £2.49 million a year earlier, driven largely by £3.2 million in bonuses and long-term incentives.

Nationwide says the increase reflects the stronger performance of the business and the bigger scale of the group after absorbing Virgin Money.

The society’s pay committee said it was comfortable that the outcome matched Nationwide’s performance.

But the pay rise is likely to draw attention from Nationwide’s members, because the building society is still owned by its customers rather than external shareholders.

Nationwide is now seeking approval for Crosbie’s latest compensation package through an advisory vote at its annual general meeting on July 15.

That follows earlier criticism over the size of her potential earnings and the board’s approach to member voting on executive pay.

Critics argue the timing looks poor, especially with ordinary employees receiving much smaller pay increases.

Nationwide said the average pay rise for about 26,890 eligible staff will be 3.8 per cent from July 1.