BMO raised bonuses by 5.1 percent, citing its compensation framework’s alignment with long-term shareholder performance. Scotiabank increased bonuses by 4.2 percent, acknowledging progress in its strategic initiatives.
CFO Raj Viswanathan said, “This year’s all-bank performance-based compensation reflects early progress against our strategy amidst continued challenging market conditions.”
Toronto-Dominion Bank (TD) raised bonuses by 10.2 percent despite challenges, including a $3.1bn settlement with US authorities over money-laundering charges.
Spokesperson Elizabeth Goldenshtein attributed the increase to “higher business-specific incentives” in wholesale banking and wealth management, supported by the integration of US investment bank Cowen Inc.
The trend in Canada mirrors expectations in the US, where investment bankers, traders, and wealth management professionals anticipate double-digit increases in year-end incentive pay, according to a Johnson Associates report.