Dominic Ng, chief executive of East West Bank Corp. in Pasadena, received almost $2.4 million in compensation last year, a 50 percent cut from 2007.

In 2007, Ng took home more than $4.7 million before the mortgage crisis and credit meltdown engulfed the financial services industry.

The reduction was in the form of “non-equity incentive plan compensation,” or cash bonuses, according to filings with the Securities and Exchange Commission.

The cash incentive payments were $1.2 million in 2007 and zero in 2008.

East West Bank reported a loss of $49.7 million in 2008, according to its annual report.