Nationwide boss Debbie Crosbie banks £4.7m payday after Virgin Money deal
The boss of Nationwide has seen her pay almost double since the building society’s blockbuster takeover of Virgin Money.
Debbie Crosbie, who has steered the mutual since 2022, bagged a £4.7m pay packet in the last financial year, up from £2.5m the year prior.
The mammoth uplift was driven by the cash and bonuses from her first three-year incentive plan, which started back in June 2023. The awards had a maximum value of 100 per cent of Crosbie’s base salary and were subject to a performance period that ended on 31 March 2026.
Nationwide recorded a 22 per cent jump in total income to £6.4bn in the last year, up from £5.2bn the previous year, driven by a more diverse balance sheet. The jump came as consumer lending swelled to £11.6bn, from £11.1bn, primarily driven by a growth in its credit card division.
Last year, Crosbie was given the opportunity to earn up to £7m, sparking controversy across the mutual. Nationwide defended the Scottish banker’s packet, stating it reflected the new demands of the job following the £2.9bn takeover of Virgin Money.
Kevin Parry, chairman of Nationwide said: “Debbie Crosbie’s pay has increased because it includes a long-term bonus for the first time, reflecting the Society’s outstanding performance and development over the last three years. In that period, Nationwide has paid out more to members than at any time in its history, our customer satisfaction lead has doubled, and we now have the largest branch network in the country. Because of this, we have been able to quadruple member value and attract, retain and motivate talented people to work at Nationwide.”
The deal – completed at the start of October – helped forge the UK’s second-biggest retail banking provider, ahead of Natwest and behind Lloyds Banking Group.
It bagged around £2.3bn from the takeover, which prompted questions about Virgin’s leadership’s decision to accept a deal that some believed undervalued the bank, which had a £4.4bn book value.
English business magnate Sir Richard Branson founded Virgin Money in March 1995, originally known as Virgin Direct.
Branson secured a windfall of around £724m from the deal with Nationwide, which included £414m for his 14.5 per cent stake.
Nationwide in spat with rebel board member
Nationwide has found itself in a new controversy of the last few months after being accused of picking an “unfair fight” with one of its members who has sought to clinch a seat on the building society’s board.
The mutual has opted not to recommend the candidacy of James Sherwin-Smith, who is running to be the first member to take a seat on Nationwide’s board in nearly 25 years.
The voting system at the building society’s annual general meeting – held on June 8 – will maintain its ‘Quick Vote’ system, which allows Nationwide’s over 9m members to instantly green light only candidates approved by the board.
Sherwin-Smith said: “The use of the Quick Vote mechanism is particularly concerning – setting this election up as an unfair fight – and creates a dangerous precedent for future elections at Nationwide and in other similarly governed organisations.”
Kevin Parry, Chairman of Nationwide, said: “No board, regardless of whether it is of a mutual or public company, should ever recommend the appointment of a director who does not have the skills and experience necessary to do the job.”
Nationwide’s annual general meeting will take place on 15 July.
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