Even high-flying corporate executives have been hit by the global fiscal crisis affecting most companies and firms to downsize their operational costs.

The volatile movements in the global banking community have led the top management of the Australia & New Zealand Banking Group Ltd. (ANZ) to freeze the salaries for most of its top executives.

In a memo, ANZ Chief Executive Michael Smith informed the bank's senior personnel that budget for wage increases in the top brass would be slashed by 1%.

As a result, ANZ senior executives, who count to about 900 individuals, will not receive any increases in their pay for the duration of 2012.

Any budget inclusions for wage hikes, ANZ said, is earmarked for low-positioned personnel but will still be based on their performance appraisal reports.

"The environment for banks globally is becoming more difficult and we believe showing leadership from the top by demonstrating restraint on costs is the right thing to do for the business and for our shareholders," the ANZ spokesman said.

It is unlikely that ANZ's top brass, if they are dissatisfied with the pay freeze, will go into cross-employment with other Australian banks, particularly Commonwealth Bank of Australia (CBA).

On Monday, CBA announced plans of slashing its cost-to-income ratio to 35 percent by 2013, even as the bank assured workers no layoffs will be made to salvage the bank's operations and keep it afloat.

Australian banks are deep into implementing their individual austerity measures following the rapid decline of loans applications.