Israel's Treasury Urges Leumi Execs to Halve Their Salaries

Officials 'expect' bank's CEO and chairman to comply with demand to keep their pay under $1 million a year.

The Finance Ministry intends to take action to reduce executive salaries at banks, and thus Rakefet Russak-Aminoach, CEO at Bank Leumi, one of Israel’s two largest banks, would do well to forgo half her salary, Finance Ministry Accountant General Michal Abadi-Boiangiu told Russak-Aminoach last week.