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Bank Bonuses Rise 18% in Canada on Boom-Time Talent Battle

  • National Bank, Scotiabank post biggest bonus-pool increases
  • Banks report strong gains in underwriting, advisory fees
    
Photographer: Cole Burston/Bloomberg
Updated on

Canada’s biggest banks shelled out 18% more for bonuses, unleashing the biggest increase in data going back nine years as the firms battled for talent to take advantage of a boom time in capital markets.

The country’s six largest lenders set aside C$19.1 billion ($14.9 billion) for performance-based compensation in their 2021 fiscal year. The increase trounced the 6.3% average for the past decade. Except for Toronto-Dominion Bank, all of Canada’s other six largest lenders increased bonuses by the most in data going back to 2013.