So here's some good bonus news.
It’s a good year to be a Canadian banker.
Bloomberg News reports that the country’s six biggest lenders set aside C$14.3 billion ($11.3 billion) for variable compensation - up 11 percent from 2016 - as a record year in trading and investment banking swelled bonus pools. That’s the biggest jump since 2014 and stands in contrast to last year, when a 3.4 percent increase was the lowest since 2010.
“The banks have done well,” said Bill Vlaad, president of Vlaad & Co., a Bay Street recruitment firm that monitors compensation trends. “But just because they had one good year doesn’t mean they’re going to give it all away."
National Bank of Canada and Royal Bank of Canada had the biggest increase in performance-based pay from the year earlier, while Bank of Nova Scotia had the smallest, according to disclosures. Variable compensation reflects the amount reserved, not paid out, and doesn’t include base salaries or other compensation.
Hit the link below to access the complete Bloomberg News article: