Top Canadian Banks Hike Bonus Awards in 2012: Financial Business Update
Among Canada’s lenders in 2012, Royal Bank of Canada (NYSE:RY) and National Bank of Canada (NTIOF.PK) led the 7.5 percent jump in bonus awards, resisting a world trend of pay cuts in New York and in London. Royal Bank, which is the country’s largest by assets, and National Bank, the sixth-largest lender, increased variable compensation by 11 percent in the year ended October 31st, representing the heftiest rises among the main banks. Toronto-Dominion Bank (NYSE:TD), the second-biggest of the lenders, raised incentive compensation by 7.8 percent to C$1.56 billion while Bank of Nova Scotia (NYSE:BNS), the third-largest lender, elevated performance-based compensation by 9.4 percent to C$1.48 billion, marking the third-highest percentage increase of the firms. Of the group, Canadian Imperial Bank of Commerce (NYSE:CM) was the only one to shrink its bonus pool, cutting 2 percent from its 2011 allocation.
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