Scotiabank, CIBC Top Bonus Increases After Record Bank Profits
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Bank of Nova Scotia and Canadian Imperial Bank of Commerce had the highest jump in incentive pay this year among Canada’s six-biggest banks as record profits for the group led to a 6.9 percent increase in bonuses.
Scotiabank, Canada’s third-biggest lender, boosted performance-based compensation by 24 percent, while CIBC set aside 11 percent more for bonuses, according to earnings reports this month. Royal Bank of Canada, the country’s largest lender, was the only firm to cut pay.