Despite a dramatic drop in deal flow and volatile market conditions, Bay Street bankers can expect some delay before their year-end bonuses get major cuts
activity in the mining and energy sectors have offset the need for outsized cuts to annual payments made in early December.
“There is an ongoing sort-of steadiness,” he said, “though [staff working in] certain sectors that had an outsized performance at the margin would get paid that much of a premium.” “Because there is so much demand for talent still at that junior level, you can’t go and say, ‘hey we are going to cut your pay by 20 per cent and at the same time try and hire 20 per cent more people.’ That is just not going to work,” Mr. Vlaad said.
Canadian Imperial Bank of Commerce has set aside $1.862-billion for variable compensation during the first three quarters of 2022, which is $133-million more than the amount set aside during the same nine-month period in 2021. Toronto-Dominion Bank has set aside $2.5-billion during the first three quarters of 2021, or $177-million more than the same period one year prior.
Ms. Kwan said recent across-the-board bonus cuts by major financial institutions in the United States paint a grim picture of what is to come in Canada.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
More consumer protection needed in emerging payments space, head of bankers group saysThe head of the Canadian Bankers Association says that while competition is good, the payments marketplace is running in front of the regulatory environment
Read more »
Woman charged after senior pushed off porch of Oak Bay homeOak Bay police said a suspect was identified after several “tipsters” came forward.
Read more »
Woman, 23, charged with assault after senior pushed outside Oak Bay homeA 23-year-old woman has been arrested and charged with assault after she allegedly tried to push her way into the home of an 85-year-old man in Oak Bay, B.C.
Read more »
Here's how The Bay is helping Canadians find solutions to inflationWhether you're at the grocery store, out with friends or just checking up on your bank account, there's one big elephant sucking up all of the joy ...
Read more »
Good morning, Thunder Bay!Read the full story and comment on Tbnewswatch.com
Read more »
Popular Conception Bay South neighbourhood pond left dry after water and sewer work | SaltWireMayor says town looking for options to rectify the issue and restore Frog Pond to what it traditionally was
Read more »