Bank Bonuses Rise 3.9% in Canada as ‘Crazy’ Payouts Stopped
- Nation’s six biggest banks set aside $12.6 billion for bonuses
- ‘Canada has had a really challenging year,’ Vlaad says
This year year’s bonus increase improved on the 2.5% gain in 2019 -- the smallest in nine years but fell short of the 6.3% average for the past decade.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
Canada’s biggest banks set aside 3.9% more for bonuses, a relatively small increase in a year when record revenue from trading and dealmaking helped firms weather the Covid-19 pandemic.
The country’s six largest lenders set aside C$16.2 billion ($12.6 billion) for performance-based compensation in the 2020 fiscal year. The increase improved upon the previous year’s 2.5% gain -- the smallest in nine years -- though it fell short of the 6.3% average for the past decade.