CA
New survey finds the fixed income sector is the best place to be for bonuses this year
New projections call for moderate 2012 bonus increases across all financial services sectors, with fixed income showing some of the largest potential incentive-pay gains—as much as 25 percent in some cases. Compensation consultant Alan Johnson of Johnson Associates says incentives are still well below the highs of 2007. Moreover, he says that “things started to [...]
Senior Executive Pay Drops at TD Bank as Well as RBC, With TD CEO Clark Declining a 2011 Raise
Toronto-Dominion Bank has become the second large Canadian bank to disclose executive compensation is going down. On top of that, its board of directors says it has decided that TD Bank President and Chief Executive Ed Clark would receive no raise for his 2011 service. Earlier this month, several top-paid executives at Royal Bank of [...]
RBC Moving To Retirement Benefits, American-Style Next Year
Royal Bank of Canada is moving to an American-style, employee-driven retirement program as of January 1, 2012, when its defined benefits (DB) pension plan will no longer be available to new employees. U.S. investment banks have long ago washed their hands of these kinds of guaranteed pension regimes, which have been costly to employers while [...]
Bonus Growth Slows at Big Six
What kind of bonus increase is 1.1 percent? The kind Canada’s six top banks are seen paying their employees, on average, for 2010. The most generous packages this year are the Canadian Imperial Bank of Commerce, the nation’s No. 5 bank, which boosted bonus payouts 11 percent for the year to C$1.1 billion. CIBC, which [...]
Controllers Could See Major Pay Increases Next Year
Canadian employers are increasingly hiring corporate controllers and IT experts, according to Robert Half’s 2011 Accounting & Finance salary guide. On the IT side, advanced knowledge of company-specific planning systems will be well-rewarded, the survey says. Also sought is expertise with regulatory compliance and financial reporting. Some of the biggest starting-salary increases between will be [...]
Fixed-Income Could See a Nice Increase in Compensation
Strong markets and wild competition for talent should spell some extremely good news this year for what Canadian fixed income professionals are paid, both on the buy and sell sides. Since August of 2009, “investors both domestic and foreign directed new assets into Canadian bonds, and global dealers that had retreated from the Canadian market [...]
Share-Based Pay Lifts Total Compensation at Scotiabank
Deferring compensation is working out nicely for staff at Scotiabank if the January quarter is any indication. While a new incentive plan multiplied stock-based pay, the total for salaries and other cash compensation also rose for the investment banking unit’s 1,568 employees and dipped just slightly for the company overall. In a table accompanying its [...]
Feeding Frenzy In 2010?
Is the pendulum beginning to swing back toward a candidate-driven job market? Wall Street compensation consultant Alan Johnson thinks so. He predicts financial services hiring will accelerate in the first half of 2010 and will give new life to “transferrable skills” – a widely used euphemism for a professional’s capacity to enter a market sector [...]
RBC Unveils Pay Reforms
Jumping aboard the compensation reform train, Royal Bank of Canada told capital markets employees it will incorporate risk measures in bonus calculations, will defer a larger share of compensation, and is finalizing a bonus clawback policy. The changes outlined in a memo to RBC employees are similar to those adopted by Bank of Nova Scotia, [...]
Big Banks’ Bonuses Tracking 18 Percent Rise
Like their Wall Street counterparts, Canada’s bankers are in line for bigger bonus checks this year than in 2008, corporate filings indicate. Incentive pay among the six largest Canadian banks totaled $6.4 billion for the first nine months of this year, up 18 percent from the same period last year, the Globe and Mail reports [...]
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