The chairmen and chief executive officer of United Mizrahi Bank said on Thursday they would donate 5% of their salaries to children's charities next year.

Mizrahi, the country's fourth largest bank, said it would donate the funds from its executives' salaries to two organizations helping needy children. The Mizrahi officials join a growing list of top executives at leading Israeli companies who are taking salary cuts as the country's recession deepens, leading to higher unemployment and a sharp decline in corporate profits.