A free cruise on Silver Shadow – now that’s what I call a banker’s bonus

It’s not just in Britain that bankers’ hefty bonuses and extravagant perks provoke anger and concern. The third-biggest bank in Australia has found itself in the headlines after news of a luxury cruise for 200 of its staff was leaked, only days after mortgage rates had been increased and 1,000 workers were sacked.
ANZ – whose advertising slogan is “We live in your world” – has paid A$1 million (£680,000) to charter Silver Shadow for a five-day voyage to the Langkawi islands in Malaysia, and a further A$750,000 (£510,000) to fly the lucky few into Singapore.
Silver Shadow, operated by Silversea Cruises, provides butler service for every passenger and is one of the 10 most luxurious cruise ships in the world, according to the Berlitz Guide.
Earlier this week, and as it saw three-month profits rise to a record A$1.48 billion (£1 billion) the bank angered home-owners in Australia by raising the mortgage rate 0.06 per cent, increasing the average family’s payments by more than £100 a year. It also announced 1,000 backroom jobs were to be outsourced to India and the Philippines.
Then details of the cruise – for 200 high-flyers who are part of the CEO recognition program – emerged on an internal website. Part of the announcement reads: “Silversea is the world’s best luxury cruise line. ANZ has leased this ship exclusively for winners of the CEO Recognition Program and their guests.”
“As well as visiting beautiful destinations, there will be plenty of time to enjoy all the activities on the ship, including restaurants and bars, a theatre, cinema, pool and even a butler service.”
Consumer groups went ballistic. “ANZ clearly lives in their own world,” said one. “The excesses of this trip reinforce the stereotype of fat cat bankers popping champagne corks on the high seas and laughing about how they have been able to pull a fast one on home loan customers.”
An ANZ spokesman said: “The ANZ CEO Recognition Program recognises our top performers, mostly junior staff who often get little recognition for the job they do.
“It is not about executives who are well paid, rather these are the people at the coal face in Australia, New Zealand and Asia Pacific on the phone and in branches or in the back office who are supporting our customers, helping them out.”
At least the lucky bankers should be safe – the company says it has inspected the ship and performed a full risk assessment. And unlike many cruises, the cost won’t increase when bar bills and excursions are added on – Silversea operates on an all-inclusive basis, including cocktails and wine with dinner.